Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Premier Energies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies</a> raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.</li>
<li>Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.
Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services
In this note, we will talk about the lockup dynamics and possible placement.


Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.</li>
<li>Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.</li>
<li>India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.</li>
</ul>


India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.
Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.
India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.


Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Emmvee Photovoltaic Power Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) is looking to raise about US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.


Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Saatvik Energy Green Ltd / Equity Capital Markets

<ul>
<li>Time for another Solar Photovoltaic module manufacturer to list undeterred by the tepid listing for Vikram Solar<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener"></a>
</li>
<li>Largely a commoditised business with a potential technological threat. Solar PV companies in India continue to trade at exceptional valuations of 20-30 times trailing EBITDA</li>
<li>Saatvik, despite being smaller in scale vs peers and in face of intensifying competition is being priced at 14-15 times our FY27E EBITDA (peers trade at 14-16x)</li>
</ul>


Time for another Solar Photovoltaic module manufacturer to list undeterred by the tepid listing for Vikram Solar

Largely a commoditised business with a potential technological threat. Solar PV companies in India continue to trade at exceptional valuations of 20-30 times trailing EBITDA
Saatvik, despite being smaller in scale vs peers and in face of intensifying competition is being priced at 14-15 times our FY27E EBITDA (peers trade at 14-16x)


Saatvik Green IPO - Making Hay While the Sun Shines on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

India

Premier Energies Limited operates as a solar energy equipment manufacturing company. The Company offers solar photovoltaic cells and modules. Premier Energies serves customers in India.

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Premier Energies (PREMIERE IN)

Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.

Sumeet Singh

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Saatvik Green IPO - Making Hay While the Sun Shines on Valuations

Solar PV module manufacturers in India face an impending supply glut, Saatvik is a relatively smaller player (tentative capacity of 8GW vs 10+GW...

Himanshu Dugar

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.

Sumeet Singh

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

​India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Saatvik Green IPO - Making Hay While the Sun Shines on Valuations

​Solar PV module manufacturers in India face an impending supply glut, Saatvik is a relatively smaller player (tentative capacity of 8GW vs 10+GW...

Himanshu Dugar

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Solar PV module manufacturers in India face an impending supply glut, Saatvik is a relatively smaller player (tentative capacity of 8GW vs 10+GW...