APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

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<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a>(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN)(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

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<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 around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Vikram Solar (0490158D IN) raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

SAEL Industries Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sael-industries-ltd" target="_blank" data-smartkarma-citation="entities:46005:1" rel="noopener">SAEL Industries Ltd (2600245D IN)</a> is looking to raise about US$516m in its upcoming India IPO.</li>
<li>SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO.
SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
In this note, we talk about the company’s historical performance.


Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

Emmvee Photovoltaic Power / 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

India

Premier Energies is an Indian integrated solar manufacturing company that specializes in producing high-efficiency solar photovoltaic (PV) cells and modules. The company also provides value-added solutions such as Engineering, Procurement, and Construction (EPC) services for solar power projects. Founded in 1995, its headquarters are located in Hyderabad, Telangana, India.

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Premier Energies (PREMIERE IN)

Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$342m in its downsized India IPO. In this note, we talk about RHP...

Akshat Shah

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$342m in its downsized India IPO. In this note, we talk about RHP...

Akshat Shah

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

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

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