Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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

Rays Power Infra / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rays-power-infra" target="_blank" data-smartkarma-citation="entities:45906:1" rel="noopener">Rays Power Infra (1638839D IN)</a> is looking to raise about US$130m in its upcoming India IPO. The deal will be run by Anand Rathi and Pantomath Capital.</li>
<li>Rays Power Infra (RPI) is a renewable energy company that provides utility-scale, end-to-end solar energy solutions. </li>
<li>Its operations are structured around two primary business models - EPC (Engineering, Procurement, and Construction) and Co-Development.</li>
</ul>



Rays Power Infra (1638839D IN) is looking to raise about US$130m in its upcoming India IPO. The deal will be run by Anand Rathi and Pantomath Capital.
Rays Power Infra (RPI) is a renewable energy company that provides utility-scale, end-to-end solar energy solutions. 
Its operations are structured around two primary business models - EPC (Engineering, Procurement, and Construction) and Co-Development.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Tekscend Photomask / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.</li>
<li>On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.
On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.


ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

India

Rays Power Infra (RPI) is a renewable energy company that provides utility-scale, end-to-end solar energy solutions. Its operations are structured around two primary business models - EPC (Engineering, Procurement, and Construction) and Co-Development.

The company’s EPC business offers a full suite of solutions that include the design, engineering, procurement, construction, testing, and commissioning of renewable energy projects. Meanwhile, the co-development business focuses on creating ‘ready-to-build’ infrastructure for renewable power developers.

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Rays Power Infra (1638839D IN)

Rays Power Infra Pre-IPO Tearsheet

Rays Power Infra plans to raise $130m in India IPO with Anand Rathi and Pantomath Capital managing the deal. The company offers solar energy...

Hong Jie Seow

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rays Power Infra Pre-IPO Tearsheet

​Rays Power Infra plans to raise $130m in India IPO with Anand Rathi and Pantomath Capital managing the deal. The company offers solar energy...

Hong Jie Seow

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Rays Power Infra plans to raise $130m in India IPO with Anand Rathi and Pantomath Capital managing the deal. The company offers solar energy...