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

<ul>
<li>Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Block - Third Selldown by Promoter Entity This Year

<ul>
<li>Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

<ul>
<li>Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Forensic Accounting

<ul>
<li>Anil Ambani is being investigated by the ED for a massive INR 17,000 crore loan fraud case involving Reliance Group companies.</li>
<li>The case centers on allegations of fund diversion and financial irregularities related to loans from a consortium of nearly 20 public and private banks.</li>
<li>The investigation is being conducted under the PMLA, which involves even arrest and a parallel probe by SEBI into alleged fund diversion by Reliance Infrastructure.</li>
</ul>


Anil Ambani is being investigated by the ED for a massive INR 17,000 crore loan fraud case involving Reliance Group companies.
The case centers on allegations of fund diversion and financial irregularities related to loans from a consortium of nearly 20 public and private banks.
The investigation is being conducted under the PMLA, which involves even arrest and a parallel probe by SEBI into alleged fund diversion by Reliance Infrastructure.


All You Need to Know About Anil Ambani's 17000Cr Loan Fraud Case

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> raised about US$252m in its India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

India

Reliance Communications Ltd. offers integrated telephone services. The Company offers fixed line and wireless voice, data and video transmission services, and Internet access.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Reliance Communications (RCOM IN)

Bharti Airtel Block - Third Selldown by Promoter Entity This Year

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

All You Need to Know About Anil Ambani's 17000Cr Loan Fraud Case

Anil Ambani under ED investigation for INR 17,000 crore loan fraud involving Reliance Group companies, facing allegations of fund diversion and...

Nimish Maheshwari

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bharti Airtel Block - Third Selldown by Promoter Entity This Year

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

All You Need to Know About Anil Ambani's 17000Cr Loan Fraud Case

​Anil Ambani under ED investigation for INR 17,000 crore loan fraud involving Reliance Group companies, facing allegations of fund diversion and...

Nimish Maheshwari

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Anil Ambani under ED investigation for INR 17,000 crore loan fraud involving Reliance Group companies, facing allegations of fund diversion and...