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.

Event-Driven

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

<ul>
<li>In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a>. Prior to that it had sold a similar amount in Mar 2022.</li>
<li>CPPIB will be released from its placement linked lockup early next month.</li>
<li>In this note, we will talk about the lockup dynamics and past deals performance.</li>
</ul>


In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in Mar 2022.
CPPIB will be released from its placement linked lockup early next month.
In this note, we will talk about the lockup dynamics and past deals performance.


Kotak Mahindra Bank - US$1.2 Billion Lockup Release

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This insight is part of a series of M&amp;A guides our Quiddity team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct M&amp;A.</li>
<li>The initial guide - <a href="https://skr.ma/4f989" target="_blank" rel="noopener">Quiddity India M&amp;A Guide 2019</a> - was published in May 2019. Since that time, there have been various new developments.</li>
<li>This is an update. These insights are designed to be used as a reference. They are not actionable. For a list of Quiddity M&amp;A Guides, click <a href="https://www.smartkarma.com/search?q=%22quiddity%20M%26A%20Guide%22" target="_blank" rel="noopener">here</a>.</li>
</ul>


This insight is part of a series of M&amp;A guides our Quiddity team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct M&amp;A.
The initial guide - Quiddity India M&amp;A Guide 2019 - was published in May 2019. Since that time, there have been various new developments.
This is an update. These insights are designed to be used as a reference. They are not actionable. For a list of Quiddity M&amp;A Guides, click here.


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

Equity Bottom-Up

<ul>
<li>Jio Platforms’ board approved the DRHP and the filing moved to SEBI, formally starting the IPO process after years of anticipation</li>
<li>Standalone price discovery for Jio can reduce RIL’s conglomerate opacity, especially as JPL now reports FY26 EBITDA of 76,255 crore and PAT of 30,049 crore</li>
<li>The thesis shifts from “unlock optionality” to “execution sequencing”: Jio is the near-term catalyst; Retail, AI and New Energy are medium-term proof point</li>
</ul>


Jio Platforms’ board approved the DRHP and the filing moved to SEBI, formally starting the IPO process after years of anticipation
Standalone price discovery for Jio can reduce RIL’s conglomerate opacity, especially as JPL now reports FY26 EBITDA of 76,255 crore and PAT of 30,049 crore
The thesis shifts from “unlock optionality” to “execution sequencing”: Jio is the near-term catalyst; Retail, AI and New Energy are medium-term proof point


Reliance AGM 2026: Jio IPO Trigger, AI Execution, Retail and New Energy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta (META US)</a> and <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RELIANCE IN)</a> have signed a build-to-lease agreement for 168 MW AI-data centre in Jamnagar, Gujarat, India's first purpose-built AI compute facility at this scale.</li>
<li>This deal converts Reliance's Jamnagar land bank and renewable energy access into a recurring, dollar-linked revenue stream, while entrenching RIL as the infrastructure gateway for global hyperscalers entering India.</li>
<li>The structural question is whether Jamnagar becomes a one-anchor campus or a multi-tenant AI park. Reliance's Google Cloud partnership from 2025 suggests the latter is already in motion.</li>
</ul>



Meta (META US) and Reliance Industries (RELIANCE IN) have signed a build-to-lease agreement for 168 MW AI-data centre in Jamnagar, Gujarat, India's first purpose-built AI compute facility at this scale.
This deal converts Reliance's Jamnagar land bank and renewable energy access into a recurring, dollar-linked revenue stream, while entrenching RIL as the infrastructure gateway for global hyperscalers entering India.
The structural question is whether Jamnagar becomes a one-anchor campus or a multi-tenant AI park. Reliance's Google Cloud partnership from 2025 suggests the latter is already in motion.


Reliance Making Meta's First Data Center in India!

India

Reliance Industries is an Indian multinational conglomerate with diverse businesses including energy, petrochemicals, oil and gas exploration, telecommunications (Jio), and retail (Reliance Retail). The company is a major producer of petroleum products and a significant player in digital services and consumer goods. Reliance Industries is headquartered in Mumbai, India, and was founded in 1958.

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Reliance Industries (RELIANCE IN)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh

Quiddity M&A Guide 2026: India

The initial guide was published in May 2019. Since that time, there've been various new developments. This is an update. These insights are...

David Blennerhassett

Reliance AGM 2026: Jio IPO Trigger, AI Execution, Retail and New Energy

Jio Platforms files for IPO, signaling a shift in RIL's conglomerate transparency and focus on execution sequencing for growth.

Nimish Maheshwari

Reliance Making Meta's First Data Center in India!

Meta and Reliance Industries have signed a deal for a large AI-data center in India, turning Reliance's assets into a revenue stream and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh

Quiddity M&A Guide 2026: India

The initial guide was published in May 2019. Since that time, there've been various new developments. This is an update. These insights are...

David Blennerhassett

Reliance AGM 2026: Jio IPO Trigger, AI Execution, Retail and New Energy

​Jio Platforms files for IPO, signaling a shift in RIL's conglomerate transparency and focus on execution sequencing for growth.

Nimish Maheshwari

Reliance Making Meta's First Data Center in India!

​Meta and Reliance Industries have signed a deal for a large AI-data center in India, turning Reliance's assets into a revenue stream and...

Nimish Maheshwari

Jio Platforms files for IPO, signaling a shift in RIL's conglomerate transparency and focus on execution sequencing for growth.

Meta and Reliance Industries have signed a deal for a large AI-data center in India, turning Reliance's assets into a revenue stream and...