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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

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

Thematic (Sector/Industry)

<ul>
<li>India's Union Cabinet amended Press Note 3 on 10 March 2026, allowing up to 10% non-controlling beneficial ownership from land-bordering countries under the automatic route for seven critical manufacturing sectors.</li>
<li>Each of the seven sectors features Chinese global market share of 80-97%. India's installed polysilicon capacity is just 3.3 GW against 120 GW of module capacity. </li>
<li>India cut Chinese work visas by 99% after 2020, banned the capital, then needed Chinese engineers to commission wafer lines. Now, need to see whether India gets IP or not?</li>
</ul>


India's Union Cabinet amended Press Note 3 on 10 March 2026, allowing up to 10% non-controlling beneficial ownership from land-bordering countries under the automatic route for seven critical manufacturing sectors.
Each of the seven sectors features Chinese global market share of 80-97%. India's installed polysilicon capacity is just 3.3 GW against 120 GW of module capacity. 
India cut Chinese work visas by 99% after 2020, banned the capital, then needed Chinese engineers to commission wafer lines. Now, need to see whether India gets IP or not?


India's Surgical FDI Move: Getting the Factory, Not Just the Technology

<ul>
<li>The UAE formally announced its exit from OPEC and OPEC+, effective May 1, 2026, ending a 58-year membership, citing production quota constraints and national interest as the deciding factors.</li>
<li>As India's third-largest crude supplier with ~10% import share, a quota-free UAE could structurally lower India's energy import bill, ease CAD pressure, and directly lift refiner margins.</li>
<li>PSU oil marketing companies (IOC, BPCL, HPCL) stand to be the most direct beneficiaries; but the macro read extends to the rupee, inflation trajectory, and India's terms of trade.</li>
</ul>


The UAE formally announced its exit from OPEC and OPEC+, effective May 1, 2026, ending a 58-year membership, citing production quota constraints and national interest as the deciding factors.
As India's third-largest crude supplier with ~10% import share, a quota-free UAE could structurally lower India's energy import bill, ease CAD pressure, and directly lift refiner margins.
PSU oil marketing companies (IOC, BPCL, HPCL) stand to be the most direct beneficiaries; but the macro read extends to the rupee, inflation trajectory, and India's terms of trade.


How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

<ul>
<li>India's PLI-ACC scheme has disbursed zero incentives to date; actual cell production capacity stands at roughly 1.4 GWh against a 50 GWh target.</li>
<li>India's grid needs an estimated 236 GWh of battery storage by 2031-32; if domestic gigafactories miss their 2026-28 ramps, China will supply the surge, undermining the entire domestic manufacturing thesis.</li>
<li>Three players, three divergent technology bets, and a shared supply-chain vulnerability from China: the 2026-27 window will reveal which of these factories can close the gap between ambition and output.</li>
</ul>


India's PLI-ACC scheme has disbursed zero incentives to date; actual cell production capacity stands at roughly 1.4 GWh against a 50 GWh target.
India's grid needs an estimated 236 GWh of battery storage by 2031-32; if domestic gigafactories miss their 2026-28 ramps, China will supply the surge, undermining the entire domestic manufacturing thesis.
Three players, three divergent technology bets, and a shared supply-chain vulnerability from China: the 2026-27 window will reveal which of these factories can close the gap between ambition and output.


India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

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.

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

Reliance Industries (RELIANCE IN)

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

India's Surgical FDI Move: Getting the Factory, Not Just the Technology

India's new policy allows up to 10% ownership from land-bordering countries in critical sectors dominated by China, raising questions about IP...

Nimish Maheshwari

How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...

Nimish Maheshwari

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

India's Surgical FDI Move: Getting the Factory, Not Just the Technology

​India's new policy allows up to 10% ownership from land-bordering countries in critical sectors dominated by China, raising questions about IP...

Nimish Maheshwari

How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

​UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...

Nimish Maheshwari

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

India's Gigafactory: 50 GWh Promised, 1.4 GWh Delivered

​India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...

Nimish Maheshwari

India's new policy allows up to 10% ownership from land-bordering countries in critical sectors dominated by China, raising questions about IP...

UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...

India's PLI-ACC scheme struggles with zero incentives and low cell production capacity, risking reliance on China for battery storage needs if...