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.

Equity Capital Markets

<ul>
<li>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.</li>
<li>This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.</li>
<li>Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.</li>
</ul>


By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.
This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.
Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.


₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

Equity Bottom-Up

<ul>
<li>Aye Finance Limited, a fast-growing MSME-focused NBFC, is launching a INR 1,010 crore IPO comprising a fresh issue and an offer for sale.</li>
<li>The company operates in India’s structurally underpenetrated micro-MSME credit segment, combining rapid AUM growth with a granular, cash-flow based underwriting model.</li>
<li>Aye Finance offers exposure to a large, underserved lending opportunity, but elevated credit costs and recent profitability pressure warrant close monitoring post listing.</li>
</ul>


Aye Finance Limited, a fast-growing MSME-focused NBFC, is launching a INR 1,010 crore IPO comprising a fresh issue and an offer for sale.
The company operates in India’s structurally underpenetrated micro-MSME credit segment, combining rapid AUM growth with a granular, cash-flow based underwriting model.
Aye Finance offers exposure to a large, underserved lending opportunity, but elevated credit costs and recent profitability pressure warrant close monitoring post listing.


Aye Finance IPO: A Play on Formalising India’s Micro-Enterprise Credit

APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

OnEMI Technology Solutions / Equity Capital Markets

<ul>
<li>OnEMI Technology Solutions (Kissht) is looking to raise US$172m in its upcoming India IPO. It is an Indian tech-driven digital lending platform serving the mass market through a mobile-first approach. </li>
<li>It offers personal loans to salaried and self-employed individuals for consumption and business needs, and loans against property to asset-owning MSMEs and salaried borrowers for business expansion or working capital. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>


OnEMI Technology Solutions (Kissht) is looking to raise US$172m in its upcoming India IPO. It is an Indian tech-driven digital lending platform serving the mass market through a mobile-first approach. 
It offers personal loans to salaried and self-employed individuals for consumption and business needs, and loans against property to asset-owning MSMEs and salaried borrowers for business expansion or working capital. 
In this note, we talk about the company’s historical performance.


Aequitas: OnEMI Technology Solutions Pre-IPO - Growth Offset by Profitability & Asset Quality Issues

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds &amp; capital efficiency. 
</li>
<li>Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.</li>
<li>Northern Arc is a differentiated NBFC benefits from inclusion &amp; fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.</li>
</ul>


Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds &amp; capital efficiency. 

Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.
Northern Arc is a differentiated NBFC benefits from inclusion &amp; fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.


The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

India

SBFC Finance is a non-deposit-taking Non-Banking Finance Company (NBFC) in India, primarily focused on providing credit to underserved entrepreneurs, small business owners, and self-employed individuals. The company offers Secured MSME Loans and Loans Against Gold, utilizing a "PhyGital" model that combines digital technology with in-person service. Headquartered in Mumbai, Maharashtra, SBFC Finance was incorporated on January 25, 2008.

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SBFC Finance (SBFC IN)

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

Aye Finance IPO: A Play on Formalising India’s Micro-Enterprise Credit

Aye Finance Limited to launch INR 1,010 crore IPO targeting MSME credit segment, potential growth tempered by credit costs and profitability...

Sudarshan Bhandari

Aequitas: OnEMI Technology Solutions Pre-IPO - Growth Offset by Profitability & Asset Quality Issues

OnEMI Technology Solutions (Kissht) is looking to raise US$172m in its upcoming India IPO. It is an Indian tech-driven digital lending platform...

Kajal Jain

The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

​By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

Aye Finance IPO: A Play on Formalising India’s Micro-Enterprise Credit

​Aye Finance Limited to launch INR 1,010 crore IPO targeting MSME credit segment, potential growth tempered by credit costs and profitability...

Sudarshan Bhandari

Aequitas: OnEMI Technology Solutions Pre-IPO - Growth Offset by Profitability & Asset Quality Issues

OnEMI Technology Solutions (Kissht) is looking to raise US$172m in its upcoming India IPO. It is an Indian tech-driven digital lending platform...

Kajal Jain

The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

​Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Nimish Maheshwari

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Aye Finance Limited to launch INR 1,010 crore IPO targeting MSME credit segment, potential growth tempered by credit costs and profitability...

Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...