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

SBI Funds Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management Ltd</a> is looking to raise aboutUS$1.5bn in its India IPO, which will be run by a number of banks including Axis, BofA, HSBC, Jefferies, Motilal and SBI.</li>
<li>SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.</li>
<li>According to CRISIL, it was the largest AMC in India in terms of quarterly average assets under management (QAAUM) with a 15.4% market share, as of Dec 31, 2025.</li>
</ul>



SBI Funds Management Ltd is looking to raise aboutUS$1.5bn in its India IPO, which will be run by a number of banks including Axis, BofA, HSBC, Jefferies, Motilal and SBI.
SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
According to CRISIL, it was the largest AMC in India in terms of quarterly average assets under management (QAAUM) with a 15.4% market share, as of Dec 31, 2025.


Aequitas: SBI Funds Management Pre-IPO Tearsheet

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>Indian mutual funds sold a record Rs. 35,600 crore of government bonds in March 2026, smashing the previous monthly high set just two months ago.</li>
<li>An<strong> Iran war-driven oil shock</strong> killed rate-cut hopes, while a supply glut from record government borrowing made holding long-duration bonds a losing trade.</li>
<li>Until oil stabilises and the RBI signals fresh rate cuts, fund managers will keep rotating into short-duration corporate bonds and away from government paper.</li>
</ul>


Indian mutual funds sold a record Rs. 35,600 crore of government bonds in March 2026, smashing the previous monthly high set just two months ago.
An Iran war-driven oil shock killed rate-cut hopes, while a supply glut from record government borrowing made holding long-duration bonds a losing trade.
Until oil stabilises and the RBI signals fresh rate cuts, fund managers will keep rotating into short-duration corporate bonds and away from government paper.


Why India's Mutual Funds Are Selling Bonds at a Record Pace?

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs-limited" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (AMAGI IN)</a> raised about US$190m in its India IPO in Jan 2026. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement</li>
</ul>



Amagi Media Labs (AMAGI IN) raised about US$190m in its India IPO in Jan 2026. The lockup on its pre-IPO investors is set to expire soon.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
In this note, we will talk about the lockup dynamics and possible placement


Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SHEIN Global Holdings / 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, <a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> didn't deliver a blockbuster listing but managed to get the India ECM pipeline moving along.</li>
<li>Goverment of India too jumped on the ECM revivial in India to offload a large chunk of <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance of India (LICI IN)</a>. </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, SBI Funds Management didn't deliver a blockbuster listing but managed to get the India ECM pipeline moving along.
Goverment of India too jumped on the ECM revivial in India to offload a large chunk of Life Insurance of India (LICI IN). 


Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

Manipal Health Enterprises Ltd / Equity Capital Markets

Manipal Health Enterprises Ltd (1217834D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises</a>  (MHEL) raised around US$960m in its India IPO.</li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Manipal Health Enterprises  (MHEL) raised around US$960m in its India IPO.
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Manipal Health IPO Trading - Lukewarm Demand

India

SBI Funds Management Limited is a prominent asset management company in India, offering a diverse range of investment products including mutual funds, ETFs across equity, fixed income, and gold, as well as portfolio management services and alternative investment funds. The company provides customized multi-asset segregated portfolio management services to various clients, from retail investors to institutions. It was founded in 1987 and is headquartered in Mumbai, India.

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SBI Funds Management (SBIFUNDS IN)

Aequitas: SBI Funds Management Pre-IPO Tearsheet

SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO. The deal will be run by a number of banks including Axis, BofA,...

Akshat Shah

Why India's Mutual Funds Are Selling Bonds at a Record Pace?

Indian mutual funds are selling record amounts of government bonds due to an Iran war-driven oil shock and a supply glut from government...

Nimish Maheshwari

Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

A group of investors, including Trudy Holdings, AVP I Fund, and Accel India, have launched a INR6bn (US$63m) selldown, together selling 10.9m...

Akshat Shah

Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

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

Aequitas: Manipal Health IPO Trading - Lukewarm Demand

Manipal Health Enterprises (MHEL) raised around US$960m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SBI Funds Management Pre-IPO Tearsheet

SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO. The deal will be run by a number of banks including Axis, BofA,...

Akshat Shah

Why India's Mutual Funds Are Selling Bonds at a Record Pace?

​Indian mutual funds are selling record amounts of government bonds due to an Iran war-driven oil shock and a supply glut from government...

Nimish Maheshwari

Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

A group of investors, including Trudy Holdings, AVP I Fund, and Accel India, have launched a INR6bn (US$63m) selldown, together selling 10.9m...

Akshat Shah

Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

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

Aequitas: Manipal Health IPO Trading - Lukewarm Demand

Manipal Health Enterprises (MHEL) raised around US$960m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Indian mutual funds are selling record amounts of government bonds due to an Iran war-driven oil shock and a supply glut from government...