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

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a>  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.</li>
</ul>



WeWork India Management Ltd (1690124D IN)  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.


WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

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>Dev X planning to double the operational capacity in next two years.</li>
<li>Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers</li>
<li>Operationally, they are better than peers, evident from longer period lease and high occupancy rates</li>
</ul>


Dev X planning to double the operational capacity in next two years.
Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers
Operationally, they are better than peers, evident from longer period lease and high occupancy rates


Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.</li>
<li>A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. </li>
<li>Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.</li>
</ul>


Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.
A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. 
Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.


India’s Co-Working Boom: The Future of Work Is Flexible?

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> raised about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) raised about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

India

Smartworks Coworking Spaces Ltd (1742134D IN)

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Smartworks Coworking Spaces Ltd (1742134D IN)

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Nimish Maheshwari

India’s Co-Working Boom: The Future of Work Is Flexible?

Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

Sudarshan Bhandari

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

​Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Nimish Maheshwari

India’s Co-Working Boom: The Future of Work Is Flexible?

​Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

Sudarshan Bhandari

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...