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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

InterGlobe Aviation Ltd / Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100. </li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100. 


Quiddity Leaderboard NIFTY Sep25: US$1bn+ Total One-Way Flows; ADDs Strongly Outperforming DELs

Ethan Aw

Premier Energies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies Limited (0377949D IN)</a> raised around US$337m after pricing the deal at the top end of the range at INR450 / share.</li>
<li>It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note,  we talk about demand and trading dynamics. </li>
</ul>



Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.
It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.
We have looked at various aspects of the deal in our previous notes. In this note,  we talk about demand and trading dynamics. 


Premier Energies IPO Trading - Very Strong Insti Demand, Looks Ready to Pop

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies Limited (0377949D IN)</a> is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.</li>
<li>The firm manufactures solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Premier Energies Limited (0377949D IN) is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.
The firm manufactures solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Premier Energies IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Solar Industries India / Equity Bottom-Up

<ul><li>Solar Industries (SOIL) has developed three new explosives: 1) SEBEX-2 with lethality of 2.01x of TNT. 2) SITBEX-1, a solid thermobaric polymer-bonded explosive. 3) SIMEX-4, a new insensitive explosive formulation.</li><li>These new explosives exhibit higher performance and lethality compared to the existing ones.</li><li>As per media reports (Link), the Indian Navy has successfully completed certification tests for all the three explosives.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Solar Industries (SOIL) has developed three new explosives: 1) SEBEX-2 with lethality of 2.01x of TNT. 2) SITBEX-1, a solid thermobaric polymer-bonded explosive. 3) SIMEX-4, a new insensitive explosive formulation.These new explosives exhibit higher performance and lethality compared to the existing ones.As per media reports (Link), the Indian Navy has successfully completed certification tests for all the three explosives.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solar Industries - More Arrows in Its Quiver

India

Solar Industries India Limited manufactures and supplies explosives and explosives accessories. The company's products include bulk, cartridge, detonators, detonating cords Pentaerythritol Tetranitrate ("PETN"), and cast boosters.

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Solar Industries India (SOIL IN)

Quiddity Leaderboard NIFTY Sep25: US$1bn+ Total One-Way Flows; ADDs Strongly Outperforming DELs

Collectively, we see total one-way flows of more than US$1bn for NIFTY 50 and NIFTY Next 50 in September 2025. The NIFTY 50 expected changes have...

Janaghan Jeyakumar, CFA

Premier Energies IPO Trading - Very Strong Insti Demand, Looks Ready to Pop

Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.

Ethan Aw

Premier Energies IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Premier Energies Limited (0377949D IN) is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.

Ethan Aw

Solar Industries - More Arrows in Its Quiver

Solar Industries (SOIL) has developed three new explosives: 1) SEBEX-2 with lethality of 2.01x of TNT. 2) SITBEX-1, a solid thermobaric polymer...

ICICI Securities Limited

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52-week Range

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Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Quiddity Leaderboard NIFTY Sep25: US$1bn+ Total One-Way Flows; ADDs Strongly Outperforming DELs

Collectively, we see total one-way flows of more than US$1bn for NIFTY 50 and NIFTY Next 50 in September 2025. The NIFTY 50 expected changes have...

Janaghan Jeyakumar, CFA

Premier Energies IPO Trading - Very Strong Insti Demand, Looks Ready to Pop

Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.

Ethan Aw

Premier Energies IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Premier Energies Limited (0377949D IN) is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.

Ethan Aw

Solar Industries - More Arrows in Its Quiver

Solar Industries (SOIL) has developed three new explosives: 1) SEBEX-2 with lethality of 2.01x of TNT. 2) SITBEX-1, a solid thermobaric polymer...

ICICI Securities Limited