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

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> raised about US$184m in its India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Kalpataru Limited (KTARU IN) raised about US$184m in its India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> is looking to raise about US$184m in its upcoming India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Kalpataru Ltd IPO - Cemented by Debt Repayment

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>The Indian PSU banking (PSB) sector, once considered structurally broken, is experiencing early signs of a secular turnaround, buttressed by a combination of governance reforms (balance sheet repair and recapitalization), modernized digital stack, and a gradual turnaround in the quality and sustainability of earnings</li><li>This is beginning to reflect in PSBs finally stabilizing their loan market share (+52bps market share gains during FY25), enhancing the quality of their customer franchise and service standards, and improving their return ratios</li><li>Despite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earnings</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>

The Indian PSU banking (PSB) sector, once considered structurally broken, is experiencing early signs of a secular turnaround, buttressed by a combination of governance reforms (balance sheet repair and recapitalization), modernized digital stack, and a gradual turnaround in the quality and sustainability of earningsThis is beginning to reflect in PSBs finally stabilizing their loan market share (+52bps market share gains during FY25), enhancing the quality of their customer franchise and service standards, and improving their return ratiosDespite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earningsContent 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.

Public Sector Banks: Repair, Reform, Reset

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

<ul>
<li>RBI finalized new provisioning norms for project finance (effective October 1, 2025), significantly softening earlier proposals. Provisioning for under-construction projects has been cut to 1–1.25% (from the proposed 5%).</li>
<li>The change reduces capital strain for lenders, preserves profitability metrics, and encourages fresh credit flow to infrastructure and commercial real estate (CRE) sectors.</li>
<li>Lenders must maintain or improve RoA/RoE while passing on marginal provisioning costs to borrowers. The credit environment for real estate and infrastructure segments could strengthen materially in FY26 and beyond</li>
</ul>


RBI finalized new provisioning norms for project finance (effective October 1, 2025), significantly softening earlier proposals. Provisioning for under-construction projects has been cut to 1–1.25% (from the proposed 5%).
The change reduces capital strain for lenders, preserves profitability metrics, and encourages fresh credit flow to infrastructure and commercial real estate (CRE) sectors.
Lenders must maintain or improve RoA/RoE while passing on marginal provisioning costs to borrowers. The credit environment for real estate and infrastructure segments could strengthen materially in FY26 and beyond


RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> raised about US$162m in its India IPO.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank of India (SBID LI)

Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

Kalpataru Limited (KL) raised about US$184m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Public Sector Banks: Repair, Reform, Reset

Despite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earnings

HDFC Securities

RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...

Sudarshan Bhandari

Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

Oswal Pumps raised about US$162m in its India IPO. In this note, we will talk about the demand and trading dynamics, having looked at the...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kalpataru IPO Trading - Decent Anchor; Muted Overall Demand

Kalpataru Limited (KL) raised about US$184m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Public Sector Banks: Repair, Reform, Reset

Despite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earnings

HDFC Securities

RBI’s Relief Push: How Easier Infra & Realty Credit Norms Could Impact Banks & NBFCs

​RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...

Sudarshan Bhandari

Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

Oswal Pumps raised about US$162m in its India IPO. In this note, we will talk about the demand and trading dynamics, having looked at the...

Akshat Shah

RBI eases project finance provisioning norms, boosting credit flow to infrastructure and real estate sectors while reducing capital strain for...