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

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison


SBI Shinsei Bank Pre-IPO - Peer Comparison

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>Canara Bank reported a robust Q2 FY26, defying sector-wide headwinds. The headline surprise was the sharp asset quality improvement, with GNPA collapsing to 2.35% and NNPA at a pristine 0.54%. 
</li>
<li>The bank has successfully pivoted from "balance sheet repair" to "sustainable compounder." While NII is flat, the bank is offsetting this with volume growth and 42% jump in non-interest income.</li>
<li>With the "bad bank" legacy officially buried(PCR &gt;93%), the narrative now shifts to value unlocking. The listing of subsidiaries and the decline in credit costs makes the current valuation attractive.</li>
</ul>


Canara Bank reported a robust Q2 FY26, defying sector-wide headwinds. The headline surprise was the sharp asset quality improvement, with GNPA collapsing to 2.35% and NNPA at a pristine 0.54%. 

The bank has successfully pivoted from "balance sheet repair" to "sustainable compounder." While NII is flat, the bank is offsetting this with volume growth and 42% jump in non-interest income.
With the "bad bank" legacy officially buried(PCR &gt;93%), the narrative now shifts to value unlocking. The listing of subsidiaries and the decline in credit costs makes the current valuation attractive.


The Beat Ideas: Is Canara Bank’s Compounder Thesis Intact Amid NIM Compression?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Emmvee Photovoltaic Power Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) raised around US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</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>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) raised around US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
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.


Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

<ul>
<li>Pine Labs raised around US$450m in its India IPO. Overall demand was weak.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) is looking to raise about US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.


Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

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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SBI (State Bank of India) (SBIN IN)

SBI Shinsei Bank Pre-IPO - Peer Comparison

SBI Shinsei Bank (8303 JP), aims to raise around US$2bn in its Japan listing. We have looked at past performance in our earlier notes. In this...

Sumeet Singh

The Beat Ideas: Is Canara Bank’s Compounder Thesis Intact Amid NIM Compression?

Canara Bank shines in Q2 FY26 with strong asset quality improvement, pivoting to sustainable growth with volume and non-interest income growth,...

Nimish Maheshwari

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBI Shinsei Bank Pre-IPO - Peer Comparison

SBI Shinsei Bank (8303 JP), aims to raise around US$2bn in its Japan listing. We have looked at past performance in our earlier notes. In this...

Sumeet Singh

The Beat Ideas: Is Canara Bank’s Compounder Thesis Intact Amid NIM Compression?

​Canara Bank shines in Q2 FY26 with strong asset quality improvement, pivoting to sustainable growth with volume and non-interest income growth,...

Nimish Maheshwari

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Canara Bank shines in Q2 FY26 with strong asset quality improvement, pivoting to sustainable growth with volume and non-interest income growth,...