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

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> is planning to raise about US$652m through its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) is planning to raise about US$652m through its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.


Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Kajal Jain

LEAP India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leap-india-limited" target="_blank" data-smartkarma-citation="entities:45766:1" rel="noopener">LEAP India Limited (1414703D IN)</a> (Leap) is looking to raise about US$272m in its India IPO through a combination of fresh issue and offer for sale (OFS). </li>
<li>As per F&amp;S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.</li>
<li>In this note, we talk about the company's historical performance. </li>
</ul>



LEAP India Limited (1414703D IN) (Leap) is looking to raise about US$272m in its India IPO through a combination of fresh issue and offer for sale (OFS). 
As per F&amp;S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.
In this note, we talk about the company's historical performance. 


Aequitas:LEAP India Pre-IPO-Leader with Strong Growth Visibility,Offset by Leverage &Margin Dilution

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Coal India, Max Healthcare Institute, HDFC Bank, Mahindra &amp; Mahindra, Grasim Industries, State Bank of India, Adani Enterprises, ICICI Bank.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Coal India, Max Healthcare Institute, HDFC Bank, Mahindra &amp; Mahindra, Grasim Industries, State Bank of India, Adani Enterprises, ICICI Bank.


NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) raised around US$342m in its India IPO. </li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) raised around US$342m in its India IPO. 
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a>(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN)(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

India

Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical company that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients (APIs). It offers a wide range of products across chronic and acute therapies, including generics, branded generics, and specialty products. The company was founded in 1983 and is headquartered in Mumbai, India.

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Sun Pharma (SUNP IN)

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Aequitas:LEAP India Pre-IPO-Leader with Strong Growth Visibility,Offset by Leverage &Margin Dilution

LEAP India Limited (Leap) is looking to raise about US$272m in its India IPO through a combination of fresh issue and Offer for sale (OFS).

Kajal Jain

NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

We analyzed NIFTY's consensus for Feb 2026 and highlighted changes of EPS in Coal India (COAL IN), Max Healthcare Institute (MAXHEALT IN), HDFC...

Ke Yan, CFA, FRM

Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

CleanMax Enviro Energy Solutions Limited (CEESL) raised around US$342m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$342m in its downsized India IPO. In this note, we talk about RHP...

Akshat Shah

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