Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Foreign investors have continued to sell <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> while local mutual funds have been buying. That has led to foreign room increasing above 40%.</li>
<li>Estimated passive buying from global passive index trackers in August is 218.7m shares (US$665m; 6.7x ADV; 12.5x delivery volume) and there appears to be some positioning in the stock.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in the last 2 months as positioning for the passive buying builds. A lowering of Swiggy's FOL could provide additional impetus.</li>
</ul>


Foreign investors have continued to sell Eternal (ETERNAL IN) while local mutual funds have been buying. That has led to foreign room increasing above 40%.
Estimated passive buying from global passive index trackers in August is 218.7m shares (US$665m; 6.7x ADV; 12.5x delivery volume) and there appears to be some positioning in the stock.

Eternal (ETERNAL IN) has outperformed Swiggy (SWIGGY IN) in the last 2 months as positioning for the passive buying builds. A lowering of Swiggy's FOL could provide additional impetus.


Eternal (ETERNAL IN): Foreign Room Increase & Passive Buying in August

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Instacart generated $3.742B in revenue for the full year 2025, up from $3.37B in 2024.</li><li>Instacart has established itself as the leading third-party grocery delivery platform with 29% market share, behind only Walmart (38%) but ahead of Amazon (20%).</li><li>Instacart&#39;s advertising business — historically centered on CPG brands buying search placements and feed promotions — has crossed into a new phase of scale and now encompasses retailers as a second advertiser demand source alongside CPGs.</li></ul>

Instacart generated $3.742B in revenue for the full year 2025, up from $3.37B in 2024.Instacart has established itself as the leading third-party grocery delivery platform with 29% market share, behind only Walmart (38%) but ahead of Amazon (20%).Instacart&#39;s advertising business — historically centered on CPG brands buying search placements and feed promotions — has crossed into a new phase of scale and now encompasses retailers as a second advertiser demand source alongside CPGs.

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

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> is looking to raise upto US$2.5bn in its India IPO. </li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>In this note, we look at the company’s past performance and other deal dynamics.</li>
</ul>



National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. 
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
In this note, we look at the company’s past performance and other deal dynamics.


Aequitas: NSE Pre-IPO - Dominance Has Only Grown

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO.
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas - Zepto - The Negatives - Losses Will Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO. 
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the positive aspects of the deal. 


Aequitas - Zepto - The Positives - Has Grown Very Fast

India

Swiggy is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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Swiggy (SWIGGY IN)

Eternal (ETERNAL IN): Foreign Room Increase & Passive Buying in August

With foreign room continuing to move higher, Eternal's weight increase in a global index in August could lead to passive inflows of US$665m. A pair...

Brian Freitas

Primer: Instacart - 01 Jul 2026

Instacart is an on-demand grocery delivery platform that connects customers with personal shoppers.

Sacra

Aequitas: NSE Pre-IPO - Dominance Has Only Grown

National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Aequitas - Zepto - The Negatives - Losses Will Continue

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

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