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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Vikram Solar (0490158D IN) raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe</a> (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.</li>
<li>PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.
PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: PhonePe Pre-IPO - The Negatives - Near Term Growth Might Be Capped

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe </a>(PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.</li>
<li>PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.
PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.
In this note, we talk about the positive aspects of the deal.


Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Bluestone Jewellery and Lifestyle Ltd (BJL) / Event-Driven

Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN)

Bluestone Jewellery and Lifestyle Ltd (BJL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd (BJL)</a> raised around US$176m in its India IPO.</li>
<li>BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Bluestone Jewellery IPO Lockup - US$400m Lockup Release for over 50% Stake

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)

Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Aequitas: PhonePe Pre-IPO - The Negatives - Near Term Growth Might Be Capped

Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas: Bluestone Jewellery IPO Lockup - US$400m Lockup Release for over 50% Stake

Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO. The lockup on its pre-IPO shareholders is set to expire soon.

Sumeet Singh

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