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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.</li>
<li>As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.
As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>Since unwinding the <strong><a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a></strong>/<strong><a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a></strong> circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus' selling. </li>
<li>Prosus' stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.</li>
<li>On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.</li>
</ul>


Since unwinding the Naspers (NPN SJ)/Prosus (PRX NA) circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus' selling. 
Prosus' stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.
On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.


Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>As per news reports, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> could look to sell some/all of its <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> stake, worth around US$4bn</li>
<li>Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.</li>
<li>In this note, we will talk about the possible selldown and other deal dynamics.</li>
</ul>


As per news reports, Prosus NV (PRX NA) could look to sell some/all of its Meituan (3690 HK) stake, worth around US$4bn
Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.
In this note, we will talk about the possible selldown and other deal dynamics.


Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

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

<ul>
<li>Increased free float should result in passives buying <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> and lower foreign room should lead to passives selling <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> at the end of August.</li>
<li>The increased free float should also result in passive buying for <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> last week following strong earnings. <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.</li>
</ul>


Increased free float should result in passives buying Swiggy (SWIGGY IN) and lower foreign room should lead to passives selling Eternal (ETERNAL IN) at the end of August.
The increased free float should also result in passive buying for Swiggy (SWIGGY IN) in September.

Eternal has outperformed Swiggy last week following strong earnings. Swiggy announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.


Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

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)

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

If Tech Mahindra underperforms other names, it could become a SENSEX DEL and if that happens Interglobe Aviation could become the replacement ADD...

Janaghan Jeyakumar, CFA

Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

Reportedly Prosus has sold ~15mn shares in Meituan, worth ~US$250mn. Prior to the alleged sale, Prosus held ~257mn Meituan shares, ~4.2% of shares...

David Blennerhassett

Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

As per recent media reports, Prosus has begun selling some of its stake in Meituan. Although for now it appears to be selling on market instead of...

Sumeet Singh

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

Strong earnings have led to Eternal outperforming Swiggy last week. Higher float should result in passives buying Swiggy in Aug. Lower foreign room...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

If Tech Mahindra underperforms other names, it could become a SENSEX DEL and if that happens Interglobe Aviation could become the replacement ADD...

Janaghan Jeyakumar, CFA

Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

Reportedly Prosus has sold ~15mn shares in Meituan, worth ~US$250mn. Prior to the alleged sale, Prosus held ~257mn Meituan shares, ~4.2% of shares...

David Blennerhassett

Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

As per recent media reports, Prosus has begun selling some of its stake in Meituan. Although for now it appears to be selling on market instead of...

Sumeet Singh

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

Strong earnings have led to Eternal outperforming Swiggy last week. Higher float should result in passives buying Swiggy in Aug. Lower foreign room...

Brian Freitas

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition