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>We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.</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.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.


Aequitas:  NSE Pre-IPO - Peer Comparison

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics (2453623D IN)</a> raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.</li>
<li>Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fractal Analytics (2453623D IN) raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.
Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

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

Shenton Research

Shenton 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 MS-India 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 ICICI Bank, Vedanta, Mahindra &amp; Mahindra, HDFC Bank, Hindustan Petroleum, Dr. Reddy's Laboratories, Jindal Steel &amp; Power.</li>
</ul>


We analysed the earning revision of component stocks of MS-India 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 ICICI Bank, Vedanta, Mahindra &amp; Mahindra, HDFC Bank, Hindustan Petroleum, Dr. Reddy's Laboratories, Jindal Steel &amp; Power.


MS-India Index Earning Revision (Jul): ICICI Bank, Vedanta, Mahindra & Mahindra, HDFC Bank

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. </li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</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>



Indo-MIM Ltd (1666551D IN) raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. 
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<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 (1936629D IN)</a> has scaled aggressively to INR 226 bn revenue and 1,139 dark stores by FY26; however, adj.EBITDA losses remain elevated at INR 54 bn despite improving unit economics.</li>
<li>Despite improving unit economics, profitability remains fragile; lower marketing intensity and the commencement of technology and post-opening store-cost capitalisation in FY26 have also supported reported EBITDA improvement.</li>
<li>Pre-IPO restructuring materially altered retained earnings. Litigation liabilities, high attritions, asset write offs, unbilled revenues, warrant additional scrutiny.</li>
</ul>



Zepto (1936629D IN) has scaled aggressively to INR 226 bn revenue and 1,139 dark stores by FY26; however, adj.EBITDA losses remain elevated at INR 54 bn despite improving unit economics.
Despite improving unit economics, profitability remains fragile; lower marketing intensity and the commencement of technology and post-opening store-cost capitalisation in FY26 have also supported reported EBITDA improvement.
Pre-IPO restructuring materially altered retained earnings. Litigation liabilities, high attritions, asset write offs, unbilled revenues, warrant additional scrutiny.


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: NSE Pre-IPO - Peer Comparison

National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

MS-India Index Earning Revision (Jul): ICICI Bank, Vedanta, Mahindra & Mahindra, HDFC Bank

We analyzed MS-India's consensus for Jul 2026 and highlighted changes of EPS in ICICI Bank (ICICIBC IN), Vedanta (VEDL IN), Mahindra & Mahindra (MM...

Ke Yan, CFA, FRM

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Zepto IPO- The Cost of Going Quick

Zepto has scaled aggressively in the last two years but profitability remains fragile. Sudden slash in marketing, arguable capitalisation policy,...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: NSE Pre-IPO - Peer Comparison

National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

MS-India Index Earning Revision (Jul): ICICI Bank, Vedanta, Mahindra & Mahindra, HDFC Bank

We analyzed MS-India's consensus for Jul 2026 and highlighted changes of EPS in ICICI Bank (ICICIBC IN), Vedanta (VEDL IN), Mahindra & Mahindra (MM...

Ke Yan, CFA, FRM

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Zepto IPO- The Cost of Going Quick

​Zepto has scaled aggressively in the last two years but profitability remains fragile. Sudden slash in marketing, arguable capitalisation policy,...

Nitin Mangal

Zepto has scaled aggressively in the last two years but profitability remains fragile. Sudden slash in marketing, arguable capitalisation policy,...