Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asian IPOs' spike in 2025 (21% higher till October) has been driven primarily by HK/China. Indian IPOs are almost at the same level as in a very strong 2024.</li>
<li>Policy thrust for "New Productive Forces" are driving capital raising from industrials, materials, technology and utilities and shall continue to do so. Healthcare should also be a buoyant capital raiser.</li>
<li>India's policy focus on manufacturing and listing of PE-funded companies should drive IPOs from industrials, materials and consumer discretionary. Financials shall also remain a large issuer sector.</li>
</ul>


Asian IPOs' spike in 2025 (21% higher till October) has been driven primarily by HK/China. Indian IPOs are almost at the same level as in a very strong 2024.
Policy thrust for "New Productive Forces" are driving capital raising from industrials, materials, technology and utilities and shall continue to do so. Healthcare should also be a buoyant capital raiser.
India's policy focus on manufacturing and listing of PE-funded companies should drive IPOs from industrials, materials and consumer discretionary. Financials shall also remain a large issuer sector.


Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

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

Physicswallah Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/physicswallah-limited" target="_blank" data-smartkarma-citation="entities:45792:1" rel="noopener">Physicswallah</a> raised around US$430m in its India IPO, despite having a decent anchor book.</li>
<li>Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Physicswallah IPO Trading - Decent Anchor but Low Demand

<ul>
<li>Pine Labs raised around US$450m in its India IPO. Overall demand was weak.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/physicswallah-limited" target="_blank" data-smartkarma-citation="entities:45792:1" rel="noopener">Physicswallah</a> Is looking to raise about US$434m in its upcoming India IPO.</li>
<li>Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.</li>
</ul>



Physicswallah Is looking to raise about US$434m in its upcoming India IPO.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.


Physicswallah IPO - RHP Updates and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is now looking to raise up to US$450m in its upcoming India IPO.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.</li>
</ul>



Pine Labs is now looking to raise up to US$450m in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.


Pine Labs IPO - RHP Updates and Thoughts on Valuation

India

Tata Capital Limited provides financial and investment services. The Company offers commercial and SME finance, wealth management, insurance distribution, and private equity solutions, as well as home, personal, business, and vehicle loans. Tata Capital serves retail, corporate, and institutional clients in India.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Tata Capital Limited (TATACAP IN)

Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...

Manishi Raychaudhuri

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Physicswallah IPO - RHP Updates and Thoughts on Valuation

Physicswallah Is looking to raise about US$434m in its upcoming India IPO. We have looked at the past performance in our earlier notes. In this...

Sumeet Singh

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

​HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...

Manishi Raychaudhuri

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Physicswallah IPO - RHP Updates and Thoughts on Valuation

Physicswallah Is looking to raise about US$434m in its upcoming India IPO. We have looked at the past performance in our earlier notes. In this...

Sumeet Singh

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...