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

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<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is looking to raise upto US$2bn in its India IPO, which will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,SBI and HDFC.</li>
<li>Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.</li>
<li>It is categorized as an Upper Layer NBFC by RBI and caters to salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates.</li>
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Tata Capital Limited (TATACAP IN) is looking to raise upto US$2bn in its India IPO, which will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,SBI and HDFC.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
It is categorized as an Upper Layer NBFC by RBI and caters to salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

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<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion. </li>
<li>On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.</li>
<li>The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE. </li>
</ul>



Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion. 
On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.
The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE. 


India

Tata Capital Ltd. is the flagship financial services company of the Tata Group, operating as a non-banking financial company. It offers a wide array of financial products and services including commercial finance, consumer loans, wealth services, and credit cards. The company is headquartered in Mumbai, India, and was founded in 2007.

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Tata Capital (TATACAP IN)

Tata Capital Pre-IPO Tearsheet

Tata Capital is looking to raise up to US$2bn in its upcoming India IPO. The deal will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,...

Akshat Shah

Tata Capital IPO: The Investment Case

Tata Capital has begun investor roadshows for an IPO to raise US$2.0 billion. In this note, I examine the fundamentals of the business.

Arun George

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