Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Tata Investment Corporation / Equity Bottom-Up

Tata Investment Corporation (TATAINVE IN)

<ul>
<li>In this insight, we discuss about the holdco structure of <a href="https://www.smartkarma.com/entities/tata-investment-corp-ltd" target="_blank" data-smartkarma-citation="entities:6308:1" rel="noopener">Tata Investment Corp (TICL IN)</a> </li>
<li>Further, we highlight how the holdco discount has burned away in recent years and what were the reasons.</li>
<li>Finally, we discuss about the implications that a <a href="https://www.smartkarma.com/entities/tata-sons-private-ltd" target="_blank" data-smartkarma-citation="entities:25999:1" rel="noopener">Tata Sons Private Ltd (47588Z IN)</a> listing could have on the company.</li>
</ul>


In this insight, we discuss about the holdco structure of Tata Investment Corp (TICL IN) 
Further, we highlight how the holdco discount has burned away in recent years and what were the reasons.
Finally, we discuss about the implications that a Tata Sons Private Ltd (47588Z IN) listing could have on the company.


Holdco Series: Tata Investment Corporation Ltd- The Discount That Burned Away

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

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Jio Platforms Pre-IPO - The Negatives - Lower ARPU, Related Party

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-limited" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs (PINELABS IN)</a> raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of companies are lininig up in Hong Kong to launch their IPOs soon.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of companies are lininig up in Hong Kong to launch their IPOs soon.
On the placement front, there weren't many large deals given the ongoing market volatility.


Aequitas ECM Weekly (7 April 2026)-Victory Giant, Huaqin, Sigenergy, Manycore, WeWork, MTT, AVATR

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<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 (WEWORK IN)</a> raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</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 will talk about the lockup dynamics and possible placement.</li>
</ul>



WeWork India Management (WEWORK IN) raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
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 will talk about the lockup dynamics and possible placement.


Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

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)

Holdco Series: Tata Investment Corporation Ltd- The Discount That Burned Away

Tata investment takes off. The Reserve Bank of India on August 6 retained Tata Sons in the Upper Layer NBFC list. To avoid a listing, Tata Sons...

Sreemant Dudhoria

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Aequitas ECM Weekly (7 April 2026)-Victory Giant, Huaqin, Sigenergy, Manycore, WeWork, MTT, AVATR

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

WeWork India raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Holdco Series: Tata Investment Corporation Ltd- The Discount That Burned Away

Tata investment takes off. The Reserve Bank of India on August 6 retained Tata Sons in the Upper Layer NBFC list. To avoid a listing, Tata Sons...

Sreemant Dudhoria

Aequitas: Jio Platforms Pre-IPO - The Negatives - Lower ARPU, Related Party

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Aequitas ECM Weekly (7 April 2026)-Victory Giant, Huaqin, Sigenergy, Manycore, WeWork, MTT, AVATR

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

WeWork India raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah