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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Q4 FY26 results show that outcome-based and hybrid pricing models are now moving beyond pilots. Tech Mahindra’s “service token” model is already part of live client contracts.</li>
<li>AI is reducing effort needed per rupee of revenue by 25–30%, creating pressure on growth even as IT firms protect margins by avoiding weak deals.</li>
<li>The sector has moved past wait-and-watch. In FY27, the revenue mix, pricing models, and AI-led capex decisions will determine performance differentiation.</li>
</ul>


Q4 FY26 results show that outcome-based and hybrid pricing models are now moving beyond pilots. Tech Mahindra’s “service token” model is already part of live client contracts.
AI is reducing effort needed per rupee of revenue by 25–30%, creating pressure on growth even as IT firms protect margins by avoiding weak deals.
The sector has moved past wait-and-watch. In FY27, the revenue mix, pricing models, and AI-led capex decisions will determine performance differentiation.


Thematic Report- Indian IT: AI Is Rewriting the Business Model

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>FIIs sold ~USD 46 billion in Indian equities (Jan 2024-Mar 2026). March 2026 alone saw record INR 97,000 crore (USD 11.7 billion) outflows, the highest ever in a single month.</li>
<li>
FPI ownership fell to 16.9%, a 15-year low. DIIs now hold more than FPIs, indicating a structural shift in India’s equity ownership.</li>
<li>
Capital has rotated to China, Taiwan, South Korea, and US Treasuries. Tracking these flows helps assess whether FII returns to India are near-term or delayed.</li>
</ul>


FIIs sold ~USD 46 billion in Indian equities (Jan 2024-Mar 2026). March 2026 alone saw record INR 97,000 crore (USD 11.7 billion) outflows, the highest ever in a single month.

FPI ownership fell to 16.9%, a 15-year low. DIIs now hold more than FPIs, indicating a structural shift in India’s equity ownership.

Capital has rotated to China, Taiwan, South Korea, and US Treasuries. Tracking these flows helps assess whether FII returns to India are near-term or delayed.


The $46 Billion Exodus: Where FIIs Are Parking Their Money?

<ul>
<li>Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.</li>
<li>Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.</li>
<li>AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.</li>
</ul>


Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.
Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.
AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.


Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The Indian IT services sector braces for another muted quarter in Q4FY26E, with tier-1 players growth projected at -1.1 to +0.9% QoQ CC and mid-tier companies ranging growth from -1.8% to +3.4%, as macro uncertainty, ongoing geopolitical tensions, and cautious client decision-making on large deals amid war escalation risks temper near-term revenue traction</li><li>The rupee depreciation brings some respite to margins, but AI-led deflation concerns triggered the recent multiple de-rating</li><li>Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting traditional SaaS/IT models</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Indian IT services sector braces for another muted quarter in Q4FY26E, with tier-1 players growth projected at -1.1 to +0.9% QoQ CC and mid-tier companies ranging growth from -1.8% to +3.4%, as macro uncertainty, ongoing geopolitical tensions, and cautious client decision-making on large deals amid war escalation risks temper near-term revenue tractionThe rupee depreciation brings some respite to margins, but AI-led deflation concerns triggered the recent multiple de-ratingLaunch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting traditional SaaS/IT modelsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive

India

Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services and consulting company. It offers a comprehensive portfolio of services including IT infrastructure services, engineering and industrial services, business intelligence, and cloud services, along with various business solutions to multiple industries. TCS is headquartered in Mumbai, Maharashtra, India, and was founded in 1968.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tata Consultancy Services (TCS IN)

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Thematic Report- Indian IT: AI Is Rewriting the Business Model

Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Sudarshan Bhandari

The $46 Billion Exodus: Where FIIs Are Parking Their Money?

Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...

Nimish Maheshwari

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive

Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Thematic Report- Indian IT: AI Is Rewriting the Business Model

​Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Sudarshan Bhandari

The $46 Billion Exodus: Where FIIs Are Parking Their Money?

​Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...

Nimish Maheshwari

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

​Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive

Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting...

HDFC Securities

Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...