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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Tata Motors</li>
<li>UST yields rose 5-8 bps across the curve yesterday, following a soft auction of 3Y notes and Amazon Inc’s USD 37 bn jumbo bond issuance. The yield on the 2Y UST was up 5 bps at 3.59%, while the yield on the 10Y UST jumped 6 bps to 4.16%. Equities ended mixed. The S&amp;P 500 fell 0.2% to 6,781, while the Nasdaq was flat at 22,697.</li>
<li>India has eased restrictions on foreign investments from China, local media reported yesterday. The Indian government tightened scrutiny of investments from Chinese companies in 2020, as relations between the two countries soured following skirmishes between their militaries along the Himalayan border. That said, New Delhi has been reviving relations with Beijing since last year, amid US tariffs.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Tata Motors
UST yields rose 5-8 bps across the curve yesterday, following a soft auction of 3Y notes and Amazon Inc’s USD 37 bn jumbo bond issuance. The yield on the 2Y UST was up 5 bps at 3.59%, while the yield on the 10Y UST jumped 6 bps to 4.16%. Equities ended mixed. The S&amp;P 500 fell 0.2% to 6,781, while the Nasdaq was flat at 22,697.
India has eased restrictions on foreign investments from China, local media reported yesterday. The Indian government tightened scrutiny of investments from Chinese companies in 2020, as relations between the two countries soured following skirmishes between their militaries along the Himalayan border. That said, New Delhi has been reviving relations with Beijing since last year, amid US tariffs.


Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>,  raised around US$725m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH),  raised around US$725m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Wuxi Lead A/H Trading - Weak Retail, Okish Institutional Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>, aims to raise around US$550m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the pricing.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise around US$550m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
We have looked at the company’s past performance in our previous note. In this note, we talk about the pricing.


Aequitas: Wuxi Lead Intelligent Equipment A/H Listing - Quality Asset, Slightly Tight Pricing

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

India

Tata Motors Limited is an Indian multinational automotive manufacturer. The company designs, develops, manufactures, and sells a wide range of automotive vehicles, including passenger cars, trucks, buses, and electric vehicles. Headquartered in Mumbai, India, the company was founded in 1945.

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Tata Motors (TTM US)

Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Tata Motors

Lucror Analytics

Aequitas: Wuxi Lead A/H Trading - Weak Retail, Okish Institutional Demand

Wuxi Lead Intelligent Equipmen (300450 CH), raised around US$725m in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Aequitas: Wuxi Lead Intelligent Equipment A/H Listing - Quality Asset, Slightly Tight Pricing

Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise around US$550m in its H-share listing. We have looked at the past performance in our...

Sumeet Singh

Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

Aditya Infotech (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

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