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

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Index Rebalance

<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>is looking to raise up to US$3.2bn 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>We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the index impact.</li>
</ul>



Jio Platforms is looking to raise up to US$3.2bn 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.
We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the index impact.


Aequitas: Jio Platforms IPO - Index Flows - Tiny Float Now, Large Impact Later

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$3.2bn 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>We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.2bn 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.
We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.


Aequitas: Jio Platforms IPO - Recent Updates and Thoughts on Pricing

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Equity Bottom-Up

<ul>
<li>After a difficult Q1 FY27, Hyundai delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.</li>
<li>The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.</li>
<li>Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company's FY2030 SUV, alternative-powertrain, localisation and revenue targets.</li>
</ul>


After a difficult Q1 FY27, Hyundai delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.
The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.
Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company's FY2030 SUV, alternative-powertrain, localisation and revenue targets.


Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

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: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Aequitas: Jio Platforms IPO - Index Flows - Tiny Float Now, Large Impact Later

Jio Platforms is looking to raise up to US$3.2bn in its upcoming India IPO. In this note, we talk about the eventual index impact.

Sumeet Singh

Aequitas: Jio Platforms IPO - Recent Updates and Thoughts on Pricing

Jio Platforms (JPL) is looking to raise up to US$3.2bn in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

Hyundai: Whether SUV-led product renewal, multi-fuel diversification and technology integration can turn that recovery into durable earnings growth?

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Aequitas: Jio Platforms IPO - Index Flows - Tiny Float Now, Large Impact Later

Jio Platforms is looking to raise up to US$3.2bn in its upcoming India IPO. In this note, we talk about the eventual index impact.

Sumeet Singh

Aequitas: Jio Platforms IPO - Recent Updates and Thoughts on Pricing

Jio Platforms (JPL) is looking to raise up to US$3.2bn in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth?

Hyundai: Whether SUV-led product renewal, multi-fuel diversification and technology integration can turn that recovery into durable earnings growth?

Nimish Maheshwari

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...