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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Vikram Solar (0490158D IN) raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. </li>
<li>We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).</li>
<li>We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.</li>
</ul>


JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. 
We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).
We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.


The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

Emmvee Photovoltaic Power / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) is looking to raise about US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.


Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

India

Tata Power is an Indian electric utility company that generates, transmits, and distributes electricity. It offers a range of energy solutions including solar, wind, hydro, and thermal power, along with EV charging infrastructure and home automation. The company is headquartered in Mumbai, India, and was founded in 1919.

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Tata Power (TPWR IN)

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

​JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...