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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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>Tata Steel has released its Q4 and FY 2024-25 numbers.</li>
<li>Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global steel market environment.</li>
<li>Profitability improved, while debt decreased and capital investments were maintained amid headwinds in Europe.</li>
</ul>


Tata Steel has released its Q4 and FY 2024-25 numbers.
Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global steel market environment.
Profitability improved, while debt decreased and capital investments were maintained amid headwinds in Europe.


Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smpp-ltd" target="_blank" data-smartkarma-citation="entities:44073:1" rel="noopener">SMPP Ltd</a> is planning to raise about US$476m through its upcoming IPO in India.</li>
<li>SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India.
SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.
In this note, we look at the company’s past performance.


SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Tata Steel reported resilient India performance in Q4 FY25 with strong volumes, though consolidated margins remained under pressure due to ongoing European losses.</li>
<li>The Kalinganagar CRM line and Ludhiana EAF are progressing toward completion. The company’s $2.5 billion infusion into its overseas arm marks a strategic pivot, potentially weighing on returns.</li>
<li>We apply a lower EV/EBITDA multiple of 6x (vs. 7.5x earlier) to reflect the weaker capital allocation stance, flattish steel price outlook, and relatively subdued growth versus peers. </li>
</ul>


Tata Steel reported resilient India performance in Q4 FY25 with strong volumes, though consolidated margins remained under pressure due to ongoing European losses.
The Kalinganagar CRM line and Ludhiana EAF are progressing toward completion. The company’s $2.5 billion infusion into its overseas arm marks a strategic pivot, potentially weighing on returns.
We apply a lower EV/EBITDA multiple of 6x (vs. 7.5x earlier) to reflect the weaker capital allocation stance, flattish steel price outlook, and relatively subdued growth versus peers. 


Tata Steel: Strategic Pivot in Capital Allocation

India

Tata Steel Limited is an Indian multinational steel company that manufactures and distributes a wide range of steel products, including hot-rolled, cold-rolled, and galvanized steel, tubes, and wire rods. The company serves diverse sectors such as automotive, construction, engineering, and consumer goods. Tata Steel is headquartered in Mumbai, India, and was founded on August 26, 1907.

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

Tata Steel (TATA IN)

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global...

Lucror Analytics

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Tata Steel: Strategic Pivot in Capital Allocation

Tata Steel's strong India performance in Q4 FY25 overshadowed by ongoing European losses, with strategic pivot and lower EV/EBITDA multiple...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global...

Lucror Analytics

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Tata Steel: Strategic Pivot in Capital Allocation

​Tata Steel's strong India performance in Q4 FY25 overshadowed by ongoing European losses, with strategic pivot and lower EV/EBITDA multiple...

Rahul Jain

Tata Steel's strong India performance in Q4 FY25 overshadowed by ongoing European losses, with strategic pivot and lower EV/EBITDA multiple...