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

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</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>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
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.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week saw a few good listings across the region while the spotlight will be on <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> in the coming week.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company</a> (UC) raised around US$220m in its heavily subscribed India IPO.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Urban Company (UC) raised around US$220m in its heavily subscribed India IPO.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Urban Company IPO Trading - Highest Demand so Far This Year

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Funding not a hurdle: Promoter strength provides comfort despite past negative precedents.</li>
<li>Valuation undemanding: Entry at ~US$440–475/t is below replacement cost and past cycle-peak deals.</li>
<li>Execution heavy: Success depends on managing restructuring, integration, and EU policy commitments.</li>
</ul>


Funding not a hurdle: Promoter strength provides comfort despite past negative precedents.
Valuation undemanding: Entry at ~US$440–475/t is below replacement cost and past cycle-peak deals.
Execution heavy: Success depends on managing restructuring, integration, and EU policy commitments.


Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.</li>
<li>We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.</li>
<li>We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.</li>
</ul>


India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.
We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.
We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.


Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Urban Company IPO Trading - Highest Demand so Far This Year

Urban Company (UC) raised around US$220m in its heavily subscribed India IPO. In this note, we talk about the trading updates.

Sumeet Singh

Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical

Despite past negative precedents, strong promoters and undemanding valuation make funding not a hurdle for entry at US$440-475/t. Success hinges...

Rahul Jain

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Urban Company IPO Trading - Highest Demand so Far This Year

Urban Company (UC) raised around US$220m in its heavily subscribed India IPO. In this note, we talk about the trading updates.

Sumeet Singh

Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical

​Despite past negative precedents, strong promoters and undemanding valuation make funding not a hurdle for entry at US$440-475/t. Success hinges...

Rahul Jain

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

​India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

Despite past negative precedents, strong promoters and undemanding valuation make funding not a hurdle for entry at US$440-475/t. Success hinges...

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...