APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Afcons Infrastructure Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise US$840m in its upcoming India IPO.</li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO.
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In this note, we talk about the not-so-positive aspects of the deal.


Afcons Infrastructure Limited Pre-IPO - The Negatives - But Overdue Trade Receivables Increasing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise US$840m in its upcoming India IPO. </li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. 
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In this note, we talk about the positive aspects of the deal. 


Afcons Infrastructure Limited Pre-IPO - The Positives - Profitability More than Doubled

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:117597" rel="noopener">Tata Technologies IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:117850" rel="noopener">Tata Technologies IPO: Valuation Insights</a>. </li>
<li>The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  </li>
</ul>



Tata Technologies (TATATECH IN) priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.
We previously discussed the IPO in Tata Technologies IPO: The Investment Case and Tata Technologies IPO: Valuation Insights. 
The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> (TT) raised around US$370m in its India IPO.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.</li>
<li>In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.</li>
</ul>



Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.


Tata Technologies IPO Trading - Will Be a Good Listing Owing to over Enthusiasm

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> awaited IPO is set to launch for subscription this week.</li>
<li>The company is one of the largest ER&amp;D player that is based in India with revenues crossing INR 44 bn in F23. </li>
<li>Balance sheet remains strong and cash rich. There are however, doubts on revenue recognition policy, forex risk and reliance on Tata Group.</li>
</ul>



Tata Technologies (TATATECH IN) awaited IPO is set to launch for subscription this week.
The company is one of the largest ER&amp;D player that is based in India with revenues crossing INR 44 bn in F23. 
Balance sheet remains strong and cash rich. There are however, doubts on revenue recognition policy, forex risk and reliance on Tata Group.


India

Tata Technologies Limited provides engineering and design services and product lifecycle management (PLM) products and services primarily to manufacturers and their suppliers in the automotive, aerospace, and engineering markets. Its range of services includes IT consultancy, SAP implementation and maintenance, trading, networking solutions, CAD/CAM engineering, and design consultancy. 

Tata Technologies (TATATECH IN)

Afcons Infrastructure Limited Pre-IPO - The Negatives - But Overdue Trade Receivables Increasing

Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. In this note, we talk about the not-so-positive...

Ethan Aw

Afcons Infrastructure Limited Pre-IPO - The Positives - Profitability More than Doubled

Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. In this note, we talk about the positive aspects...

Ethan Aw

Tata Technologies IPO: Trading Debut

The market sentiment on the sector has improved. In 2023, Indian IPOs with a >US$100 million raise had an average first-day gain of 28.3%. The IPO...

Arun George

Tata Technologies IPO Trading - Will Be a Good Listing Owing to over Enthusiasm

Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO. In this note, we talk about the demand and trading updates.

Sumeet Singh

Tata Technologies IPO- Forensic Analysis

Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...

Nitin Mangal

Afcons Infrastructure Limited Pre-IPO - The Negatives - But Overdue Trade Receivables Increasing

Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. In this note, we talk about the not-so-positive...

Ethan Aw

Afcons Infrastructure Limited Pre-IPO - The Positives - Profitability More than Doubled

Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. In this note, we talk about the positive aspects...

Ethan Aw

Tata Technologies IPO: Trading Debut

The market sentiment on the sector has improved. In 2023, Indian IPOs with a >US$100 million raise had an average first-day gain of 28.3%. The IPO...

Arun George

Tata Technologies IPO Trading - Will Be a Good Listing Owing to over Enthusiasm

Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO. In this note, we talk about the demand and trading updates.

Sumeet Singh

Tata Technologies IPO- Forensic Analysis

​Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...

Nitin Mangal

Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...