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

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<a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a> is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.</li>
<li>The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Makemytrip Ltd (MMYT US) is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.
The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


MakeMyTrip Placement - Basically a Selldown by Trip.com

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

Thematic (Sector/Industry)

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<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic 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

Macroeconomics

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<li>The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.</li>
<li>The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.</li>
<li>Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.</li>
</ul>


The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.
The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.
Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.


Maha Kumbh 2025- How Big Is It for Economy?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

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<li>Insider Activity picked up in the month of June 2026 with significant number of transactions visible in sub INR 1 billion mcap companies.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during June 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Insider Activity picked up in the month of June 2026 with significant number of transactions visible in sub INR 1 billion mcap companies.
We highlight large and small cap companies that experienced significant insider buying during June 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in June 2026 ?

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

<div class="content-highlight"><h2><strong>Market Overview</strong></h2></div><p>The S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.</p><ul>
<li>The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.</li>
<li>The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…</li>
</ul>

Market OverviewThe S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.
The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.
The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…


Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

India

Thomas Cook (India) Limited is a leading omnichannel travel services company, offering a broad spectrum of services including foreign exchange, corporate travel, leisure travel, MICE (Meetings, Incentives, Conferences & Exhibitions), and visa services. It also provides holiday packages, honeymoon packages, travel insurance, and corporate travel solutions. The company is headquartered in Mumbai, India, and was founded in 1881.

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Thomas Cook (India) (TC IN)

MakeMyTrip Placement - Basically a Selldown by Trip.com

MakeMyTrip (MMYT) is looking to raise upto US$2.66bn via an equity combo including a 14m share selldown , which could raise around US$1.41bn along...

Akshat Shah

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Maha Kumbh 2025- How Big Is It for Economy?

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

Insider Activity: Who Bought Their Own Stock in June 2026 ?

While July is likely to be a weak month for insider buying due to the earnings season, notable transactions have been seen in companies such as...

Sreemant Dudhoria

Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Market OverviewThe S&P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017. The market witnessed a steady rise...

Das Capital Management and Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MakeMyTrip Placement - Basically a Selldown by Trip.com

MakeMyTrip (MMYT) is looking to raise upto US$2.66bn via an equity combo including a 14m share selldown , which could raise around US$1.41bn along...

Akshat Shah

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Maha Kumbh 2025- How Big Is It for Economy?

​The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

Insider Activity: Who Bought Their Own Stock in June 2026 ?

While July is likely to be a weak month for insider buying due to the earnings season, notable transactions have been seen in companies such as...

Sreemant Dudhoria

Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Market OverviewThe S&P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017. The market witnessed a steady rise...

Das Capital Management and Advisors

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...