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/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

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

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>In this note, we talk about the company’s historical performance.</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.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

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)

<ul>
<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.


Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quess-corp-ltd" target="_blank" data-smartkarma-citation="entities:26937:1" rel="noopener">Quess Corp Ltd (QUESS IN)</a> is strategically demerging into 3 distinct segments, enabling focused strategies and boosting growth potential for each, paving the way for greater success and innovation.</li>
<li>Previously, the high-margin Global Technology Solutions segment contributed 12% of revenue, but its potential was overlooked within the larger company. Now, with demerging, it gains specialized focus and proper valuation.</li>
<li>The demerger gives investors the flexibility to choose between cash-generating, high-margin, or moderate-margin businesses, with the added option of a platform for job hunting, all backed by focused, specialized management.</li>
</ul>



Quess Corp Ltd (QUESS IN) is strategically demerging into 3 distinct segments, enabling focused strategies and boosting growth potential for each, paving the way for greater success and innovation.
Previously, the high-margin Global Technology Solutions segment contributed 12% of revenue, but its potential was overlooked within the larger company. Now, with demerging, it gains specialized focus and proper valuation.
The demerger gives investors the flexibility to choose between cash-generating, high-margin, or moderate-margin businesses, with the added option of a platform for job hunting, all backed by focused, specialized management.


Quess Corp Demerger: Value Unlocking & Strategic Shift to Drive Growth

India

Thomas Cook (India) Ltd. operates as an authorized dealer in foreign exchange and as a travel agent. The Company also offers packaged tours, cargo services and travel related insurance. Thomas Cook (India) has offices and foreign exchange counters at various international airports in major cities in India.

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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

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

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

Quess Corp Demerger: Value Unlocking & Strategic Shift to Drive Growth

Quess Corp Ltd is strategically demerging into 3 segments to boost growth potential and innovation, giving investors flexibility and specialized...

Nimish Maheshwari

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

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

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

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

Quess Corp Demerger: Value Unlocking & Strategic Shift to Drive Growth

​Quess Corp Ltd is strategically demerging into 3 segments to boost growth potential and innovation, giving investors flexibility and specialized...

Nimish Maheshwari

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

Quess Corp Ltd is strategically demerging into 3 segments to boost growth potential and innovation, giving investors flexibility and specialized...