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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.3bn via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.


LG Electronics India IPO - Thoughts on Valuation - Better Placed This Time Around

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

Equity Bottom-Up

<ul>
<li>Kalyan is aggressively expanding its non-South presence and scaling its omni-channel platform, Candere, driven by an asset-light, franchisee-owned, company-operated (FOCO) model.</li>
<li>The FOCO model and a higher margin studded-jewellery mix in new markets are structurally improving return ratios and freeing up capital for aggressive, low-risk store rollouts.</li>
<li>With significant deleveraging and a clear path to enhanced profitability, the fundamental story remains intact, nudging investors to look beyond cyclical factors and towards execution consistency.</li>
</ul>


Kalyan is aggressively expanding its non-South presence and scaling its omni-channel platform, Candere, driven by an asset-light, franchisee-owned, company-operated (FOCO) model.
The FOCO model and a higher margin studded-jewellery mix in new markets are structurally improving return ratios and freeing up capital for aggressive, low-risk store rollouts.
With significant deleveraging and a clear path to enhanced profitability, the fundamental story remains intact, nudging investors to look beyond cyclical factors and towards execution consistency.


The Beat Ideas: Kalyan Jewellers- Scaling New Heights with an Asset-Light Strategy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.3bn via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.</li>
<li>We have looked at the company’s past performance in our previous note, in this note we talk about the RHP updates and refresh our peer comparison</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
We have looked at the company’s past performance in our previous note, in this note we talk about the RHP updates and refresh our peer comparison


LG Electronics India IPO - RHP Updates and Peer Comparison Refresh.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

India

Titan Company Limited is an Indian fashion accessories company that primarily manufactures jewellery, watches, and eyewear. The company also offers fragrances, fashion accessories, and Indian dress wear under various brands. It is part of the Tata Group and was founded in 1984, with its corporate headquarters in Bengaluru, India.

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Titan (TTAN IN)

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

LG Electronics India IPO - Thoughts on Valuation - Better Placed This Time Around

LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

The Beat Ideas: Kalyan Jewellers- Scaling New Heights with an Asset-Light Strategy

Kalyan is expanding non-South presence with FOCO model, higher margin jewelry mix, improving return ratios and profitability, urging investors to...

Nimish Maheshwari

LG Electronics India IPO - RHP Updates and Peer Comparison Refresh.

LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India. In this note, we talk about the...

Sumeet Singh

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

LG Electronics India IPO - Thoughts on Valuation - Better Placed This Time Around

LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

The Beat Ideas: Kalyan Jewellers- Scaling New Heights with an Asset-Light Strategy

​Kalyan is expanding non-South presence with FOCO model, higher margin jewelry mix, improving return ratios and profitability, urging investors to...

Nimish Maheshwari

LG Electronics India IPO - RHP Updates and Peer Comparison Refresh.

LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India. In this note, we talk about the...

Sumeet Singh

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Kalyan is expanding non-South presence with FOCO model, higher margin jewelry mix, improving return ratios and profitability, urging investors to...