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

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised about US$410m in its India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</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>



JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
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.


JSW Cement IPO Trading - Overall Demand Lags Recent Listings

Hexaware Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Hexaware Technologies (HEXW IN) raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we will talk about the lockup dynamics and possible placement.


Hexaware Technologies IPO Lockup Expiry - US$2.89bn Lockup Release with Carlyle in the Money

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Bluestone Jewellery and Lifestyle Ltd (BJL) / Equity Capital Markets

Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN)

Bluestone Jewellery and Lifestyle Ltd (BJL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle</a> (BJL) is planning to raise about US$176m in its upcoming India IPO.</li>
<li>BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

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

<ul>
<li>Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), <a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN)</a> is an omni-channel jewellery brand in India.</li>
<li>Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.</li>
<li>Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.</li>
</ul>


Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is an omni-channel jewellery brand in India.
Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.
Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.


Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

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)

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Hexaware Technologies IPO Lockup Expiry - US$2.89bn Lockup Release with Carlyle in the Money

Hexaware Technologies raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO. In this note we talk about RHP updates and...

Sumeet Singh

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...

Sreemant Dudhoria

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Hexaware Technologies IPO Lockup Expiry - US$2.89bn Lockup Release with Carlyle in the Money

Hexaware Technologies raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO. In this note we talk about RHP updates and...

Sumeet Singh

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

​Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...

Sreemant Dudhoria

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...