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/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</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>



Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
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.


Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Gan & Lee Pharmaceuticals / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment</li>
<li>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

WeWork India Management Ltd / Equity Capital Markets

<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$407m in its upcoming 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 this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming 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 this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities. </li>
<li>
Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership. </li>
<li>Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.</li>
</ul>


India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities. 

Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership. 
Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.


Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Equity Bottom-Up

<ul>
<li>Ola Electric reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries</li>
<li>Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.</li>
<li>Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.</li>
</ul>


Ola Electric reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries
Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.
Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.


Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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TVS Motor (TVSL IN)

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Sudarshan Bhandari

Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...

Nimish Maheshwari

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Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership

​India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Sudarshan Bhandari

Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

​Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...

Nimish Maheshwari

India aims for 8-10% of global GDP by 2040 through strategic investments in key sectors, projecting $1.7-2 trillion in revenue by 2030 and...

Ola Electric sees strong revenue growth and vehicle deliveries, but faces challenges from cost pressures, macro headwinds, competition, and...