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/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> (IML) is looking to raise about US$750m in its upcoming India IPO.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In this note, we talk about the positive aspects about the company’s historical performance.</li>
</ul>



Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$750m in its upcoming India IPO.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In this note, we talk about the positive aspects about the company’s historical performance.


Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform

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 around US$410m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</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 this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



JSW Cement Limited (9858514Z IN) raised around US$410m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
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 this note, we will talk about the lockup dynamics and possible placement.


Aequitas: JSW Cement IPO Lockup Expiry - US$180m Lockup Release, But Shares Have Traded Down

SAEL Industries Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sael-industries-ltd" target="_blank" data-smartkarma-citation="entities:46005:1" rel="noopener">SAEL Industries Ltd (2600245D IN)</a> is looking to raise about US$516m in its upcoming India IPO.</li>
<li>SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO.
SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
In this note, we talk about the company’s historical performance.


Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.


NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

India

UltraTech Cement Limited is an Indian multinational cement company that manufactures, markets, and distributes building materials. It is India's largest manufacturer of grey cement, ready-mix concrete (RMC), and white cement, offering a wide range of products including Ordinary Portland Cement, Portland Pozzolana Cement, and various building solutions. The company is headquartered in Mumbai, India, and was founded in 1983.

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UltraTech Cement (UTCEM IN)

Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the positive aspects of the company’s...

Akshat Shah

Aequitas: JSW Cement IPO Lockup Expiry - US$180m Lockup Release, But Shares Have Traded Down

JSW Cement raised around US$410m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

We analyzed NIFTY's consensus for Jan 2026 and highlighted changes of EPS in JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank,...

Ke Yan, CFA, FRM

Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

Aditya Infotech (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

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