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

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.</li>
<li>Future Plans &amp; Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.</li>
<li>The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.</li>
</ul>


Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.
Future Plans &amp; Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.
The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.


Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks

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

<ul>
<li>Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.</li>
<li>A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.</li>
<li>Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.</li>
</ul>


Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.


Vikram Solar IPO - Riding India’s Renewable Energy Wave

<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> is looking to raise 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>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>



Vikram Solar (0490158D IN) is looking to raise 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.
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.


Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul>
<li>India's Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.</li>
<li>We screen 17 stocks with double digit forecast EPS growth, PEG &lt; 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology.</li>
<li>The largest five are <a href="https://www.smartkarma.com/entities/deepak-nitrite-ltd" target="_blank" data-smartkarma-citation="entities:5845" rel="noopener">Deepak Nitrite (DN IN)</a>, <a href="https://www.smartkarma.com/entities/cohance-lifesciences-limited" target="_blank" data-smartkarma-citation="entities:33463" rel="noopener">Cohance Lifesciences (COHANCE IN)</a>, <a href="https://www.smartkarma.com/entities/basf-india-ltd" target="_blank" data-smartkarma-citation="entities:19253" rel="noopener">BASF India Ltd (BASF IN)</a>, <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a>, <a href="https://www.smartkarma.com/entities/clean-science-and-technology" target="_blank" data-smartkarma-citation="entities:33648" rel="noopener">Clean Science and Technology (CLEAN IN)</a>.</li>
</ul>


India's Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.
We screen 17 stocks with double digit forecast EPS growth, PEG &lt; 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology.
The largest five are Deepak Nitrite (DN IN), Cohance Lifesciences (COHANCE IN), BASF India Ltd (BASF IN), Crompton Greaves Consumer Electricals (CROMPTON IN), Clean Science and Technology (CLEAN IN).


Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not.

India

Vikram Solar Private Limited provides solar energy solutions. The Company provides PV module manufacturing and EPC solutions, as well as offers installation and designing services for solar projects. Vikram Solar serves customers worldwide.

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Vikram Solar (0490158D 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

Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks

The IPO aims to raise ₹1,500 crore for expansion, debt reduction, and capital under PLI scheme, facing risks from execution challenges and margin...

Rahul Jain

Vikram Solar IPO - Riding India’s Renewable Energy Wave

Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

Sudarshan Bhandari

Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar is looking to raise about US$238m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in...

Akshat Shah

Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not.

India's Nifty50 hit its all-time high while many stocks are near 52-week lows. We identify 17 stocks with strong earnings growth, good balance...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks

​The IPO aims to raise ₹1,500 crore for expansion, debt reduction, and capital under PLI scheme, facing risks from execution challenges and margin...

Rahul Jain

Vikram Solar IPO - Riding India’s Renewable Energy Wave

​Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

Sudarshan Bhandari

Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar is looking to raise about US$238m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in...

Akshat Shah

Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not.

​India's Nifty50 hit its all-time high while many stocks are near 52-week lows. We identify 17 stocks with strong earnings growth, good balance...

Manishi Raychaudhuri

The IPO aims to raise ₹1,500 crore for expansion, debt reduction, and capital under PLI scheme, facing risks from execution challenges and margin...

Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

India's Nifty50 hit its all-time high while many stocks are near 52-week lows. We identify 17 stocks with strong earnings growth, good balance...