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>Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

<ul>
<li>Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> is looking to raise about US$184m in its upcoming India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Kalpataru Ltd IPO - Cemented by Debt Repayment

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>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> flagged a Rs 674 crore interest misstatement in its microfinance business, fully reversing the amount in January.</li>
<li>ReNew Energy plans a $2.57 billion hybrid solar-wind project in Andhra Pradesh, adding 2.8 GW to India's clean energy capacity.</li>
<li>India's defence budget may receive Rs 50,000 crore boost after Operation Sindoor, taking total allocation past Rs 7 lakh crore.</li>
</ul>



Indusind Bank (IIB IN) flagged a Rs 674 crore interest misstatement in its microfinance business, fully reversing the amount in January.
ReNew Energy plans a $2.57 billion hybrid solar-wind project in Andhra Pradesh, adding 2.8 GW to India's clean energy capacity.
India's defence budget may receive Rs 50,000 crore boost after Operation Sindoor, taking total allocation past Rs 7 lakh crore.


#149 India Insight: IndusInd Flags ₹674cr Error, ReNew Adds 2.8GW, Defence up ₹50Kcr

<ul>
<li>Donald Trump claims India proposed a zero-tariff trade deal with the US amid ongoing negotiations during tariff suspension.</li>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> files fresh Supreme Court plea seeking Rs 30,000 crore waiver on AGR dues amid financial and sector concerns.</li>
<li>Aditya Birla Real Estate plans Rs 14,000 crore launches in FY26, entering Mumbai redevelopment amid cautious, location-focused business development strategy.</li>
</ul>


Donald Trump claims India proposed a zero-tariff trade deal with the US amid ongoing negotiations during tariff suspension.

Vodafone Idea (IDEA IN) files fresh Supreme Court plea seeking Rs 30,000 crore waiver on AGR dues amid financial and sector concerns.
Aditya Birla Real Estate plans Rs 14,000 crore launches in FY26, entering Mumbai redevelopment amid cautious, location-focused business development strategy.


#148 India Insight: Trump Claims India Deal, Vi Seeks AGR 30k Cr Waiver, Birla Plans FY26 Launch

India

Vodafone Idea Limited operates as a telecom service provider. The Company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment. Vodafone Idea serves customers in India.

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Vodafone Idea (IDEA IN)

Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

#149 India Insight: IndusInd Flags ₹674cr Error, ReNew Adds 2.8GW, Defence up ₹50Kcr

Indusind Bank corrects Rs 674 crore interest misstatement, ReNew Energy to invest $2.57 billion in solar-wind project, India's defence budget may...

Sudarshan Bhandari

#148 India Insight: Trump Claims India Deal, Vi Seeks AGR 30k Cr Waiver, Birla Plans FY26 Launch

Trump claims India proposed zero-tariff trade deal, Vodafone Idea seeks Rs 30,000 crore waiver on AGR dues, Aditya Birla Real Estate plans Rs...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

#149 India Insight: IndusInd Flags ₹674cr Error, ReNew Adds 2.8GW, Defence up ₹50Kcr

​Indusind Bank corrects Rs 674 crore interest misstatement, ReNew Energy to invest $2.57 billion in solar-wind project, India's defence budget may...

Sudarshan Bhandari

#148 India Insight: Trump Claims India Deal, Vi Seeks AGR 30k Cr Waiver, Birla Plans FY26 Launch

​Trump claims India proposed zero-tariff trade deal, Vodafone Idea seeks Rs 30,000 crore waiver on AGR dues, Aditya Birla Real Estate plans Rs...

Sudarshan Bhandari

Indusind Bank corrects Rs 674 crore interest misstatement, ReNew Energy to invest $2.57 billion in solar-wind project, India's defence budget may...

Trump claims India proposed zero-tariff trade deal, Vodafone Idea seeks Rs 30,000 crore waiver on AGR dues, Aditya Birla Real Estate plans Rs...