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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
In this note, we will talk about the lockup dynamics and possible placement.


Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index</a>, <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index</a>, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close today.</li>
<li>The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest impact are <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries</a>, <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum</a>, <a href="https://www.smartkarma.com/entities/adani-total-gas-ltd" target="_blank" data-smartkarma-citation="entities:28352:1" rel="noopener">Adani Total Gas</a>, <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels</a>, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">IRCTC</a>, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato</a>, <a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank</a>, <a href="https://www.smartkarma.com/entities/union-bank-of-india" target="_blank" data-smartkarma-citation="entities:546:1" rel="noopener">Union Bank Of India</a> and <a href="https://www.smartkarma.com/entities/crompton-greaves-ltd" target="_blank" data-smartkarma-citation="entities:6248:1" rel="noopener">Crompton Greaves</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.


NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Some Names Are Still Close to the Border

Premier Energies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies</a> raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.</li>
<li>Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.
Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services
In this note, we will talk about the lockup dynamics and possible placement.


Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

India

WAAREE Energies is India's largest solar PV module manufacturer and a leading solar energy solutions provider. The company specializes in manufacturing solar photovoltaic (PV) modules and offers Engineering, Procurement, and Construction (EPC) services, as well as independent power producer (IPP) solutions. WAAREE Energies Limited was founded in 1989 and is headquartered in Mumbai, India.

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WAAREE Energies (WAAREEEN IN)

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border

We expect ~US$560mn one-way flows collectively for Sensex, BSE 100, and BSE 200. Although there is only one month left in the reference period, the...

Janaghan Jeyakumar, CFA

Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Some Names Are Still Close to the Border

We expect ~US$560mn one-way flows collectively for Sensex, BSE 100, and BSE 200. Although there is only one month left in the reference period, the...

Janaghan Jeyakumar, CFA

Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.

Sumeet Singh

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border