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

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/danish-power-limited" target="_blank" data-smartkarma-citation="entities:45080:1" rel="noopener">Danish Power (DANISH IN)</a> stands to benefit from India's aggressive shift towards renewable energy, particularly solar, supported by strong product offerings like Inverter Duty Transformers, which drive substantial revenue growth.</li>
<li>DPL’s strategic shift to higher-margin products, improved operating leverage, and expanded capacity should fuel margin expansion and support sustained profitability, positioning it well for continued growth and competitiveness.</li>
<li>With a robust order book exceeding INR 400 crore and an active pipeline, DPL has solid revenue visibility supported by strong demand in domestic and international markets.</li>
</ul>



Danish Power (DANISH IN) stands to benefit from India's aggressive shift towards renewable energy, particularly solar, supported by strong product offerings like Inverter Duty Transformers, which drive substantial revenue growth.
DPL’s strategic shift to higher-margin products, improved operating leverage, and expanded capacity should fuel margin expansion and support sustained profitability, positioning it well for continued growth and competitiveness.
With a robust order book exceeding INR 400 crore and an active pipeline, DPL has solid revenue visibility supported by strong demand in domestic and international markets.


The Beat Ideas: Danish Power Limited – Riding the Green Energy Wave

Thematic (Sector/Industry)

<ul>
<li>India and the US are accelerating the first phase of a bilateral trade deal, aiming to resolve key tariff and regulatory issues which could boost market access and ease business.</li>
<li>
<a href="https://www.smartkarma.com/entities/waaree-renewable-technologies" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Renewable Technologies (WAREERTL IN)</a> has achieved a 90% localized supply chain, shielding it from global disruptions which strengthens its position in India’s solar energy market and ensures long-term operational resilience.</li>
<li>India is becoming a preferred destination for FDI as global companies diversify supply chains in response to US-China trade tensions, with over 20 new FDI inquiries in the past months.</li>
</ul>


India and the US are accelerating the first phase of a bilateral trade deal, aiming to resolve key tariff and regulatory issues which could boost market access and ease business.

Waaree Renewable Technologies (WAREERTL IN) has achieved a 90% localized supply chain, shielding it from global disruptions which strengthens its position in India’s solar energy market and ensures long-term operational resilience.
India is becoming a preferred destination for FDI as global companies diversify supply chains in response to US-China trade tensions, with over 20 new FDI inquiries in the past months.


#136 India Insight: India-US Bilateral Ties, Waaree Secures Local Supply Chain, FDI Magnet Emerges

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

Ventive Hospitality Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

India

Waaree Renewable Technologies Limited operates as a renewable equipment company. The Company offers solar PV modules, batteries, and other solar products. Waaree Renewable Technologies serves customers in India.

Waaree Renewable Technologies (WAREERTL IN)

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Waaree Renewable Technologies (WAREERTL 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

The Beat Ideas: Danish Power Limited – Riding the Green Energy Wave

Danish Power Ltd. poised for growth with strong product offerings in renewable energy sector, driving revenue growth and margin expansion.

Sudarshan Bhandari

#136 India Insight: India-US Bilateral Ties, Waaree Secures Local Supply Chain, FDI Magnet Emerges

India and US fast-tracking trade deal to resolve tariff issues, Waaree Renewable Technologies achieves 90% localized supply chain, India attracts...

Sudarshan Bhandari

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

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

The Beat Ideas: Danish Power Limited – Riding the Green Energy Wave

​Danish Power Ltd. poised for growth with strong product offerings in renewable energy sector, driving revenue growth and margin expansion.

Sudarshan Bhandari

#136 India Insight: India-US Bilateral Ties, Waaree Secures Local Supply Chain, FDI Magnet Emerges

​India and US fast-tracking trade deal to resolve tariff issues, Waaree Renewable Technologies achieves 90% localized supply chain, India attracts...

Sudarshan Bhandari

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

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Danish Power Ltd. poised for growth with strong product offerings in renewable energy sector, driving revenue growth and margin expansion.

India and US fast-tracking trade deal to resolve tariff issues, Waaree Renewable Technologies achieves 90% localized supply chain, India attracts...