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

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the positive aspects of the deal.


WeWork India Pre-IPO - Enterprise-Led, Promising Metrics

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

WeWork India Management Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a>, operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.</li>
<li>The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.</li>
<li>Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.</li>
</ul>



WeWork India Management Ltd (1690124D IN), operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.
The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.
Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.


WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

Rosita Fernandes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a>  (WIML) is looking to raise about US$450m in its upcoming India IPO. The bookrunners for the deal are JMFin, ICICI, Jefferies, Kotak, 360 One.</li>
<li>WIML was established in 2016 under the name, “Halosaur Bengaluru Private Limited” and is backed by Embassy Group. It is one of the leading premium flexible workspace operators.</li>
<li>WIML has been the largest operator by total revenue in the past three Fiscals, according to the CBRE Report.</li>
</ul>



WeWork India Management Ltd (1690124D IN)  (WIML) is looking to raise about US$450m in its upcoming India IPO. The bookrunners for the deal are JMFin, ICICI, Jefferies, Kotak, 360 One.
WIML was established in 2016 under the name, “Halosaur Bengaluru Private Limited” and is backed by Embassy Group. It is one of the leading premium flexible workspace operators.
WIML has been the largest operator by total revenue in the past three Fiscals, according to the CBRE Report.


WeWork India Management Ltd Pre-IPO Tearsheet

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> raised about US$155m in its India IPO.</li>
<li>Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO.
Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In this note, we will talk about the trading dynamics.


Rubicon Research IPO Trading - Strongest IPO Demand of 2025 Yet

India

Wework India Management Private Limited owns and operates offices. The Company offers private offices, shared workspaces, and events locations. Wework India Management serves customers worldwide.

WeWork India Management Ltd (1690124D IN)

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WeWork India Management Ltd (1690124D IN)

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

WeWork India Pre-IPO - Enterprise-Led, Promising Metrics

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

Sudarshan Bhandari

WeWork India Management Ltd Pre-IPO Tearsheet

WeWork India Management Ltd is set to raise $450m in its India IPO, backed by Embassy Group and leading in flexible workspace operations.

Rosita Fernandes

Rubicon Research IPO Trading - Strongest IPO Demand of 2025 Yet

Rubicon Research Limited (RR) raised about US$155m in its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

WeWork India Pre-IPO - Enterprise-Led, Promising Metrics

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

​WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

Sudarshan Bhandari

WeWork India Management Ltd Pre-IPO Tearsheet

​WeWork India Management Ltd is set to raise $450m in its India IPO, backed by Embassy Group and leading in flexible workspace operations.

Rosita Fernandes

Rubicon Research IPO Trading - Strongest IPO Demand of 2025 Yet

Rubicon Research Limited (RR) raised about US$155m in its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

WeWork India Management Ltd is set to raise $450m in its India IPO, backed by Embassy Group and leading in flexible workspace operations.