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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the not-so-positive aspects of the deal.


Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

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>India expects steel imports to fall by 50% as new tax supports local industry. Rising demand shows the steel sector is set for strong growth.</li>
<li>India imposes five-year anti-dumping duties on Vitamin A Palmitate and Insoluble Sulphur imports to protect domestic producers, signaling stronger trade enforcement amid global competition.</li>
<li>
<a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a> plans to exit its 14.55% stake in ITC Hotels post-demerger, focusing on core operations. The move may reshape ownership and boost institutional participation.</li>
</ul>


India expects steel imports to fall by 50% as new tax supports local industry. Rising demand shows the steel sector is set for strong growth.
India imposes five-year anti-dumping duties on Vitamin A Palmitate and Insoluble Sulphur imports to protect domestic producers, signaling stronger trade enforcement amid global competition.

British American Tobacco (BATS LN) plans to exit its 14.55% stake in ITC Hotels post-demerger, focusing on core operations. The move may reshape ownership and boost institutional participation.


#163 India Insight: Steel Tax To Cut Imports By 50%, ADD on Chemicals, BAT to Exit ITC Hotel's Stake

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.</li>
<li>In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.</li>
<li>Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.
In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.
Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.


Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

<ul>
<li>Hansoh Pharmaceutical stuck outlicense agreement with Regeneron Pharmaceuticals for GLP-1 drug candidate for an upfront payment of $80M. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer.</li>
<li>Takeda received European approval for Adcetris as a chemotherapy regimen in Hodgkin lymphoma. Zydus Lifesciences is acquiring 5.9% stake in Agenus and commercial right for its lead candidate for India.</li>
<li>Mayne Pharma has filed a complaint in the U.S. Court against TherapeuticsMD. Cosette Pharmaceuticals indicated an intention to terminate the acquisition over “material adverse clause claims.”</li>
</ul>


Hansoh Pharmaceutical stuck outlicense agreement with Regeneron Pharmaceuticals for GLP-1 drug candidate for an upfront payment of $80M. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer.
Takeda received European approval for Adcetris as a chemotherapy regimen in Hodgkin lymphoma. Zydus Lifesciences is acquiring 5.9% stake in Agenus and commercial right for its lead candidate for India.
Mayne Pharma has filed a complaint in the U.S. Court against TherapeuticsMD. Cosette Pharmaceuticals indicated an intention to terminate the acquisition over “material adverse clause claims.”


APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

Torrent Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.</li>
<li>Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.</li>
<li>The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.
Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.
The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.


Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

India

Cadila Healthcare Ltd. manufactures, and markets healthcare solutions ranging from formulations, active pharmaceutical ingredients, vaccines, diagnostics, health and dietetic foods, animal healthcare to cosmeceuticals.  The Company's products are available in tablets, capsules, injections, liquids, dry syrups, powders, granules, and ointments.

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Zydus Lifesciences Ltd (ZYDUSLIF IN)

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

#163 India Insight: Steel Tax To Cut Imports By 50%, ADD on Chemicals, BAT to Exit ITC Hotel's Stake

India boosts local industry by imposing taxes on imports, signaling stronger trade enforcement. British American Tobacco plans to exit stake in...

Sudarshan Bhandari

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Tina Banerjee

APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

Hansoh stuck deal with Regeneron for obesity drug candidate. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer....

Tina Banerjee

Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

Torrent Pharmaceuticals reported strong Q4FY25 results with an 11% YoY increase in net profit and 8% YoY revenue growth driven by domestic...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

#163 India Insight: Steel Tax To Cut Imports By 50%, ADD on Chemicals, BAT to Exit ITC Hotel's Stake

​India boosts local industry by imposing taxes on imports, signaling stronger trade enforcement. British American Tobacco plans to exit stake in...

Sudarshan Bhandari

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

​Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Tina Banerjee

APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

Hansoh stuck deal with Regeneron for obesity drug candidate. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer....

Tina Banerjee

Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

​Torrent Pharmaceuticals reported strong Q4FY25 results with an 11% YoY increase in net profit and 8% YoY revenue growth driven by domestic...

Tina Banerjee

India boosts local industry by imposing taxes on imports, signaling stronger trade enforcement. British American Tobacco plans to exit stake in...

Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Torrent Pharmaceuticals reported strong Q4FY25 results with an 11% YoY increase in net profit and 8% YoY revenue growth driven by domestic...