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 Bottom-Up

KEI Industries Limited manufactures cables and stainless steel wires for the building and construction, defense, telecommunications, and other industries.

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<a href="https://www.smartkarma.com/entities/kei-industries-ltd" target="_blank" data-smartkarma-citation="entities:6711:1" rel="noopener">KEI Industries (KEII IN)</a> is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.</li>
<li>It operates in three segments- Cable and wire (C&amp;W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.</li>
<li>It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>



KEI Industries (KEII IN) is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.
It operates in three segments- Cable and wire (C&amp;W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.
It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.


2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

Equity Capital Markets

NS Group, Inc. offers financial services. The Company provides rent debt guarantee, collection agency, and other services. NS Group conducts businesses throughout Japan.

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<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>It raised around US$220m in its Japan IPO via an entirely secondary offering.</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
It raised around US$220m in its Japan IPO via an entirely secondary offering.
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


NS Group IPO Trading- Decent Institutional Demand

CiDi is a leading provider of autonomous driving technology for commercial vehicles in China with a focus on research and development of autonomous mining and logistics trucks, V2X technologies and high-performance perception solutions.

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<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK) </a>is looking to raise about US$183m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


CiDi IPO - Peer Comp and Thoughts on Valuation

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<a href="https://www.smartkarma.com/entities/lung-fung-group" target="_blank" data-smartkarma-citation="entities:46142:1" rel="noopener">Lung Fung Group (LFG HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.</li>
<li>LFG is a Hong Kong-based department store chain retailing a wide variety of pharmaceutical products, health products, beauty products and other consumer goods.</li>
<li>According to Frost &amp; Sullivan in 2024, LFG was the largest pharmaceutical product retailer by retail sales value in Hong Kong, with a 5.2% market share.</li>
</ul>



Lung Fung Group (LFG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.
LFG is a Hong Kong-based department store chain retailing a wide variety of pharmaceutical products, health products, beauty products and other consumer goods.
According to Frost &amp; Sullivan in 2024, LFG was the largest pharmaceutical product retailer by retail sales value in Hong Kong, with a 5.2% market share.


Lung Fung Group Holdings Ltd Pre-IPO Tearsheet

Citius TransNet Investment Trust / Equity Capital Markets

Citius TransNet Investment Trust (CTIT IN)

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<a href="https://www.smartkarma.com/entities/citius-transnet-investment-trust" target="_blank" data-smartkarma-citation="entities:46141:1" rel="noopener">Citius TransNet Investment Trust (CTIT IN)</a> is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.</li>
<li>CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.</li>
<li>The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).</li>
</ul>



Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).


Citius TransNet Investment Trust Pre-IPO Tearsheet

At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%.

Akshat Shah
APAC IPOs & Placements
• Aequitas Research

2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

KEI Industries is a leading Indian manufacturer of electrical wires and cables with a global presence, offering comprehensive power cable solutions...

Akshat Shah

NS Group IPO Trading- Decent Institutional Demand

NS Group raised around US$220m in its Japan IPO via an entirely secondary offering. In this note, we take a look at the trading dynamics.

Akshat Shah

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

Lung Fung Group Holdings Ltd Pre-IPO Tearsheet

Lung Fung Group Holdings Ltd (LFG) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.

Akshat Shah

Citius TransNet Investment Trust Pre-IPO Tearsheet

CTIT is looking to raise about US$148m in its upcoming India IPO. It is an infrastructure InVIT engaged in acquiring, managing and investing in...

Akshat Shah