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

Zetwerk Manufacturing Businesses / Equity Capital Markets

Zetwerk Manufacturing Businesses (1834044D IN)

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<a href="https://www.smartkarma.com/entities/zetwerk-manufacturing-businesses-limited" target="_blank" data-smartkarma-citation="entities:55492:1" rel="noopener">Zetwerk Manufacturing Businesses (1834044D IN)</a> Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.</li>
<li>ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Zetwerk Manufacturing Businesses (1834044D IN) Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.
ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

AP Memory Technology / Equity Capital Markets

AP Memory Technology Corporation operates as an integrated circuit design and marketing company. The Company engages in the operation of memory integrated circuit research, development, manufacture, and sale. AP Memory Technology serves customers worldwide.

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<li>
<a href="https://www.smartkarma.com/entities/ap-memory-technology-corporation" target="_blank" data-smartkarma-citation="entities:35694:1" rel="noopener">AP Memory Technology (6531 TT)</a>  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



AP Memory Technology (6531 TT)  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: AP Memory Technology GDR Offering - Well Flagged US$422m GDR

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<li>
<a href="https://www.smartkarma.com/entities/zetwerk-manufacturing-businesses-limited" target="_blank" data-smartkarma-citation="entities:55492:1" rel="noopener">Zetwerk Manufacturing Businesses (1834044D IN, ZMBL)</a> is looking to raise around US$525m in its India IPO, having upsized from an earlier estimated size of about US$440m.</li>
<li>ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally,built with exposure to renewable energy, power infrastructure, electronics, defence and industrial products.</li>
<li>In this note, we look at the firm’s past performance as of the updated RHP filings.</li>
</ul>



Zetwerk Manufacturing Businesses (1834044D IN, ZMBL) is looking to raise around US$525m in its India IPO, having upsized from an earlier estimated size of about US$440m.
ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally,built with exposure to renewable energy, power infrastructure, electronics, defence and industrial products.
In this note, we look at the firm’s past performance as of the updated RHP filings.


Aequitas: Zetwerk IPO - Order Book Strength and Scale, but Losses and Cash Burn Persist

Avaada Electro Limited / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

The company operates a digital marketplace platform for the steel industry. The firm provides medium and small enterprises with a centralized procurement solution to streamline supply chains, access real-time pricing, and source materials. Its platform enables clients to optimize steel procurement costs and manage demand-side requirements.

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<a href="https://www.smartkarma.com/entities/jsw-one" target="_blank" data-smartkarma-citation="entities:47848:1" rel="noopener">JSW One Platforms (JSWONE IN)</a> is looking to raise about US$400m in its upcoming India IPO. The deal will be run by JM Fin, Kotak, ICICI, SBI Caps, PL Cap.</li>
<li>JSW One Platforms (JSOPL) is a technology-enabled B2B commerce platform focused on manufacturing-construction materials, which combines marketplace commerce-distribution- fulfilment, processing/customisation, private brands, logistics, embedded financing and direct lending to MSMEs.</li>
<li>According to the 1Lattice report, JSOPL was one of the fastest-growing business-to-business (B2B) commerce players in India, as of June 2026.</li>
</ul>



JSW One Platforms (JSWONE IN) is looking to raise about US$400m in its upcoming India IPO. The deal will be run by JM Fin, Kotak, ICICI, SBI Caps, PL Cap.
JSW One Platforms (JSOPL) is a technology-enabled B2B commerce platform focused on manufacturing-construction materials, which combines marketplace commerce-distribution- fulfilment, processing/customisation, private brands, logistics, embedded financing and direct lending to MSMEs.
According to the 1Lattice report, JSOPL was one of the fastest-growing business-to-business (B2B) commerce players in India, as of June 2026.


Aequitas: JSW One Platforms 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%.