Analysis of new equity issuance (IPOs, Placements)

Equity Capital Markets

Actionable bottom-up long/short Insights on equities

Equity Bottom-Up

Analysis of unicorns, and other large, disruptive private companies

Private Capital Markets

Thematic (Sector/Industry)

Analysis of corporate actions with a defined catalyst, such as M&As, spin-offs, demergers, and discount arbitrage (e.g., holdco, share-class)

Event-Driven

China

India

Hong Kong

Japan

Malaysia

Singapore

Indonesia

South Korea

Philippines

Shadowfax Technologies is a new-age, technology-led third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India. 

Its service network covers 14,758 pin codes as of September 30, 2025, enabling the company to serve a wide spectrum of enterprises across horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility.

Gpixel designs, develops, and sells high-performance CMOS image sensors and provides related customized services. The company offers a diverse portfolio of image sensors for industrial, scientific, professional photography and video, and medical imaging applications. Gpixel is headquartered in Changchun, China, and was founded in 2012.

Butong Group specializes in the design, research, development, manufacturing, and sale of nursery products. Its key offerings include strollers, child safety seats, cribs, high chairs, baby carriers, and other baby care products, primarily for travel, sleep, and feeding. The company also engages in e-commerce, marketing, and aftersales services. Headquartered in Shanghai, China, the company was founded in 2018.

Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.

Northsand has posted strong topline momentum. A key driver has been the increasing customer base and revenue per customer. The company has also been able to retain/grow strong margin positions though OCF margins dipped slightly by 2 percentage points in 1H26. Nonetheless, with 1H26 results, Northsand looks likely to carry this strong growth in FY26.

Tenneco Clean Air India Ltd (1880671D IN)

Wakefit Innovations is an Indian direct-to-consumer (D2C) company that manufactures, distributes, markets, and sells a wide range of sleep and home solutions, including mattresses, furniture, and home furnishings. The company utilizes a vertically integrated manufacturing process and maintains a strong online presence complemented by an omnichannel retail footprint. Wakefit Innovations is headquartered in Bengaluru, Karnataka, and was founded in 2016.

HUMAN MADE Inc. manufactures apparels. The Company produces and distributes men's clothing, women's garments, children's apparels, and other products. HUMAN MADE markets its products throughout Japan.

Sunway Healthcare Holdings Berhad operates as a holding company. The Company, through its subsidiaries, operates medical and TCM centers, as well as offers diagnosis, observation, and treatment services. Sunway Healthcare Holdings serves patients in Malaysia.

UltraGreen.ai is a global leader in fluorescence-guided surgery (FGS), specializing in the development, contracted manufacture, and commercialization of indocyanine green (ICG) fluorescence agents. The company also provides the IC-Flow Imaging System and the UltraGreen Data Platform, which incorporates AI-powered PerfusionWorks quantification software for real-time surgical insights. Headquartered in Singapore, the company was incorporated in 2024.

Shanghai Xizhi Technology designs, develops, and manufactures optoelectronic hybrid computing power solutions, including photonic computing evaluation boards, optoelectronic hybrid computing accelerator cards, and optical interconnect hardware products. The company focuses on optical interconnect and optical computing to deliver scalable and cost-effective solutions. It was founded in 2017 and is headquartered in Shanghai, China.

Industrials

Information Technology

Consumer Discretionary

Health Care

Consumer Staples

Financials

Real Estate

Communication Services

Materials

Energy

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.

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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%.

Hong Jie Seow
APAC IPOs & Placements
• Aequitas Research

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