APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

Inox Clean Energy LImited / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/inox-clean-energy-limited" target="_blank" data-smartkarma-citation="entities:58809:1" rel="noopener">Inox Clean Energy (1876867D IN)</a> plans to raise around US$1bn in its upcoming India IPO, managed by CLSA, Emirates NBD, HSBC, ICICI, IIFL, JM Financial, Motilal Oswal and Nuvama Wealth.</li>
<li>Inox is an integrated renewable energy platform with two business verticals: (i) a renewable power generation business and (ii) a solar manufacturing business.</li>
<li>As per CRISIL, as of August 31, 2026, Inox ranked among India’s top 10 renewable IPP platforms and top 10 integrated solar PV module and cell manufacturing players.</li>
</ul>



Inox Clean Energy (1876867D IN) plans to raise around US$1bn in its upcoming India IPO, managed by CLSA, Emirates NBD, HSBC, ICICI, IIFL, JM Financial, Motilal Oswal and Nuvama Wealth.
Inox is an integrated renewable energy platform with two business verticals: (i) a renewable power generation business and (ii) a solar manufacturing business.
As per CRISIL, as of August 31, 2026, Inox ranked among India’s top 10 renewable IPP platforms and top 10 integrated solar PV module and cell manufacturing players.


Aequitas: Inox Clean Energy Pre-IPO Tearsheet

Advanta Enterprises Limited / Equity Capital Markets

Advanta Enterprises Limited (2085631D IN)

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<a href="https://www.smartkarma.com/entities/advanta-enterprises-limited" target="_blank" data-smartkarma-citation="entities:46332:1" rel="noopener">Advanta Enterprises Limited (2085631D IN)</a> (AEL) is looking to raise about US$500m in its upcoming India IPO. It is a 100% secondary offering. </li>
<li>AEL is a global agriculture solutions company offering hybrid seeds and post harvest solutions, with over 900 seed varieties across multiple crops, sold in 74 countries.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Advanta Enterprises Limited (2085631D IN) (AEL) is looking to raise about US$500m in its upcoming India IPO. It is a 100% secondary offering. 
AEL is a global agriculture solutions company offering hybrid seeds and post harvest solutions, with over 900 seed varieties across multiple crops, sold in 74 countries.
In this note, we talk about the company’s historical performance.


Aequitas: Advanta Enterprises Limited Pre-IPO

Anjali Labtech Limited / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/anjali-labtech-limited" target="_blank" data-smartkarma-citation="entities:58778:1" rel="noopener">Anjali Labtech Limited (ANJL IN) </a>(ALL) plans to raise around US$139m in its upcoming India IPO. The deal will be run by Axis and IIFL.</li>
<li>ALL is a leading vertically integrated Indian player in the lab-grown diamond (LGD) industry, as per Wazir report.</li>
<li>As of FY26, it was a leading global MPCVD machine manufacturer for LGD production, with an estimated 36% global volume market share, as per Wazir report.</li>
</ul>



Anjali Labtech Limited (ANJL IN) (ALL) plans to raise around US$139m in its upcoming India IPO. The deal will be run by Axis and IIFL.
ALL is a leading vertically integrated Indian player in the lab-grown diamond (LGD) industry, as per Wazir report.
As of FY26, it was a leading global MPCVD machine manufacturer for LGD production, with an estimated 36% global volume market share, as per Wazir report.


Aequitas: Anjali LabTech Pre-IPO Tearsheet

Torrent Gas Limited / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/torrent-gas-limited" target="_blank" data-smartkarma-citation="entities:58689:1" rel="noopener">Torrent Gas Limited (1726937D IN)</a> (TGL) plans to raise around US$400m in its upcoming India IPO. The deal will be run by Axis, Citi and Kotak.</li>
<li>TGL is an integrated city gas distribution company, connecting natural gas producers and suppliers to the end user of natural gas, including domestic households, commercial establishments, industrial consumers and vehicles.</li>
<li>As per CRISIL, TGL is among the fastest-growing CGD companies, with gas sales rising from 1.38 MMSCMD in FY24 to 2.60 MMSCMD in FY26.</li>
</ul>



Torrent Gas Limited (1726937D IN) (TGL) plans to raise around US$400m in its upcoming India IPO. The deal will be run by Axis, Citi and Kotak.
TGL is an integrated city gas distribution company, connecting natural gas producers and suppliers to the end user of natural gas, including domestic households, commercial establishments, industrial consumers and vehicles.
As per CRISIL, TGL is among the fastest-growing CGD companies, with gas sales rising from 1.38 MMSCMD in FY24 to 2.60 MMSCMD in FY26.


Aequitas: Torrent Gas Limited Pre-IPO Tearsheet

Mahanadi Coalfields Limited / Equity Capital Markets

Mahanadi Coalfields Limited (0808507D IN)

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<a href="https://www.smartkarma.com/entities/mahanadi-coalfields-limited" target="_blank" data-smartkarma-citation="entities:58636:1" rel="noopener">Mahanadi Coalfields Limited (0808507D IN)</a>(MCL) plans to raise around US$1.1bn in its upcoming India IPO. The deal will be run by Axis, IIFL, SBI Caps, IDBI Cap and BoB Cap.</li>
<li>MCL produces various grades of non-coking coal, including washed/beneficiated coal, serving power utilities, captive plants, IPPs, cement manufacturers, and sponge iron industries.</li>
<li>As per CRISIL, MCL was India’s largest coal producer in FY26, producing 218.3m tonnes and accounting for approximately 22.4% of India’s total non-coking coal production.</li>
</ul>



Mahanadi Coalfields Limited (0808507D IN)(MCL) plans to raise around US$1.1bn in its upcoming India IPO. The deal will be run by Axis, IIFL, SBI Caps, IDBI Cap and BoB Cap.
MCL produces various grades of non-coking coal, including washed/beneficiated coal, serving power utilities, captive plants, IPPs, cement manufacturers, and sponge iron industries.
As per CRISIL, MCL was India’s largest coal producer in FY26, producing 218.3m tonnes and accounting for approximately 22.4% of India’s total non-coking coal production.


Aequitas: Mahanadi Coalfields Limited 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%.