APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

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

IndiQube Spaces Ltd / Equity Capital Markets

IndiQube Spaces Private Limited provides internet based services. The Company offers through its platform office properties search, information and real estate services. IndiQube Spaces serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiqube-spaces-ltd" target="_blank" data-smartkarma-citation="entities:44238:1" rel="noopener">IndiQube Spaces Ltd (1628202D IN)</a>  (ISL) is planning to raise about US$100m in its upcoming India IPO. </li>
<li>ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.</li>
<li>ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.</li>
</ul>



IndiQube Spaces Ltd (1628202D IN)  (ISL) is planning to raise about US$100m in its upcoming India IPO. 
ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.


IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

The NIFTY 50 index is National Stock Exchange of India's benchmark stock market index for Indian equity market. Nifty is owned and managed by India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> post-crash bounce peaked around 4.4% before stalling—mirroring the fading rebounds seen across global indices.</li>
<li>
The index has yet to reach levels attractive for shorting, but with two days remaining before the weekend, any positive tariff-related news will push the index towards the targets.</li>
<li>This insight highlights key price levels for initiating tactical shorts or exiting longs, depending on the tariffs scenario that, once again, changed dramatically from one day to the next.</li>
</ul>


The NIFTY Index (NIFTY INDEX) post-crash bounce peaked around 4.4% before stalling—mirroring the fading rebounds seen across global indices.

The index has yet to reach levels attractive for shorting, but with two days remaining before the weekend, any positive tariff-related news will push the index towards the targets.
This insight highlights key price levels for initiating tactical shorts or exiting longs, depending on the tariffs scenario that, once again, changed dramatically from one day to the next.


NIFTY Index Rally Outlook After Trump's Tariffs PAUSE

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Sobha Limited provides construction services. The Company offers design and architecture, mechanical, plumbing, interiors, landscape, residential, commercial, and civil construction services. Sobha serves customers in India, Singapore, and United Arab Emirates.

<ul><li>Sobha Ltd (SDL) delivered a sharp sequential recovery in Q4FY25 with presales of INR 18.4bn (+24.4% QoQ, +18.1% YoY) c.50% from its new launches, supported by robust traction in Bengaluru (INR 14.1bn, ~77% of sales), alongside improved performance in Gurgaon, Hyderabad, Tamil Nadu, and Kerala</li><li>SDL’s average realization for FY25 stood at INR 13,412/sf (+22.8% YoY), aided by a rising share of own land projects (~79% of FY25 sales)</li><li>While Sobha missed its FY25 pre-sales guidance, this was primarily due to approval delays and slower-than-expected sales conversion in high ticket size products in Gurugram/Bengaluru</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sobha Ltd (SDL) delivered a sharp sequential recovery in Q4FY25 with presales of INR 18.4bn (+24.4% QoQ, +18.1% YoY) c.50% from its new launches, supported by robust traction in Bengaluru (INR 14.1bn, ~77% of sales), alongside improved performance in Gurgaon, Hyderabad, Tamil Nadu, and KeralaSDL’s average realization for FY25 stood at INR 13,412/sf (+22.8% YoY), aided by a rising share of own land projects (~79% of FY25 sales)While Sobha missed its FY25 pre-sales guidance, this was primarily due to approval delays and slower-than-expected sales conversion in high ticket size products in Gurugram/BengaluruContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sobha: New growth drivers in place. Maintain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We expect companies under our coverage to show a 36% decline in pre-sales for Q4FY25 YoY.</li><li>This is primarily due to the already high base established in the previous financial year's Q4.</li><li>Companies like Man Infraconstruction and Arvind Smartspaces are set to report healthy growth for the year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect companies under our coverage to show a 36% decline in pre-sales for Q4FY25 YoY.This is primarily due to the already high base established in the previous financial year's Q4.Companies like Man Infraconstruction and Arvind Smartspaces are set to report healthy growth for the year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.</li><li>Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.</li><li>However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.