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

CleanMax Enviro Energy Solutions Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise about US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the not-so-positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Growth: EBITDA mix improves as aluminium integration + captive coal lift margins, silver ramps, and zinc stays cash generative; deleveraging begins FY27 as cash flows strengthen.</li>
<li>Commodity Play: Positive leverage to aluminium, zinc, and silver prices; cost base falling, not rising — rare margin tailwind in a metals cycle.</li>
<li>Valuation + Yield: Trades cheap vs peers; rerating optionality + double-digit dividend yield provides downside protection with asymmetric upside.</li>
</ul>


Growth: EBITDA mix improves as aluminium integration + captive coal lift margins, silver ramps, and zinc stays cash generative; deleveraging begins FY27 as cash flows strengthen.
Commodity Play: Positive leverage to aluminium, zinc, and silver prices; cost base falling, not rising — rare margin tailwind in a metals cycle.
Valuation + Yield: Trades cheap vs peers; rerating optionality + double-digit dividend yield provides downside protection with asymmetric upside.


Vedanta: The Aluminium Transformation — Zinc Cash + Silver Power + O&G Optionality

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.</li>
<li>CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.</li>
<li>In this note, we talk about the peer comp and implied valuations in the IPO price range.</li>
</ul>


Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we talk about the peer comp and implied valuations in the IPO price range.


Canara HSBC Life Insurance IPO - Steady Growth but Valuations Fullish

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (2908709Z IJ)</a> (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.</li>
<li>CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. </li>
<li>It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.</li>
</ul>



Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. 
It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.


Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Thematic (Sector/Industry)

<ul>
<li>Cycle Leaders: Gold, silver, copper, and aluminium outperform on safe-haven demand, supply tightness, and firm regional premiums, while ferrous, nickel, and coal lag on China weakness.</li>
<li>Equity Positioning: Focus on Zijin, Shandong, Chifeng, BRMS (gold); Hindustan Zinc, Vedanta, Dowa, Korea Zinc (silver/zinc); Sumitomo, JX Advanced, Mitsubishi Materials, Hongqiao, Vedanta (copper/aluminium).</li>
<li>Corporate Actions: Zijin Gold IPO, Anglo–Teck merger, and BHP’s copper sale highlight accelerating sector consolidation, driving investor rotation toward gold and copper scale.</li>
</ul>


Cycle Leaders: Gold, silver, copper, and aluminium outperform on safe-haven demand, supply tightness, and firm regional premiums, while ferrous, nickel, and coal lag on China weakness.
Equity Positioning: Focus on Zijin, Shandong, Chifeng, BRMS (gold); Hindustan Zinc, Vedanta, Dowa, Korea Zinc (silver/zinc); Sumitomo, JX Advanced, Mitsubishi Materials, Hongqiao, Vedanta (copper/aluminium).
Corporate Actions: Zijin Gold IPO, Anglo–Teck merger, and BHP’s copper sale highlight accelerating sector consolidation, driving investor rotation toward gold and copper scale.


Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

India

Hindustan Zinc Limited specializes in the exploration, mining and smelting of zinc, lead and other non-ferrous metals.  The Company's products include zinc ore, lead zinc concentrate, zinc metal, lead metal, cadmium metal, silver metal and sulfuric acid.

Price Gauge
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Hindustan Zinc (HZ IN)

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Vedanta: The Aluminium Transformation — Zinc Cash + Silver Power + O&G Optionality

Article highlights positive growth prospects for a company due to improved EBITDA mix, commodity leverage, and attractive valuation with high...

Rahul Jain

Canara HSBC Life Insurance IPO - Steady Growth but Valuations Fullish

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO. In this note, we talk about the peer comp and implied...

Akshat Shah

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Vedanta: The Aluminium Transformation — Zinc Cash + Silver Power + O&G Optionality

​Article highlights positive growth prospects for a company due to improved EBITDA mix, commodity leverage, and attractive valuation with high...

Rahul Jain

Canara HSBC Life Insurance IPO - Steady Growth but Valuations Fullish

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO. In this note, we talk about the peer comp and implied...

Akshat Shah

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

​Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.

Rahul Jain

Article highlights positive growth prospects for a company due to improved EBITDA mix, commodity leverage, and attractive valuation with high...

Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.