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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho Ltd (1546271D IN)</a> is looking to raise around US$607m in its upcoming India IPO. </li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming India IPO. 
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we talk about the company’s historical performance.


Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Eternal, Hindalco Industries, Mahindra &amp; Mahindra, State Bank of India, HDFC Bank, Adani Enterprises, ICICI Bank, State Bank Of India, Hdfc Bank, Hindalco Industries.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Eternal, Hindalco Industries, Mahindra &amp; Mahindra, State Bank of India, HDFC Bank, Adani Enterprises, ICICI Bank, State Bank Of India, Hdfc Bank, Hindalco Industries.


NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India's labour sector.</li>
<li>The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India's formalization and productivity deficit.</li>
<li>Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India's formal sector.</li>
</ul>


The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India's labour sector.
The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India's formalization and productivity deficit.
Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India's formal sector.


India's Labor Code Reform: What Global Investors Should Know?

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asian IPOs' spike in 2025 (21% higher till October) has been driven primarily by HK/China. Indian IPOs are almost at the same level as in a very strong 2024.</li>
<li>Policy thrust for "New Productive Forces" are driving capital raising from industrials, materials, technology and utilities and shall continue to do so. Healthcare should also be a buoyant capital raiser.</li>
<li>India's policy focus on manufacturing and listing of PE-funded companies should drive IPOs from industrials, materials and consumer discretionary. Financials shall also remain a large issuer sector.</li>
</ul>


Asian IPOs' spike in 2025 (21% higher till October) has been driven primarily by HK/China. Indian IPOs are almost at the same level as in a very strong 2024.
Policy thrust for "New Productive Forces" are driving capital raising from industrials, materials, technology and utilities and shall continue to do so. Healthcare should also be a buoyant capital raiser.
India's policy focus on manufacturing and listing of PE-funded companies should drive IPOs from industrials, materials and consumer discretionary. Financials shall also remain a large issuer sector.


Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

India

Eternal Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurants, and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Eternal serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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P/E	0.00
Dividend (Yield)	0.00

Eternal (ETERNAL IN)

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

We analyzed NIFTY's consensus for Nov 2025 and highlighted changes of EPS in Eternal (ETERNAL IN), Hindalco Industries (HNDL IN), Mahindra &...

Ke Yan, CFA, FRM

India's Labor Code Reform: What Global Investors Should Know?

India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

Nimish Maheshwari

Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

We analyzed NIFTY's consensus for Nov 2025 and highlighted changes of EPS in Eternal (ETERNAL IN), Hindalco Industries (HNDL IN), Mahindra &...

Ke Yan, CFA, FRM

India's Labor Code Reform: What Global Investors Should Know?

​India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

Nimish Maheshwari

Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

​HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...

Manishi Raychaudhuri

India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...