Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/smpp-ltd" target="_blank" data-smartkarma-citation="entities:44073:1" rel="noopener">SMPP Ltd</a> is planning to raise about US$476m through its upcoming IPO in India.</li>
<li>SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India.
SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.
In this note, we look at the company’s past performance.


SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>We interact with local business owners and our channels in Srinagar, Jammu and Kashmir with an objective to understand the current sentiment on the ground. </li>
<li>Srinagar, Kashmir's summer capital, remains strategically vital in the current conflict as a military hub and political flashpoint between India and Pakistan.</li>
<li>Local business owners are hopeful that the escalating conflict and the media attention surrounding it will ease by the 10th of May.</li>
</ul>


We interact with local business owners and our channels in Srinagar, Jammu and Kashmir with an objective to understand the current sentiment on the ground. 
Srinagar, Kashmir's summer capital, remains strategically vital in the current conflict as a military hub and political flashpoint between India and Pakistan.
Local business owners are hopeful that the escalating conflict and the media attention surrounding it will ease by the 10th of May.


Telegram from Srinagar | Operation Sindoor - On Ground Update

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>India-UK FTA negotiations officially concluded May 6, 2025, securing tariff-free UK market access for many Indian goods.</li>
<li>Eliminating UK duties boosts Indian textile competitiveness significantly and improves mobility for service professionals, driving trade growth.</li>
<li>Increases optimism for Indian textile, IT, and export-focused stocks as the FTA unlocks substantial new opportunities.</li>
</ul>


India-UK FTA negotiations officially concluded May 6, 2025, securing tariff-free UK market access for many Indian goods.
Eliminating UK duties boosts Indian textile competitiveness significantly and improves mobility for service professionals, driving trade growth.
Increases optimism for Indian textile, IT, and export-focused stocks as the FTA unlocks substantial new opportunities.


India-UK FTA: Early Thoughts on Trade and Opportunity

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Amara Raja Energy & Mobility / Equity Bottom-Up

<ul>
<li>AREML is expanding into emerging lithium-ion related sectors, with significant investments in EV batteries and others. The company is constructing a INR9,500 crore Giga Corridor for lithium-ion cell manufacturing.</li>
<li>The company's shift from lead-acid to lithium-ion batteries and energy storage aligns with clean mobility trends, boosted by government incentives for local manufacturing and battery subsidies, enhancing growth prospects.</li>
<li>AREML's future growth is linked to lithium-ion and clean energy markets. Despite early margin pressures, this could make it a key player in India’s green energy shift.</li>
</ul>


AREML is expanding into emerging lithium-ion related sectors, with significant investments in EV batteries and others. The company is constructing a INR9,500 crore Giga Corridor for lithium-ion cell manufacturing.
The company's shift from lead-acid to lithium-ion batteries and energy storage aligns with clean mobility trends, boosted by government incentives for local manufacturing and battery subsidies, enhancing growth prospects.
AREML's future growth is linked to lithium-ion and clean energy markets. Despite early margin pressures, this could make it a key player in India’s green energy shift.


The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Telegram from Srinagar | Operation Sindoor - On Ground Update

Local business owners in Srinagar, Kashmir are hopeful for easing tensions by May 10 amidst the ongoing conflict between India and Pakistan.

Pranav Bhavsar

India-UK FTA: Early Thoughts on Trade and Opportunity

India and UK finalize FTA, granting tariff-free access for Indian goods, boosting textile and service sectors, and sparking optimism for export...

Nimish Maheshwari

The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments

AREML is investing in lithium-ion sectors, building a Giga Corridor for cell manufacturing, aligning with clean mobility trends and positioning...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Telegram from Srinagar | Operation Sindoor - On Ground Update

​Local business owners in Srinagar, Kashmir are hopeful for easing tensions by May 10 amidst the ongoing conflict between India and Pakistan.

Pranav Bhavsar

India-UK FTA: Early Thoughts on Trade and Opportunity

​India and UK finalize FTA, granting tariff-free access for Indian goods, boosting textile and service sectors, and sparking optimism for export...

Nimish Maheshwari

The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments

​AREML is investing in lithium-ion sectors, building a Giga Corridor for cell manufacturing, aligning with clean mobility trends and positioning...

Sudarshan Bhandari

Local business owners in Srinagar, Kashmir are hopeful for easing tensions by May 10 amidst the ongoing conflict between India and Pakistan.

India and UK finalize FTA, granting tariff-free access for Indian goods, boosting textile and service sectors, and sparking optimism for export...

AREML is investing in lithium-ion sectors, building a Giga Corridor for cell manufacturing, aligning with clean mobility trends and positioning...