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

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> raised about US$252m in its 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>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its 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.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

<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>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</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.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Belrise Industries, founded by the Badve family, is a leading auto component maker launching its Rs2,150 crore IPO from May 21–23, 2025, at a price band of Rs85–90.</li>
<li>It supplies key chassis and metal parts to top OEMs like Bajaj Auto, Hero MotoCorp, and HMSI, playing a critical role across ICE and EV platforms.</li>
<li>While most proceeds are earmarked for debt repayment, high working capital needs suggest leverage could rebuild as the business scales.</li>
</ul>


Belrise Industries, founded by the Badve family, is a leading auto component maker launching its Rs2,150 crore IPO from May 21–23, 2025, at a price band of Rs85–90.
It supplies key chassis and metal parts to top OEMs like Bajaj Auto, Hero MotoCorp, and HMSI, playing a critical role across ICE and EV platforms.
While most proceeds are earmarked for debt repayment, high working capital needs suggest leverage could rebuild as the business scales.


Belrise Industries IPO: Strategic OEM Partner, Deleveraging Move Faces Structural Headwinds

<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

Rosita Fernandes

<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 planning to raise about US$255m through its upcoming IPO in India. The lead bookrunners for the deal are Axis Capital, HSBC, Jefferies, SBI Capital</li>
<li>Established in 1988, it specializes in safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural vehicles.</li>
<li>As per Crisil report, Belrise held a market share of 24% in the two-wheeler metal components segment in India as of FY24.</li>
</ul>



Belrise Industries (9156339Z IN)  is planning to raise about US$255m through its upcoming IPO in India. The lead bookrunners for the deal are Axis Capital, HSBC, Jefferies, SBI Capital
Established in 1988, it specializes in safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural vehicles.
As per Crisil report, Belrise held a market share of 24% in the two-wheeler metal components segment in India as of FY24.


India

Established in 1988, it specializes in safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural vehicles.

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Belrise Industries (9156339Z IN)

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Belrise Industries IPO: Strategic OEM Partner, Deleveraging Move Faces Structural Headwinds

Belrise Industries, a top auto component maker, is launching a Rs21.5bn IPO on May 21–23, 2025, supplying key parts to major OEMs in ICE and EV...

Rahul Jain

Belrise Industries Ltd Pre-IPO Tearsheet

Belrise Industries to raise $255m in India IPO with focus on safety-critical systems for vehicles, holding 24% market share in two-wheeler metal...

Rosita Fernandes

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Belrise Industries IPO: Strategic OEM Partner, Deleveraging Move Faces Structural Headwinds

​Belrise Industries, a top auto component maker, is launching a Rs21.5bn IPO on May 21–23, 2025, supplying key parts to major OEMs in ICE and EV...

Rahul Jain

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

Belrise Industries Ltd Pre-IPO Tearsheet

​Belrise Industries to raise $255m in India IPO with focus on safety-critical systems for vehicles, holding 24% market share in two-wheeler metal...

Rosita Fernandes

Belrise Industries, a top auto component maker, is launching a Rs21.5bn IPO on May 21–23, 2025, supplying key parts to major OEMs in ICE and EV...

Belrise Industries to raise $255m in India IPO with focus on safety-critical systems for vehicles, holding 24% market share in two-wheeler metal...