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> 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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>
<a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a> reports wider Q4 loss due to weak film releases, urban spending slowdown, and decline in audience turnout.</li>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> faces scrutiny over derivative accounting discrepancy, with auditors questioning if it should be classified as fraud.</li>
<li>Shares of China+1 stocks, including <a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> , Welspun, and <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a> , dip after US-China trade deal reduces tariff uncertainty.</li>
</ul>



Pvr Inox (PVRINOX IN) reports wider Q4 loss due to weak film releases, urban spending slowdown, and decline in audience turnout.

Indusind Bank (IIB IN) faces scrutiny over derivative accounting discrepancy, with auditors questioning if it should be classified as fraud.
Shares of China+1 stocks, including Dixon Technologies India Ltd (DIXON IN) , Welspun, and SRF Ltd (SRF IN) , dip after US-China trade deal reduces tariff uncertainty.


#145 India Insight: PVR Inox Posts Wider Q4 Loss, IndusInd Faces Audit Scrutiny, China+1 Stocks Dip

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.</li>
<li>Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.</li>
<li>As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.</li>
</ul>


Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.
Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.
As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.


Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

<ul>
<li>China is "evaluating" the U.S. tariff negotiation offer, demanding tariff removal and addressing practices, while the U.S. stays optimistic.</li>
<li>
<a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a> delays its IPO to 2026, targeting a $7 billion valuation, amid SoftBank’s concerns and restructuring of a $2.2 billion loan. </li>
<li>
<a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>'s resolution plan for Bhushan Power is rejected by the Supreme Court, directing liquidation, causing shares to drop 6%.</li>
</ul>


China is "evaluating" the U.S. tariff negotiation offer, demanding tariff removal and addressing practices, while the U.S. stays optimistic.

Oyo (1698548D IN) delays its IPO to 2026, targeting a $7 billion valuation, amid SoftBank’s concerns and restructuring of a $2.2 billion loan. 

JSW Steel Ltd (JSTL IN)'s resolution plan for Bhushan Power is rejected by the Supreme Court, directing liquidation, causing shares to drop 6%.


#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback

India

Dixon Technologies (India) Limited manufactures consumer durables, lighting products, and mobile phones. The Company offers LED TVs, washing machines, LED and CFL bulbs and tubelights, and downlighters, as well as provides repair and refurbishment services of set top boxes, mobile phones, and LED TV panels. Dixon Technologies operates in India.

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Dixon Technologies India Ltd (DIXON IN)

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

#145 India Insight: PVR Inox Posts Wider Q4 Loss, IndusInd Faces Audit Scrutiny, China+1 Stocks Dip

PVRINOX IN reports wider Q4 loss, IIB IN faces scrutiny over derivative accounting, China+1 stocks dip post US-China trade deal.

Sudarshan Bhandari

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback

China evaluates US tariff offer, demands removal and practices addressed; US optimistic. Oyo delays IPO to 2026 for $7B valuation, JSW Steel's...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

#145 India Insight: PVR Inox Posts Wider Q4 Loss, IndusInd Faces Audit Scrutiny, China+1 Stocks Dip

​PVRINOX IN reports wider Q4 loss, IIB IN faces scrutiny over derivative accounting, China+1 stocks dip post US-China trade deal.

Sudarshan Bhandari

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

​Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback

​China evaluates US tariff offer, demands removal and practices addressed; US optimistic. Oyo delays IPO to 2026 for $7B valuation, JSW Steel's...

Sudarshan Bhandari

PVRINOX IN reports wider Q4 loss, IIB IN faces scrutiny over derivative accounting, China+1 stocks dip post US-China trade deal.

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

China evaluates US tariff offer, demands removal and practices addressed; US optimistic. Oyo delays IPO to 2026 for $7B valuation, JSW Steel's...