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>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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Strong Order Book of &gt;3.3 GW: The company secured new orders of ~1.2 GW in H1FY25 and now holds its largest-ever order book of 3,328 MW.</li><li>The orderbook comprises a diversified client base including PSUs and Independent power producers as well as commercial and industrial players.</li><li>The orderbook is expected to grow further as the company is in constant discussions with both existing and potential customers.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Order Book of &gt;3.3 GW: The company secured new orders of ~1.2 GW in H1FY25 and now holds its largest-ever order book of 3,328 MW.The orderbook comprises a diversified client base including PSUs and Independent power producers as well as commercial and industrial players.The orderbook is expected to grow further as the company is in constant discussions with both existing and potential customers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Inox Wind Limited - Strong Execution; Growth Outlook Remains Intact

<ul><li>Value-unlocking initiatives: We interacted with the company’s management to get further insights into the company’s outlook.</li><li>As per the press release dated 2nd Sep’24, Inox Wind’s EPC projects arm, Resco Global (a 100% subsidiary), has approved a Rs 350 Cr equity raise from marquee investors.</li><li>This fund will be utilised to scale up business offerings at Resco to capitalize on the strong tailwinds in the wind sector in India. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Value-unlocking initiatives: We interacted with the company’s management to get further insights into the company’s outlook.As per the press release dated 2nd Sep’24, Inox Wind’s EPC projects arm, Resco Global (a 100% subsidiary), has approved a Rs 350 Cr equity raise from marquee investors.This fund will be utilised to scale up business offerings at Resco to capitalize on the strong tailwinds in the wind sector in India. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Inox Wind Limited - Unlocking New Revenue Streams

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> or IIL is into design, engineering and manufacturing of cryogenic tanks and equipment. These are used in industrial gases, LNG, green hydrogen, metallurgy industries, etc</li>
<li>The company came up with its IPO in December 2023 and has posted a decent growth in the last few years.</li>
<li>One should however remain cautious about WC trend, receivables provisioning, RPT with promoters, etc.</li>
</ul>



INOX India Limited (INOX IN) or IIL is into design, engineering and manufacturing of cryogenic tanks and equipment. These are used in industrial gases, LNG, green hydrogen, metallurgy industries, etc
The company came up with its IPO in December 2023 and has posted a decent growth in the last few years.
One should however remain cautious about WC trend, receivables provisioning, RPT with promoters, etc.


<ul><li>Strong Order Book of &gt;2.9 GW: The company had a strong order book of 2,656 MW as of 31st Mar’24.</li><li>It secured new orders of 210 MW (a repeat order from Hero Future Energies) in Q1FY25 and 401 MW in Q2FY25 (including 3 MW WTG orders, with 200 MW from a C&amp;I player).</li><li>Following these new orders in the first five months of FY25, the company now holds its largestever order book of 2,917 MW.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Order Book of &gt;2.9 GW: The company had a strong order book of 2,656 MW as of 31st Mar’24.It secured new orders of 210 MW (a repeat order from Hero Future Energies) in Q1FY25 and 401 MW in Q2FY25 (including 3 MW WTG orders, with 200 MW from a C&amp;I player).Following these new orders in the first five months of FY25, the company now holds its largestever order book of 2,917 MW.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Inox Wind Limited - Improved Execution and Margins Sets Stage for Strong Growth

India

INOX India (INOX) is a manufacturer of cryogenic equipment.

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INOX India Limited (INOX IN)

Inox Wind Limited - Strong Execution; Growth Outlook Remains Intact

Strong Order Book of >3.3 GW: The company secured new orders of ~1.2 GW in H1FY25 and now holds its largest-ever order book of 3,328 MW.

Axis Direct

Inox Wind Limited - Unlocking New Revenue Streams

Unlocking New Revenue Streamss per the press release dated 2nd Sep’24, Inox Wind’s EPC projects arm, Resco Global (a 100% subsidiary), has approved...

Axis Direct

Inox India Ltd- Forensic Analysis

INOX India got recently listed and has been growing well since the last few years. However, caution is advised regarding WC trends, receivables...

Nitin Mangal

Inox Wind Limited - Improved Execution and Margins Sets Stage for Strong Growth

The company had a strong order book of 2,656 MW as of 31st Mar’24. It secured new orders of 210 MW (a repeat order from Hero Future Energies) in...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

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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

Inox Wind Limited - Strong Execution; Growth Outlook Remains Intact

Strong Order Book of >3.3 GW: The company secured new orders of ~1.2 GW in H1FY25 and now holds its largest-ever order book of 3,328 MW.

Axis Direct

Inox Wind Limited - Unlocking New Revenue Streams

Unlocking New Revenue Streamss per the press release dated 2nd Sep’24, Inox Wind’s EPC projects arm, Resco Global (a 100% subsidiary), has approved...

Axis Direct

Inox India Ltd- Forensic Analysis

​INOX India got recently listed and has been growing well since the last few years. However, caution is advised regarding WC trends, receivables...

Nitin Mangal

Inox Wind Limited - Improved Execution and Margins Sets Stage for Strong Growth

The company had a strong order book of 2,656 MW as of 31st Mar’24. It secured new orders of 210 MW (a repeat order from Hero Future Energies) in...

Axis Direct

INOX India got recently listed and has been growing well since the last few years. However, caution is advised regarding WC trends, receivables...