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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

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>Fluorine chemistry is gaining strategic importance across sectors like pharma, agrochemicals, EVs, and semiconductors, driven by the superior thermal, chemical, and biological properties of fluorinated compounds. </li>
<li>India is emerging as a global hub in fluorination, supported by backward-integrated capacities, decades of handling expertise, and the global China+1 diversification strategy. </li>
<li>Companies like <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a>, and <a href="https://www.smartkarma.com/entities/navin-fluorine-international" target="_blank" data-smartkarma-citation="entities:3511:1" rel="noopener">Navin Fluorine International (NFIL IN)</a> are scaling up across the value chain from fluoropolymers to battery-grade electrolytes.</li>
</ul>


Fluorine chemistry is gaining strategic importance across sectors like pharma, agrochemicals, EVs, and semiconductors, driven by the superior thermal, chemical, and biological properties of fluorinated compounds. 
India is emerging as a global hub in fluorination, supported by backward-integrated capacities, decades of handling expertise, and the global China+1 diversification strategy. 
Companies like SRF Ltd (SRF IN), Gujarat Fluorochemicals (FLUOROCH IN), and Navin Fluorine International (NFIL IN) are scaling up across the value chain from fluoropolymers to battery-grade electrolytes.


Thematic Report: All You Need to Know About Fluorination Industry in India

<ul>
<li>Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.</li>
<li>Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.</li>
<li>Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.</li>
</ul>


Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.
Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.
Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.


Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

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>In this Insight, we share our channel inputs that might be relevant for <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/navin-fluorine-international" target="_blank" data-smartkarma-citation="entities:3511:1" rel="noopener">Navin Fluorine International (NFIL IN)</a>, and <a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a>.</li>
<li>Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India's export-oriented companies.</li>
<li>Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>.</li>
</ul>


In this Insight, we share our channel inputs that might be relevant for SRF Ltd (SRF IN), Navin Fluorine International (NFIL IN), and Gujarat Fluorochemicals (FLUOROCH IN).
Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India's export-oriented companies.
Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like SRF Ltd (SRF IN).


Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

India

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

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SRF Ltd (SRF IN)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Thematic Report: All You Need to Know About Fluorination Industry in India

Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...

Nimish Maheshwari

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

Challenges faced by Indian export-oriented companies like SRF Ltd and Navin Fluorine International due to weak demand in China and shortening...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Thematic Report: All You Need to Know About Fluorination Industry in India

​Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...

Nimish Maheshwari

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

​Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

Challenges faced by Indian export-oriented companies like SRF Ltd and Navin Fluorine International due to weak demand in China and shortening...

Pranav Bhavsar

Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...