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

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul>
<li>Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  </li>
<li>Key risks: Stocks face material headwinds on cost pressure, competition, valuations </li>
<li>Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia</li>
</ul>


Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  
Key risks: Stocks face material headwinds on cost pressure, competition, valuations 
Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia


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

<ul>
<li>We analyze Q3 FY22 Earnings for <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> , <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> , <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> and <a href="https://www.smartkarma.com/entities/stove-kraft-ltd" target="_blank" data-smartkarma-citation="entities:31372:1" rel="noopener">Stove Kraft (0490943D IN)</a> </li>
<li>Stress in rural is hurting BJE, CROMPTON is riding high on new products, Upcoming AC season is the key for HAVL. For Stove Kraft growth is falling off a cliff. </li>
<li>BJE and HAVL would be best placed to explore a potentially long and short respectively. </li>
</ul>


We analyze Q3 FY22 Earnings for Bajaj Electricals (BJE IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , Havells India (HAVL IN) and Stove Kraft (0490943D IN) 
Stress in rural is hurting BJE, CROMPTON is riding high on new products, Upcoming AC season is the key for HAVL. For Stove Kraft growth is falling off a cliff. 
BJE and HAVL would be best placed to explore a potentially long and short respectively. 


India Household Appliances | Q3 Earnings Review and Channel Check Map

<div>
<div>
<h2>About India Channel Insight</h2>
</div>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>
<div>
<p>For this insight, we interact with current and prior distributors of <a href="https://www.smartkarma.com/entities/stove-kraft-ltd" target="_blank" data-smartkarma-citation="entities:31372:1" rel="noopener">Stove Kraft (0490943D IN)</a>; <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a>; <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> </p>
</div>



About India Channel Insight



Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


For this insight, we interact with current and prior distributors of Stove Kraft (0490943D IN); Bajaj Electricals (BJE IN); Crompton Greaves Consumer Electricals (CROMPTON IN) and Havells India (HAVL IN) 


India Channel Insight | Stovekraft, Bajaj Electricals, Crompton Consumer, Havells

India

Stove Kraft Limited manufactures and distributes kitchen appliances. The Company provides iron boxes, gas stoves, microwave ovens, mixer grinders, cooktops, rechargeable lamps, hand blenders, and other related products. Stove Kraft serves customers worldwide.

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Stove Kraft (STOVEKRA 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

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Era of the Value Stocks

Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks...

Nurture Capital Advisory

India Household Appliances | Q3 Earnings Review and Channel Check Map

We analyze Q3 FY22 Earnings for Bajaj Electricals, Crompton Greaves Consumer Electricals, Havells India and Stove Kraft along with presenting...

Pranav Bhavsar

India Channel Insight | Stovekraft, Bajaj Electricals, Crompton Consumer, Havells

For this insight, we interact with current and prior distributors of Stove Kraft; Bajaj Electricals; Crompton Greaves Consumer Electricals and...

Pranav Bhavsar

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