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>By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.</li>
<li>This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.</li>
<li>Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.</li>
</ul>


By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.
This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.
Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.


₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

Horizon Industrial Parks Limited / Equity Capital Markets

Horizon Industrial Parks Limited (1327105D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D IN)</a> (HIPL) raised around US$272m in its upcoming India IPO.</li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN) (HIPL) raised around US$272m in its upcoming India IPO.
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D IN)</a>  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.</li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN)  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

LEAP India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leap-india-limited" target="_blank" data-smartkarma-citation="entities:45766:1" rel="noopener">LEAP India Limited (1414703D IN)</a> (Leap) raised around US$260m in its upcoming India IPO.</li>
<li>As per F&amp;S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



LEAP India Limited (1414703D IN) (Leap) raised around US$260m in its upcoming India IPO.
As per F&amp;S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Leap India IPO Trading - Subdued Demand

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.</li>
<li>Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> too.</li>
<li>The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the NIFTY Index and Nifty Next 50 Index too.
The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.


AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

India

TVS Supply Chain Solutions is a leading India-based multinational supply chain solutions provider, specializing in managing complex supply chains across diverse industries through technology-driven solutions. The company offers integrated supply chain solutions, global forwarding, and last-mile delivery services. Headquartered in Chennai, India, it was incorporated in 2004.

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TVS Supply Chain Solutions (TVSSCS IN)

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Horizon Industrial Parks raised around US$272m in its upcoming India IPO. It is India’s largest industrial & logistics infrastructure developer,...

Kajal Jain

Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Horizon Industrial Parks (HIPL) is looking to raise up to US$272m in its India IPO. It is India’s largest industrial & logistics infrastructure...

Kajal Jain

Aequitas: Leap India IPO Trading - Subdued Demand

LEAP India Limited (Leap) raised around US$260m in its upcoming India IPO through a combination of fresh issue and Offer for sale (OFS).

Kajal Jain

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

​By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Horizon Industrial Parks raised around US$272m in its upcoming India IPO. It is India’s largest industrial & logistics infrastructure developer,...

Kajal Jain

Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Horizon Industrial Parks (HIPL) is looking to raise up to US$272m in its India IPO. It is India’s largest industrial & logistics infrastructure...

Kajal Jain

Aequitas: Leap India IPO Trading - Subdued Demand

LEAP India Limited (Leap) raised around US$260m in its upcoming India IPO through a combination of fresh issue and Offer for sale (OFS).

Kajal Jain

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...