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

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>The Indian cement industry saw strong demand in Q4 FY25, with industry volume growth of 4% YoY and leading players reporting double-digit sales growth.</li>
<li>Demand in April 2025 was weak across most regions due to severe heatwaves and labor shortages, slowing construction activity significantly.</li>
<li>Cement demand is expected to grow at 7–8% in FY26, driven by infrastructure projects and housing, with major players expanding capacity.</li>
</ul>


The Indian cement industry saw strong demand in Q4 FY25, with industry volume growth of 4% YoY and leading players reporting double-digit sales growth.
Demand in April 2025 was weak across most regions due to severe heatwaves and labor shortages, slowing construction activity significantly.
Cement demand is expected to grow at 7–8% in FY26, driven by infrastructure projects and housing, with major players expanding capacity.


External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)</li><li>In Q4FY25, UTCEM delivered robust 17% volume growth (aided by Kesoram and India Cements consolidation)</li><li>Unit EBITDA expanded INR 223/MT QoQ to INR 1,126/MT on input cost reduction and op-lev gains, which more than offset the impact of poor performance of Kesoram and India Cements</li></ul><p><em>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.</em></p>

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)In Q4FY25, UTCEM delivered robust 17% volume growth (aided by Kesoram and India Cements consolidation)Unit EBITDA expanded INR 223/MT QoQ to INR 1,126/MT on input cost reduction and op-lev gains, which more than offset the impact of poor performance of Kesoram and India CementsContent 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.

HSIE Results Daily: UltraTech Cement, TVS Motor, Cholamandalam Investment and Finance Company,...

HSIE Results Daily: UltraTech Cement, TVS Motor, Cholamandalam Investment and Finance Company

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

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

Cement Wars: Ultratech Vs Adani Cements

Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...

Nimish Maheshwari

HSIE Results Daily: UltraTech Cement, TVS Motor, Cholamandalam Investment and Finance Company,...

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

HSIE Results Daily: UltraTech Cement, TVS Motor, Cholamandalam Investment and Finance Company

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

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

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

Cement Wars: Ultratech Vs Adani Cements

​Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...

Nimish Maheshwari

HSIE Results Daily: UltraTech Cement, TVS Motor, Cholamandalam Investment and Finance Company,...

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

HSIE Results Daily: UltraTech Cement, TVS Motor, Cholamandalam Investment and Finance Company

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,600 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

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

Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...