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

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

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>Tariff Related Uncertainties: The company reported an 11% YoY decline in revenue to Rs 2,261 Cr in Q1FY26, with a decline in the Home Textile segment as well as the Flooring business.</li><li>The subdued performance was primarily attributed to global trade uncertainties and ongoing tariff-related pressures.</li><li>However, domestic operations remained resilient, with the Welspun brand continuing to gain traction in the retail market. </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.

Tariff Related Uncertainties: The company reported an 11% YoY decline in revenue to Rs 2,261 Cr in Q1FY26, with a decline in the Home Textile segment as well as the Flooring business.The subdued performance was primarily attributed to global trade uncertainties and ongoing tariff-related pressures.However, domestic operations remained resilient, with the Welspun brand continuing to gain traction in the retail market. 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.

Welspun Living Ltd - Near-Term Headwinds Create a Long-Term Opportunity

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

<ul>
<li>FY25 consolidated revenue surpassed INR 10,000 crore mark, increasing 8.9% year-on-year. Emerging businesses contributed over 30% to revenue.  </li>
<li>Despite achieving the revenue milestone, Q4 performance and FY25 margins were impacted by cautious customer order patterns due to US tariff uncertainty.  </li>
<li>The company is de-risking its geographical exposure by reducing reliance on the US while focusing on the potential from the UK FTA and strengthening its domestic presence, through strategic acquisition.</li>
</ul>


FY25 consolidated revenue surpassed INR 10,000 crore mark, increasing 8.9% year-on-year. Emerging businesses contributed over 30% to revenue.  
Despite achieving the revenue milestone, Q4 performance and FY25 margins were impacted by cautious customer order patterns due to US tariff uncertainty.  
The company is de-risking its geographical exposure by reducing reliance on the US while focusing on the potential from the UK FTA and strengthening its domestic presence, through strategic acquisition.


Welspun Living: Navigating with Strategic Diversification and Domestic Focus

<ul>
<li>Welspun Living targets INR 15,000 crore revenue by FY27, focusing on debt reduction and expanding its non-core businesses, diversifying its growth and financial resilience.</li>
<li>The company’s emphasis on sustainability and innovation, including renewable energy initiatives, positions it as a leader in eco-friendly home textiles, responding to market shifts.</li>
<li>Despite fierce competition, Welspun Living’s strong brand portfolio and global presence reaffirm its leadership in the home textiles market, making it well-positioned for long-term growth.</li>
</ul>


Welspun Living targets INR 15,000 crore revenue by FY27, focusing on debt reduction and expanding its non-core businesses, diversifying its growth and financial resilience.
The company’s emphasis on sustainability and innovation, including renewable energy initiatives, positions it as a leader in eco-friendly home textiles, responding to market shifts.
Despite fierce competition, Welspun Living’s strong brand portfolio and global presence reaffirm its leadership in the home textiles market, making it well-positioned for long-term growth.


The Beat Ideas: Welspun Living- Home Textile Giant Weaving Growth

<ul><li>Logistical issues continue to hit margins: During the quarter, a shortage of containers not only led to increased container rates but also resulted in inventory buildup and elevated warehousing and transportation costs.</li><li>Management mentioned that freight costs increased by as much as twice those of last year.</li><li>Despite these issues and uncertain global macroeconomic conditions, the company continued deliveries to the US with limited disruption and impact on revenues. </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.

Logistical issues continue to hit margins: During the quarter, a shortage of containers not only led to increased container rates but also resulted in inventory buildup and elevated warehousing and transportation costs.Management mentioned that freight costs increased by as much as twice those of last year.Despite these issues and uncertain global macroeconomic conditions, the company continued deliveries to the US with limited disruption and impact on revenues. 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.

Welspun Living Ltd - Resilient Performance Amidst External Headwinds; Maintain BUY!

India

Welspun Living Limited is an Indian textile manufacturing company that specializes in home textile products such as bed linen, terry towels, rugs, and yarn. It is a leading global provider of home textiles, serving as a key supplier to major retailers worldwide and operating under brands like Christy, Spaces, and Welhome. The company, founded in 1985, is headquartered in Mumbai, India.

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Welspun Living (WELSPUNL IN)

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Welspun Living Ltd - Near-Term Headwinds Create a Long-Term Opportunity

Tariff Related Uncertainties: The company reported an 11% YoY decline in revenue to Rs 2,261 Cr in Q1FY26, with a decline in the Home Textile...

Axis Direct

Welspun Living: Navigating with Strategic Diversification and Domestic Focus

FY25 revenue surpasses INR 10,000 crore mark, impacted by US tariff uncertainty. Company de-risking by focusing on UK FTA and domestic market.

Sudarshan Bhandari

The Beat Ideas: Welspun Living- Home Textile Giant Weaving Growth

Welspun Living aims for INR 15,000 crore revenue by FY27 through debt reduction, sustainability, innovation, and global presence in home textiles...

Sudarshan Bhandari

Welspun Living Ltd - Resilient Performance Amidst External Headwinds; Maintain BUY!

Going forward, management expects the situation to settle down to some extent, as the company has observed some improvements in October, and has...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Welspun Living Ltd - Near-Term Headwinds Create a Long-Term Opportunity

Tariff Related Uncertainties: The company reported an 11% YoY decline in revenue to Rs 2,261 Cr in Q1FY26, with a decline in the Home Textile...

Axis Direct

Welspun Living: Navigating with Strategic Diversification and Domestic Focus

​FY25 revenue surpasses INR 10,000 crore mark, impacted by US tariff uncertainty. Company de-risking by focusing on UK FTA and domestic market.

Sudarshan Bhandari

The Beat Ideas: Welspun Living- Home Textile Giant Weaving Growth

​Welspun Living aims for INR 15,000 crore revenue by FY27 through debt reduction, sustainability, innovation, and global presence in home textiles...

Sudarshan Bhandari

Welspun Living Ltd - Resilient Performance Amidst External Headwinds; Maintain BUY!

Going forward, management expects the situation to settle down to some extent, as the company has observed some improvements in October, and has...

Axis Direct

FY25 revenue surpasses INR 10,000 crore mark, impacted by US tariff uncertainty. Company de-risking by focusing on UK FTA and domestic market.

Welspun Living aims for INR 15,000 crore revenue by FY27 through debt reduction, sustainability, innovation, and global presence in home textiles...