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

Established in 1988, it specializes in safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural vehicles.

<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

Canara Robeco AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-robeco-amc" target="_blank" data-smartkarma-citation="entities:45178:1" rel="noopener">Canara Robeco AMC (570515Z IN)</a> is looking to raise about US$176m in its upcoming India IPO. The deal will be run by Axis, JM Fin and SBI Caps.</li>
<li>Canara Robeco is an asset management company engaged in managing mutual funds and providing investment advice on Indian equities to Robeco Hong Kong Limited, a member of the Promoter Group.</li>
<li>According to CRISIL, it is India's second oldest asset management company.</li>
</ul>



Canara Robeco AMC (570515Z IN) is looking to raise about US$176m in its upcoming India IPO. The deal will be run by Axis, JM Fin and SBI Caps.
Canara Robeco is an asset management company engaged in managing mutual funds and providing investment advice on Indian equities to Robeco Hong Kong Limited, a member of the Promoter Group.
According to CRISIL, it is India's second oldest asset management company.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

Aadhar Housing Finance Limited provides housing loan services. The Company offers home loans for salaried employees, self-employed, plot purchase, construction, home improvement, extension, and loans against property, as well as balance transfer services. Aadhar Housing Finance serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

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

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

<ul>
<li>Post-Demerger, <a href="https://www.smartkarma.com/entities/siemens-ltd" target="_blank" data-smartkarma-citation="entities:6440:1" rel="noopener">Siemens Ltd (SIEM IN)</a> continues with Digital Industries, Smart Infrastructure, and Mobility, focusing on core segments like automation, electrification, and rail transport.</li>
<li>The company is getting significant orders in each segment with strong tailwind across all segment.</li>
<li>Siemens Limited's remaining business is projected to grow at a 15% CAGR, supported by strong order backlogs and improved margins.</li>
</ul>


Post-Demerger, Siemens Ltd (SIEM IN) continues with Digital Industries, Smart Infrastructure, and Mobility, focusing on core segments like automation, electrification, and rail transport.
The company is getting significant orders in each segment with strong tailwind across all segment.
Siemens Limited's remaining business is projected to grow at a 15% CAGR, supported by strong order backlogs and improved margins.


What Will Remain with Demerged Siemens Ltd?

<ul>
<li>Siemens is demerging its Energy business into SEIL, focusing on energy solutions and doubling transmission capacity with a INR 3.6 billion investment over 2–3 years.</li>
<li>SEIL’s energy transition initiatives drive growth, with a 29.9% YoY increase in orders. Siemens Ltd.’s Digital Industries faced headwinds but remains optimistic about turnover.</li>
<li>The demerger creates two independent growth engines, with Siemens Ltd. investing ₹4 billion in Smart Infrastructure, positioning both entities for strong future growth.</li>
</ul>


Siemens is demerging its Energy business into SEIL, focusing on energy solutions and doubling transmission capacity with a INR 3.6 billion investment over 2–3 years.
SEIL’s energy transition initiatives drive growth, with a 29.9% YoY increase in orders. Siemens Ltd.’s Digital Industries faced headwinds but remains optimistic about turnover.
The demerger creates two independent growth engines, with Siemens Ltd. investing ₹4 billion in Smart Infrastructure, positioning both entities for strong future growth.


Siemens Energy India Ltd: Value Unlocking, Demerger

Indian Blocks Bazaar
Indian Blocks and Placements

Canara Robeco AMC Pre-IPO Tearsheet

Canara Robeco Asset Management Company is looking to raise about US$176m in its upcoming India IPO. The deal will be run by Axis, JM Fin and SBI Caps.

Akshat Shah

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

What Will Remain with Demerged Siemens Ltd?

Siemens Ltd post-demerger focuses on core segments like automation, electrification, and rail transport, with significant orders and projected 15%...

Nimish Maheshwari

Siemens Energy India Ltd: Value Unlocking, Demerger

Siemens demerges Energy business into SEIL, investing INR 3.6 billion to double transmission capacity. Demerger creates two growth engines one in...

Nimish Maheshwari

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

Canara Robeco AMC Pre-IPO Tearsheet

Canara Robeco Asset Management Company is looking to raise about US$176m in its upcoming India IPO. The deal will be run by Axis, JM Fin and SBI Caps.

Akshat Shah

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

What Will Remain with Demerged Siemens Ltd?

​Siemens Ltd post-demerger focuses on core segments like automation, electrification, and rail transport, with significant orders and projected 15%...

Nimish Maheshwari

Siemens Energy India Ltd: Value Unlocking, Demerger

​Siemens demerges Energy business into SEIL, investing INR 3.6 billion to double transmission capacity. Demerger creates two growth engines one in...

Nimish Maheshwari

Siemens Ltd post-demerger focuses on core segments like automation, electrification, and rail transport, with significant orders and projected 15%...

Siemens demerges Energy business into SEIL, investing INR 3.6 billion to double transmission capacity. Demerger creates two growth engines one in...