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

Event-Driven

Delhivery Limited provides logistics solutions to e-commerce companies. The Company offers last-mile delivery, payment collection and processing, third-party and transit warehousing, vendor-to-customer shipping, technology integration, and customized and revers logistics solutions. Delhivery Limited serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (DELHIVER IN)</a> acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom's failed IPO and rights issue raised similar funds.</li>
<li>The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.</li>
<li>Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.</li>
</ul>



Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom's failed IPO and rights issue raised similar funds.
The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.


Event Driven: Delhivery Acquires Ecom Express as Distress Sale

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

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

IndiQube Spaces Ltd / Equity Capital Markets

IndiQube Spaces Private Limited provides internet based services. The Company offers through its platform office properties search, information and real estate services. IndiQube Spaces serves customers in India.

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<li>
<a href="https://www.smartkarma.com/entities/indiqube-spaces-ltd" target="_blank" data-smartkarma-citation="entities:44238:1" rel="noopener">IndiQube Spaces Ltd (1628202D IN)</a>  (ISL) is planning to raise about US$100m in its upcoming India IPO. </li>
<li>ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.</li>
<li>ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.</li>
</ul>



IndiQube Spaces Ltd (1628202D IN)  (ISL) is planning to raise about US$100m in its upcoming India IPO. 
ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.


IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

LG Electronics India / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a>/LGEIL, a subsidiary of <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>, aims to raise up to US$1.5 billion through a secondary offering (15% of outstanding shares). </li>
<li>According to Redseer, as of 30 June 2024, LGEIL was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume.</li>
<li>The bull case rests on a strong market position, solid revenue growth, top-tier operating and FCF margin profile. </li>
</ul>



LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.5 billion through a secondary offering (15% of outstanding shares). 
According to Redseer, as of 30 June 2024, LGEIL was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume.
The bull case rests on a strong market position, solid revenue growth, top-tier operating and FCF margin profile. 


Runwal Enterprises Limited / Equity Capital Markets

Runwal Enterprises Limited owns and develops real estate. The Company engages in development of residential and commercial properties, as well as owns and manages the retail mall chain. Runwal Enterprises serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/runwal-enterprises-limited" target="_blank" data-smartkarma-citation="entities:45055:1" rel="noopener">Runwal Enterprises Limited (2300329D IN)</a> (REL) is planning to raise about US$117m through its upcoming India IPO. The lead bookrunners for the deal are ICICI, Jefferies.</li>
<li>REL is a real estate developer engaged across the full spectrum of real estate, with a focus on residential (affordable to luxury), commercial spaces, retail malls, and educational buildings.</li>
<li>As per JLL Report, between Jan 19 and Sept 24, Runwal Enterprises ranked 2nd in Mumbai for both new launches (5.69%) and sales (5.25%).</li>
</ul>



Runwal Enterprises Limited (2300329D IN) (REL) is planning to raise about US$117m through its upcoming India IPO. The lead bookrunners for the deal are ICICI, Jefferies.
REL is a real estate developer engaged across the full spectrum of real estate, with a focus on residential (affordable to luxury), commercial spaces, retail malls, and educational buildings.
As per JLL Report, between Jan 19 and Sept 24, Runwal Enterprises ranked 2nd in Mumbai for both new launches (5.69%) and sales (5.25%).


Akshat Shah

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by  recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>According to CRISIL, it was the largest and fastest-growing non-ferrous metal recycling business, in terms of revenue for FY22-24 in India.</li>
</ul>



Jain Resource Recycling (2300699D IN) is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.
The company is primarily focused on manufacturing of non-ferrous metal products by  recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
According to CRISIL, it was the largest and fastest-growing non-ferrous metal recycling business, in terms of revenue for FY22-24 in India.


Jain Resource Recycling Pre-IPO Tearsheet

Indian Blocks Bazaar
Indian Blocks and Placements

Event Driven: Delhivery Acquires Ecom Express as Distress Sale

Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...

Nimish Maheshwari

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

LG Electronics India IPO: The Bull Case

LGEIL aims to raise up to US$1.5 billion. The bull case rests on a strong market position, solid revenue growth, top-tier operating and FCF margin...

Arun George

Runwal Enterprises Ltd Pre-IPO Tearsheet

Runwal Enterprises Limited plans to raise $117m in India IPO with focus on residential, commercial, retail, and educational real estate. Ranked...

Rosita Fernandes

Jain Resource Recycling Pre-IPO Tearsheet

Jain Resource Recycling is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.

Akshat Shah

Event Driven: Delhivery Acquires Ecom Express as Distress Sale

​Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...

Nimish Maheshwari

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

​IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

LG Electronics India IPO: The Bull Case

LGEIL aims to raise up to US$1.5 billion. The bull case rests on a strong market position, solid revenue growth, top-tier operating and FCF margin...

Arun George

Runwal Enterprises Ltd Pre-IPO Tearsheet

​Runwal Enterprises Limited plans to raise $117m in India IPO with focus on residential, commercial, retail, and educational real estate. Ranked...

Rosita Fernandes

Jain Resource Recycling Pre-IPO Tearsheet

Jain Resource Recycling is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.

Akshat Shah

Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Runwal Enterprises Limited plans to raise $117m in India IPO with focus on residential, commercial, retail, and educational real estate. Ranked...