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

Index Rebalance

<ul>
<li>There are 17 changes a side for the NIFTY Midcap 150 Index at the March rebalance. There are many stocks with flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 9.2% resulting in a round-trip trade of INR 15.9bn (US$184m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>There are many stocks with opposing flows from <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> trackers. <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> will have inflows from multiple index trackers over the next month.</li>
</ul>


There are 17 changes a side for the NIFTY Midcap 150 Index at the March rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 9.2% resulting in a round-trip trade of INR 15.9bn (US$184m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.
There are many stocks with opposing flows from NSE Nifty Next 50 Index trackers. Ola Electric (OLAELEC IN) will have inflows from multiple index trackers over the next month.


NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> is likely to get added at the March 2025 review following the lock-up expiry in November 2024 which increases the fcap way above the fcap threshold.</li>
<li>Current fcap for February 2025 review is ~$1.2bn following the lock-up expiry in November 2024. Inclusion is based on whether fcap passes the prevailing fcap threshold.</li>
<li>The lock-up expiry in February 2025, increases the probability of addition in May 2025 review if it fails inclusion in February. </li>
</ul>



Ola Electric (OLAELEC IN) is likely to get added at the March 2025 review following the lock-up expiry in November 2024 which increases the fcap way above the fcap threshold.
Current fcap for February 2025 review is ~$1.2bn following the lock-up expiry in November 2024. Inclusion is based on whether fcap passes the prevailing fcap threshold.
The lock-up expiry in February 2025, increases the probability of addition in May 2025 review if it fails inclusion in February. 


Ola Electric (OLAELEC): EV Maker Receives Turbo Boost from Lock-Up Expiries for Index Inclusion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> raised around US$734m in its India IPO in August 2024. The lockup for its pre-IPO investors is set to expire soon.</li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Ola Electric (OLAELEC IN) raised around US$734m in its India IPO in August 2024. The lockup for its pre-IPO investors is set to expire soon.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells
In this note, we will talk about the lockup dynamics and possible placement.


Ola Electric IPO Lockup - US$1.6bn+ Lockup Release

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

Equity Bottom-Up

<ul>
<li>Ather Energy is launching an IPO to raise INR 2,626 crore for capacity expansion, R&amp;D, and marketing, and OFS of INR 350 Crore.</li>
<li>Despite strong technological positioning, Ather faces rising competitive pressure, high cash burn, low capacity utilization, and growing risks from policy and supplier dependencies.</li>
<li>While Ather’s innovation strength is intact, its financial instability and fierce competition make the IPO a high-risk, cautious-watch opportunity rather than a straightforward growth bet.</li>
</ul>


Ather Energy is launching an IPO to raise INR 2,626 crore for capacity expansion, R&amp;D, and marketing, and OFS of INR 350 Crore.
Despite strong technological positioning, Ather faces rising competitive pressure, high cash burn, low capacity utilization, and growing risks from policy and supplier dependencies.
While Ather’s innovation strength is intact, its financial instability and fierce competition make the IPO a high-risk, cautious-watch opportunity rather than a straightforward growth bet.


Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025. </li>
<li>This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country. </li>
<li>The product quality, service feedback and product positioning is relatively better than competition. <strong>The product is good, business probably not. </strong>
</li>
</ul>



Ather Energy (1207922D IN) IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025. 
This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country. 
The product quality, service feedback and product positioning is relatively better than competition. The product is good, business probably not. 



Ather Energy IPO | Showroom and Service Center Visits

India

OLA Electric Mobility Limited manufactures electric vehicles. The Company focuses on designing, engineering, and manufacturing of electric scooters and bikes, as well as components like battery packs, motors, and vehicle frames. OLA Electric Mobility serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ola Electric (OLAELEC IN)

NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

There are 17 changes for the index in March. Estimated one-way turnover is 9.2% resulting in a one-way trade of INR15.9bn. There are many stocks...

Brian Freitas

Ola Electric (OLAELEC): EV Maker Receives Turbo Boost from Lock-Up Expiries for Index Inclusion

Ola Electric’s stock price tanked more than 50% since its peak on 20 August 2024, post IPO. Nonetheless, its cut-off fcap of ~$800m is still above...

Dimitris Ioannidis

Ola Electric IPO Lockup - US$1.6bn+ Lockup Release

Ola Electric (OLAELEC IN) raised around US$734m in its India IPO in August 2024. The lockup for its pre-IPO investors is set to expire soon.

Sumeet Singh

Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market

Ather Energy's IPO aims to raise funds for expansion, but faces challenges like competition, cash burn, and policy risks, making it a high-risk...

Sudarshan Bhandari

Ather Energy IPO | Showroom and Service Center Visits

Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

There are 17 changes for the index in March. Estimated one-way turnover is 9.2% resulting in a one-way trade of INR15.9bn. There are many stocks...

Brian Freitas

Ola Electric (OLAELEC): EV Maker Receives Turbo Boost from Lock-Up Expiries for Index Inclusion

Ola Electric’s stock price tanked more than 50% since its peak on 20 August 2024, post IPO. Nonetheless, its cut-off fcap of ~$800m is still above...

Dimitris Ioannidis

Ola Electric IPO Lockup - US$1.6bn+ Lockup Release

Ola Electric (OLAELEC IN) raised around US$734m in its India IPO in August 2024. The lockup for its pre-IPO investors is set to expire soon.

Sumeet Singh

Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market

​Ather Energy's IPO aims to raise funds for expansion, but faces challenges like competition, cash burn, and policy risks, making it a high-risk...

Sudarshan Bhandari

Ather Energy IPO | Showroom and Service Center Visits

​Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality

Pranav Bhavsar

Ather Energy's IPO aims to raise funds for expansion, but faces challenges like competition, cash burn, and policy risks, making it a high-risk...

Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality