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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies</a> raised around US$514m in its India IPO, with robust demand.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Waaree Energies raised around US$514m in its India IPO, with robust demand.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (0656504D IN)</a> awaited IPO is about to open on October 21. The IPO comprises of fresh issue worth INR 36 bn and OFS worth INR 7.2 bn. </li>
<li>This insight is an update to the previous note on the company <a href="https://www.smartkarma.com/insights/waaree-energies-ipo-forensic-analysis" target="_blank" data-smartkarma-citation="insights:127677" rel="noopener">Waaree Energies IPO- Forensic Analysis</a> , on the forensics front. </li>
<li>The company still faces some of the forensic setbacks we found in the DRHP. These include capital purchases from related parties, heated receivables, bizarre lease accounting, unpaid dues, etc.</li>
</ul>



Waaree Energies (0656504D IN) awaited IPO is about to open on October 21. The IPO comprises of fresh issue worth INR 36 bn and OFS worth INR 7.2 bn. 
This insight is an update to the previous note on the company Waaree Energies IPO- Forensic Analysis , on the forensics front. 
The company still faces some of the forensic setbacks we found in the DRHP. These include capital purchases from related parties, heated receivables, bizarre lease accounting, unpaid dues, etc.


Waaree Energies IPO Update- Forensic Analysis

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insolation-energy-ltd" target="_blank" data-smartkarma-citation="entities:44168:1" rel="noopener">Insolation Energy (INA IN)</a>, originated from Jaipur, Rajasthan has been a beneficiary of the heavy solar tailwinds in the last two years and has been involved in major capex phase.  </li>
<li>The company has received big contracts such as the MoU with government to the tune of INR 100 bn in spite of having net worth of only INR 1.1 bn.</li>
<li>As far as forensics is concerned, we notice several irregularities such as low capitalisations, misclassification of OCF, EPS, naïve accounting of investments, forex movements, strange movements in margins, etc.</li>
</ul>



Insolation Energy (INA IN), originated from Jaipur, Rajasthan has been a beneficiary of the heavy solar tailwinds in the last two years and has been involved in major capex phase.  
The company has received big contracts such as the MoU with government to the tune of INR 100 bn in spite of having net worth of only INR 1.1 bn.
As far as forensics is concerned, we notice several irregularities such as low capitalisations, misclassification of OCF, EPS, naïve accounting of investments, forex movements, strange movements in margins, etc.


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

Thematic (Sector/Industry)

<ul>
<li>Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. </li>
<li>Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. </li>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (0656504D IN)</a> is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. </li>
</ul>


Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. 
Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. 

Waaree Energies (0656504D IN) is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. 


#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

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

Event-Driven

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 4 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 3 stocks to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for the <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 (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in March.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 4 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 3 stocks to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in March.


AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

India

Waaree Energies Limited manufactures solar equipment. The Company provides PV modules, inverters, KW rooftop solutions, utility grids, water pumps, and portable kits. Waaree Energies serves customers worldwide.

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Waaree Energies (0656504D IN)

Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

Waaree Energies raised around US$514m in its India IPO, with robust demand. In this note, we talk about the trading dynamics.

Sumeet Singh

Waaree Energies IPO Update- Forensic Analysis

Waaree Energies IPO comes in with fresh issue worth INR 36 bn and OFS worth INR 7.2 bn. Forensic analysis reveals ongoing concerns including...

Nitin Mangal

Insolation Energy Ltd- Forensic Analysis

Insolation Energy, based in Jaipur, Rajasthan, has benefited from the solar industry growth but shows several irregularities in financials...

Nitin Mangal

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

There could be 33 migrations in January, 4 new listings in LargeCap, 3 in MidCap and multiple in SmallCap. Some of the AMFI changes will have...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

Waaree Energies raised around US$514m in its India IPO, with robust demand. In this note, we talk about the trading dynamics.

Sumeet Singh

Waaree Energies IPO Update- Forensic Analysis

​Waaree Energies IPO comes in with fresh issue worth INR 36 bn and OFS worth INR 7.2 bn. Forensic analysis reveals ongoing concerns including...

Nitin Mangal

Insolation Energy Ltd- Forensic Analysis

​Insolation Energy, based in Jaipur, Rajasthan, has benefited from the solar industry growth but shows several irregularities in financials...

Nitin Mangal

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

​Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

There could be 33 migrations in January, 4 new listings in LargeCap, 3 in MidCap and multiple in SmallCap. Some of the AMFI changes will have...

Brian Freitas

Waaree Energies IPO comes in with fresh issue worth INR 36 bn and OFS worth INR 7.2 bn. Forensic analysis reveals ongoing concerns including...

Insolation Energy, based in Jaipur, Rajasthan, has benefited from the solar industry growth but shows several irregularities in financials...

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...