*New Mainboard IPO Alert: Belrise Industries Ltd (Formerly Badve Engineering)* 📊💰 *IPO Date:* May 21 – 23 *Issue Size:* ₹2,150 Cr (Full Fresh Issue) *Face Value:* ₹5 | Retail Quota: 35% *Lead Managers:* Axis Cap, HSBC, Jefferies, SBI Cap *Business Snapshot:* Belrise is a key automotive components manufacturer serving 2W, 3W, 4W, CVs & agri vehicles with safety-critical & polymer-based solutions. EV-ready + Entering solar panel component production in Q4 FY25. *Financials:* •FY23: Revenue ₹6,621 Cr | PAT ₹313.7 Cr •FY24: Revenue ₹7,557 Cr | PAT ₹323 Cr *Utilization of Funds:* •Debt repayment: ₹1,618 Cr (This improves financial leverage significantly.) *Product Segments:* 1.Automotive – 2W/3W: Sheet metal, braking, polymer parts, motors & chargers 2.Automotive – 4W: Suspension systems, sheet metal, polymer parts 3.Non-Auto: Refrigerator components *Clientele:* Bajaj Auto, Hero, TVS, M&M, Honda, Tata, TAFE, Ford, Fiat, Volkswagen, LG, Exide, Volvo, Hero Electric, and more. ⸻ *Verdict:* Belrise rides on a strong OEM client base, growing EV/solar exposure, and deleveraging plans. Watch for valuations, margins & peer comparison before applying.