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

Pace Digitek Ltd / Equity Capital Markets

Pace Digitek Private Limited operates as a power generation equipment company.The Company offers hybrid DC power system, innovation, research, creative, design, AMF, charge control unit, and lithium battery products. Pace Digitek Private serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pace-digitek-ltd" target="_blank" data-smartkarma-citation="entities:45049:1" rel="noopener">Pace Digitek Ltd (0180382D IN)</a>  (PDL) is planning to raise about US$105m through its upcoming India IPO. The lead bookrunner for the deal is Unistone.</li>
<li>PDL provides multi-disciplinary solutions in telecom passive infrastructure, offering turnkey services across India, Myanmar, and Africa. Initially manufacturing passive equipment, it expanded into products, projects, O&amp;M, and service solutions.</li>
<li>PDL transitioned from manufacturing passive telecom equipment to providing multi-disciplinary solutions, including telecom, energy, and ICT products, services, and turnkey projects, with a focus on O&amp;M, renewables, and infrastructure development.</li>
</ul>



Pace Digitek Ltd (0180382D IN)  (PDL) is planning to raise about US$105m through its upcoming India IPO. The lead bookrunner for the deal is Unistone.
PDL provides multi-disciplinary solutions in telecom passive infrastructure, offering turnkey services across India, Myanmar, and Africa. Initially manufacturing passive equipment, it expanded into products, projects, O&amp;M, and service solutions.
PDL transitioned from manufacturing passive telecom equipment to providing multi-disciplinary solutions, including telecom, energy, and ICT products, services, and turnkey projects, with a focus on O&amp;M, renewables, and infrastructure development.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Lotte Global Logistics / Equity Capital Markets

Lotte Logistics is a logistics and shipping company headquartered in Seoul, Korea, established in 1988. It is a subsidiary of Lotte Corporation.

<ul>
<li>Our base case valuation of Lotte Global Logistics is implied market cap of 560 billion won, which represents target price of 13,454 won per share. </li>
<li>We have a negative view of this IPO as our target price does not provide a meaningful upside to the IPO price range. </li>
<li>Four major factors we are negative on this IPO include lack of sales growth, excessive competition (Coupang and CJ Logistics), mystery of put option clause, and highly geared balance sheet.</li>
</ul>


Our base case valuation of Lotte Global Logistics is implied market cap of 560 billion won, which represents target price of 13,454 won per share. 
We have a negative view of this IPO as our target price does not provide a meaningful upside to the IPO price range. 
Four major factors we are negative on this IPO include lack of sales growth, excessive competition (Coupang and CJ Logistics), mystery of put option clause, and highly geared balance sheet.


Lotte Global Logistics IPO Valuation Analysis

Chagee Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides a wide range of tea drinks products and services. Chagee Holdings serves customers worldwide.

<ul>
<li>Chagee Holdings (CHA US) is getting ready to complete its IPO on NASDAQ in the next several weeks. Chagee is one of the largest premium tea chains in China. </li>
<li>The company's sales and profits have been exploding higher in the past three years. Its sales jumped from 0.5 billion RMB in 2022 to 12.4 billion RMB in 2024. </li>
<li>Chagee could raise more than<a href="https://thebambooworks.com/forget-the-pearls-and-cheese-chagee-says-offering-up-simpler-milk-teas-for-u-s-investors/" target="_blank" rel="noopener"> $500 million</a> in this IPO. However, this is subject to change. </li>
</ul>


Chagee Holdings (CHA US) is getting ready to complete its IPO on NASDAQ in the next several weeks. Chagee is one of the largest premium tea chains in China. 
The company's sales and profits have been exploding higher in the past three years. Its sales jumped from 0.5 billion RMB in 2022 to 12.4 billion RMB in 2024. 
Chagee could raise more than $500 million in this IPO. However, this is subject to change. 


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.</li>
<li>We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.</li>
<li>We highlight key differences between our valuation and the broker valuation guidance.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.
We highlight key differences between our valuation and the broker valuation guidance.


Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

<ul>
<li>Samsung SDI’s rights offering is locked in and even accelerated. Hanwha Aerospace awaits FSS approval, but a pullback is unlikely, with no major red flags seen by regulators.</li>
<li>With a four-week gap, supply pressure eases, reducing overhang concerns. This shift in dynamics impacts stock rights pricing and is key for any arb setup.</li>
<li>The wider schedule gap between deals boosts lenders' flexibility, increasing the likelihood of a stronger share recall. This makes for a solid trade setup, targeting recall-driven price action.</li>
</ul>


Samsung SDI’s rights offering is locked in and even accelerated. Hanwha Aerospace awaits FSS approval, but a pullback is unlikely, with no major red flags seen by regulators.
With a four-week gap, supply pressure eases, reducing overhang concerns. This shift in dynamics impacts stock rights pricing and is key for any arb setup.
The wider schedule gap between deals boosts lenders' flexibility, increasing the likelihood of a stronger share recall. This makes for a solid trade setup, targeting recall-driven price action.


Clearing up FSS Review of Samsung SDI & Hanwha Aerospace: Watch for Ramped-Up Recall Pressure