US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

SmartStop Self Storage REIT / Equity Capital Markets

SmartStop Self Storage REIT, Inc. is a self-storage REIT company. The Company focuses on the acquisition, ownership, and operation of self-storage properties. SmartStop Self Storage REIT serves clients in the United States and Canada.

<ul>
<li>According to our sources, the deal is multiple-times oversubscribed -- our sources stated around 5x. </li>
<li>Self-Storage was Monday's second best performing sub-sector (+1.8%) as the overall REIT sector (+0.7%) slightly outperformed the broader market.</li>
<li>While the "typical" IPO investor may not be "enthused", the timing for this type of deal "may" be ideal for yield-chasers.</li>
</ul>


According to our sources, the deal is multiple-times oversubscribed -- our sources stated around 5x. 
Self-Storage was Monday's second best performing sub-sector (+1.8%) as the overall REIT sector (+0.7%) slightly outperformed the broader market.
While the "typical" IPO investor may not be "enthused", the timing for this type of deal "may" be ideal for yield-chasers.


SmartStop Self Storage (SMA): IPO for Yield Chasers, Traditional Players on the Sidelines

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.

WuXi XDC Cayman  / Equity Capital Markets

WuXi XDC Cayman Inc. operates as a leading contract testing, development and manufacturing organization focused on the global antibody drug conjugates and broader bioconjugate market. The Company provides bioconjugation discovery, analytical development, intermediate and conjugation manufacturing, and other services. WuXi XDC Cayman provides its services worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$250m via selling around 3.5% stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK).</a>
</li>
<li>WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK).

WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

APAC IPOs & Placements, Aequitas Research

Troy Wong

APAC IPOs & Placements

Sigenergy provides renewable energy solutions, catering to 1) residential, 2) commercial, and 3) industrial applications. The group markets and sells to distributors and primarily serves the European market.

<ul>
<li>Sigenergy Technology (Sigenergy) is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>Sigenergy is a market leader in the stackable all-in-one DESS solutions market. Since inception, its sales grew exponentially as it expands its distribution network, causing net loss to narrow significantly.</li>
<li>There are various areas of risks regarding its high customer and supplier concentration, high raw material sensitivity, high related party transactions, and having a short operating history.</li>
</ul>


Sigenergy Technology (Sigenergy) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
Sigenergy is a market leader in the stackable all-in-one DESS solutions market. Since inception, its sales grew exponentially as it expands its distribution network, causing net loss to narrow significantly.
There are various areas of risks regarding its high customer and supplier concentration, high raw material sensitivity, high related party transactions, and having a short operating history.


Sigenergy Technology Pre-IPO - Achieved Market Leadership Within Two Years in a Nascent Industry

Maynilad Water Services / Equity Capital Markets

Maynilad Water Services, Inc. provides water and wastewater services. The Company maintains water and sewer mains for the provision of municipal water services. Maynilad Water Services serves cities and municipalities in Philippines.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services (MYNLD PH)</a> (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.</li>
<li>MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
In this note, we talk about the positive aspects of the deal.


Maynilad Water Services Pre-IPO - The Positives - Key Infrastructure Provider

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.</li>
<li>Qingsong’s revenue structure has undergone significant changes. However, if Qingsong's future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.</li>
<li>Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  </li>
</ul>


The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.
Qingsong’s revenue structure has undergone significant changes. However, if Qingsong's future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.
Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  


QingSong Health Corporation - Pain Points of the Business Model and the Outlook

Equity Capital Markets (ECM)
Equity Capital Markets (ECM) Insights

SmartStop Self Storage (SMA): IPO for Yield Chasers, Traditional Players on the Sidelines

Deal is oversubscribed 5x, self-storage is a sector that does not typically excite IPO investors. The timing of the deal may be ideal for yield...

IPO Boutique

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Sigenergy Technology Pre-IPO - Achieved Market Leadership Within Two Years in a Nascent Industry

Sigenergy Technology plans to raise over US$100m in Hong Kong IPO, a market leader in stackable all-in-one DESS solutions with exponential sales...

Troy Wong

Maynilad Water Services Pre-IPO - The Positives - Key Infrastructure Provider

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO. In this note, we talk about the...

Sumeet Singh

QingSong Health Corporation - Pain Points of the Business Model and the Outlook

By connecting different stakeholders, QingSong can monetize user base. As revenue structure has undergone big changes, it may be hard to generate...

Xinyao (Criss) Wang

SmartStop Self Storage (SMA): IPO for Yield Chasers, Traditional Players on the Sidelines

​Deal is oversubscribed 5x, self-storage is a sector that does not typically excite IPO investors. The timing of the deal may be ideal for yield...

IPO Boutique

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Sigenergy Technology Pre-IPO - Achieved Market Leadership Within Two Years in a Nascent Industry

​Sigenergy Technology plans to raise over US$100m in Hong Kong IPO, a market leader in stackable all-in-one DESS solutions with exponential sales...

Troy Wong

Maynilad Water Services Pre-IPO - The Positives - Key Infrastructure Provider

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO. In this note, we talk about the...

Sumeet Singh

QingSong Health Corporation - Pain Points of the Business Model and the Outlook

By connecting different stakeholders, QingSong can monetize user base. As revenue structure has undergone big changes, it may be hard to generate...

Xinyao (Criss) Wang

Deal is oversubscribed 5x, self-storage is a sector that does not typically excite IPO investors. The timing of the deal may be ideal for yield...

Sigenergy Technology plans to raise over US$100m in Hong Kong IPO, a market leader in stackable all-in-one DESS solutions with exponential sales...