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

Robosense Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (ROBO HK)</a> (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. </li>
<li>As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Robosense Technology (ROBO HK) (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. 
As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.
In this note, we talk about the not-so-positive aspects of the deal.


Robosense Technology Pre-IPO - The Negatives - Not a Whole Lot of Earnings

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>Six weeks ago, LDP Policy Research Council chairman KAGIUDA led a discussion about full NTT privatisation to fund defence. Today he said serious deliberations begin in August. Shares fell today.</li>
<li>The LDP wants non-tax resources to increase defence/social spending. Selling would require a change in NTT Law, but the argument is that communications have changed/internationalised.</li>
<li>As discussed in <a href="https://www.smartkarma.com/insights/ntt-9432-jp-would-the-govt-sell-all-its-shares-why-how-how-long-overhang" target="_blank" data-smartkarma-citation="insights:104184" rel="noopener">NTT (9432 JP) - Would the Govt Sell All Its Shares? Why? How? How Long? Overhang?</a>, there are questions on overhang. BUT... presumably there are mitigants. </li>
</ul>


Six weeks ago, LDP Policy Research Council chairman KAGIUDA led a discussion about full NTT privatisation to fund defence. Today he said serious deliberations begin in August. Shares fell today.
The LDP wants non-tax resources to increase defence/social spending. Selling would require a change in NTT Law, but the argument is that communications have changed/internationalised.
As discussed in NTT (9432 JP) - Would the Govt Sell All Its Shares? Why? How? How Long? Overhang?, there are questions on overhang. BUT... presumably there are mitigants. 


NTT (9432) - LDP Consideration of Full Sale Is Not Necessarily Overhang

Rakuten Securities / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the not-so-positive aspects of the deal.


Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Rakuten Securities (RAKUSEC JP), the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the positive aspects of the deal.


Rakuten Securities IPO Early Look - The Positives - Has Been Gaining Market Share

Plus Alpha Consulting / Equity Capital Markets

<ul>
<li>Three shareholders of <a href="https://www.smartkarma.com/entities/plus-alpha-consulting-co-ltd" target="_blank" data-smartkarma-citation="entities:33441:1" rel="noopener">Plus Alpha Consulting (4071 JP)</a> (PAC) aim to raise around US$230m via selling over 26% of the company.</li>
<li>PAC was listed in 2021 and after a somewhat tepid initial performance it has been doing well over the past year.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework</li>
</ul>


Three shareholders of Plus Alpha Consulting (4071 JP) (PAC) aim to raise around US$230m via selling over 26% of the company.
PAC was listed in 2021 and after a somewhat tepid initial performance it has been doing well over the past year.
In this note, we talk about the deal dynamics and run the deal through our ECM framework


Plus Alpha Consulting Placement - Pulling Out All Stops for Deal Success as Insiders Are Selling

Japan

Softbank Corporation provides mobile phone telecommunication and networking services. The Company offers mobile communication opening, short messaging function opening, video function opening, and other services. Softbank also provides mobile phones.

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Softbank Corp (9434 JP)

Robosense Technology Pre-IPO - The Negatives - Not a Whole Lot of Earnings

Robosense Technology is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

NTT (9432) - LDP Consideration of Full Sale Is Not Necessarily Overhang

NTT dropped today outright and vs peers on news that the LDP is moving forward with "serious consideration" about a full selldown to fund defence...

Travis Lundy

Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing. In this note, we talk...

Sumeet Singh

Plus Alpha Consulting Placement - Pulling Out All Stops for Deal Success as Insiders Are Selling

Three shareholders of Plus Alpha Consulting (4071 JP) (PAC) aim to raise around US$230m via selling over 26% of the company.

Sumeet Singh

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