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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> filed for it Japan listing, while <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> continued to work towards its H-share listing.</li>
<li>In the placement space, there were no major deals this week apart from Blue Star and <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) filed for it Japan listing, while Midea Group Co Ltd A (000333 CH) continued to work towards its H-share listing.
In the placement space, there were no major deals this week apart from Blue Star and Sheela Foam Ltd (SFL IN). 


ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> raised around US$370m in its Japan IPO in Mar 2023. Its IPO linked lockup is set to expire on 24th Sep 2023.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



SBI Sumishin Net Bank (7163 JP) raised around US$370m in its Japan IPO in Mar 2023. Its IPO linked lockup is set to expire on 24th Sep 2023.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we will talk about the lock-up dynamics and updates since our last note.


SBI Sumishin Net Bank IPO Lock-Up - A US$1bn Lockup Release, Will Sell a Little at Some Point

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> raised around US$123m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Integral Corporation (5842 JP) raised around US$123m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.


Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seibu-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:40113:1" rel="noopener">Seibu Giken (6223 JP)</a> (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.</li>
<li>SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.</li>
</ul>



Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.


Seibu Giken IPO - Quick Note - Not Particularly Enticing

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Today, somewhat earlier than expected), the Nikkei Index Team announced the changes to the Nikkei 225.</li>
<li>
<a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/mercari-inc" target="_blank" data-smartkarma-citation="entities:27149:1" rel="noopener">Mercari (4385 JP)</a>, and <a href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20386:1" rel="noopener">Nitori Holdings (9843 JP)</a> are added. <a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsui-e-s-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2402:1" rel="noopener">Mitsui E&amp;S Holdings (7003 JP)</a>, and <a href="https://www.smartkarma.com/entities/matsui-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:6553:1" rel="noopener">Matsui Securities (8628 JP)</a> removed.</li>
<li>That triggers flows of about ¥480bn a side, and some big, big changes. The announcement helps understand new process better.</li>
</ul>


Today, somewhat earlier than expected), the Nikkei Index Team announced the changes to the Nikkei 225.

Lasertec Corp (6920 JP), Mercari (4385 JP), and Nitori Holdings (9843 JP) are added. Nippon Sheet Glass (5202 JP), Mitsui E&amp;S Holdings (7003 JP), and Matsui Securities (8628 JP) removed.
That triggers flows of about ¥480bn a side, and some big, big changes. The announcement helps understand new process better.


September Nikkei 225 Review - Lasertec, Mercari, Nitori IN, Expected DELETEs Out (Matsui the Biggie)

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

SBI Sumishin Net Bank IPO Lock-Up - A US$1bn Lockup Release, Will Sell a Little at Some Point

SBI Sumishin Net Bank (7163 JP) raised around US$370m in its Japan IPO in Mar 2023. Its IPO linked lockup is set to expire on 24th Sep 2023.

Sumeet Singh

Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

Integral Corporation (5842 JP) raised around US$123m in its Japan IPO. In this note, we talk about the trading dynamics

Sumeet Singh

Seibu Giken IPO - Quick Note - Not Particularly Enticing

Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

September Nikkei 225 Review - Lasertec, Mercari, Nitori IN, Expected DELETEs Out (Matsui the Biggie)

Since the Sep 2023 Nikkei announcement 10 days ago, Lasertec flatlined vs Peers, Nitori popped, then underperformed what might loosely be...

Travis Lundy

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