APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ruchi-soya-industries-ltd" target="_blank" data-smartkarma-citation="entities:12707:1" rel="noopener">Ruchi Soya Industries (RSI IN)</a> is looking to raise up to US$560m via a follow-on public offer.</li>
<li>The deal is almost akin to a relisting, as the free float was just at 1% prior to this deal. </li>
<li>Given the tight float, instead of discussing its track record , we will discuss the timeline of events leading up to the deal, past performance and undertake a peer comparison/valuation. </li>
</ul>



Ruchi Soya Industries (RSI IN) is looking to raise up to US$560m via a follow-on public offer.
The deal is almost akin to a relisting, as the free float was just at 1% prior to this deal. 
Given the tight float, instead of discussing its track record , we will discuss the timeline of events leading up to the deal, past performance and undertake a peer comparison/valuation. 


Ruchi Soya Placement - Almost Akin to a Relisting

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Vedant Fashions raised around US$420m in its India IPO. While insti demand was decent, retail investor gave it a miss. </li>
<li>It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.</li>
<li>In this note, we will talk about the trading updates and other deal dynamics.</li>
</ul>


Vedant Fashions raised around US$420m in its India IPO. While insti demand was decent, retail investor gave it a miss. 
It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
In this note, we will talk about the trading updates and other deal dynamics.


Vedant Fashions IPO Trading - Liked by Instis While Retail Gave It a Miss

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (AWLTD IN)</a> is up ~70% since its listing two days ago. </li>
<li>
<a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a>'s shares remain largely unchanged since Adani Wilma's IPO was officially floated. </li>
<li>90%-Held <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd-8e397b7b-30b8-4284-afc1-e1dc799b2e5c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings (300999 CH)</a> is down 52% in the past year, but trading in line with its average forward multiples since listing. </li>
</ul>



Adani Wilmar (AWLTD IN) is up ~70% since its listing two days ago. 

Wilmar International (WIL SP)'s shares remain largely unchanged since Adani Wilma's IPO was officially floated. 
90%-Held Yihai Kerry Arawana Holdings (300999 CH) is down 52% in the past year, but trading in line with its average forward multiples since listing. 


Wilmar Largely Unchanged As Wilmar Adani's IPO Surges

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> raised around US$500m in its India IPO.</li>
<li>Anchor quality wasn't the greatest, in our view, and were the firm to trade towards its peers' trailing average, it would imply a 21.8% downside potential. </li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>



Adani Wilmar (6596700Z IN) raised around US$500m in its India IPO.
Anchor quality wasn't the greatest, in our view, and were the firm to trade towards its peers' trailing average, it would imply a 21.8% downside potential. 
In this note we will talk about the subscription levels and trading dynamics.


Adani Wilmar IPO Trading - Listing Sentiment Isn’t the Greatest

LG Energy Solution / 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>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> made a strong debut, while <a href="https://www.smartkarma.com/entities/hyundai-engineering-co-ltd" target="_blank" data-smartkarma-citation="entities:33008:1" rel="noopener">Hyundai Engineering Co Ltd (HEC KS)</a> cancelled its listing plans.</li>
<li>There were no major placements this week given the market volatility and upcoming CNY holidays.</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.

LG Energy Solution (373220 KS) made a strong debut, while Hyundai Engineering Co Ltd (HEC KS) cancelled its listing plans.
There were no major placements this week given the market volatility and upcoming CNY holidays.


ECM Weekly (29th Jan 2022) - LG Energy, AInnovation, Citicore REIT, Adani Wilmar, Airpower, HK SPAC

India

Adani Wilmar Limited provides edible oil and fats. The Company offers oil products such as soyabean, sesame, sunflower, cottonseed, ground nut, mustard, coconut, and vegetable to households and business institutions. Adani Wilmar serves customers worldwide.

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Adani Wilmar (AWLTD IN)

Ruchi Soya Placement - Almost Akin to a Relisting

Ruchi Soya Industries (RSI IN) is looking to raise up to US$560m via a follow-on public offer. The deal is almost akin to a relisting, as the free...

Clarence Chu

Vedant Fashions IPO Trading - Liked by Instis While Retail Gave It a Miss

Vedant Fashions raised around US$420m in its India IPO. While institutional demand was decent, retail investor gave it a miss.

Sumeet Singh

Wilmar Largely Unchanged As Wilmar Adani's IPO Surges

Wilmar is relatively inexpensive, even taking into account its cross-border, possibly-difficult-to-short subsidiary. Management's average buyback...

David Blennerhassett

Adani Wilmar IPO Trading - Listing Sentiment Isn’t the Greatest

Adani Wilmar (6596700Z IN) raised around US$500m in its India IPO. In this note we will talk about the subscription levels and trading dynamics.

Clarence Chu

ECM Weekly (29th Jan 2022) - LG Energy, AInnovation, Citicore REIT, Adani Wilmar, Airpower, HK SPAC

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)