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

CapitaLand Ascott Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-ascott-trust" target="_blank" data-smartkarma-citation="entities:6560:1" rel="noopener">CapitaLand Ascott Trust (CLAS SP)</a> is looking to raise around S$200m from its primary follow-on. Included in the deal is another S$100m preferential offering to existing shareholders.</li>
<li>Proceeds will be used towards acquiring three new properties, and for asset enhancement initiatives.</li>
<li>The deal would be a relatively large one for the REIT to digest, at 31.6 days of three month ADV.</li>
</ul>



CapitaLand Ascott Trust (CLAS SP) is looking to raise around S$200m from its primary follow-on. Included in the deal is another S$100m preferential offering to existing shareholders.
Proceeds will be used towards acquiring three new properties, and for asset enhancement initiatives.
The deal would be a relatively large one for the REIT to digest, at 31.6 days of three month ADV.


Capitaland Ascott Trust - Another One to Add to Its Latest Spree of Acquisitions

Ethan Aw

Mapletree Industrial Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40:1" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> is looking to raise at least S$202m (US$150m) in its primary placement.</li>
<li>The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement.
The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Mapletree Industrial Trust Placement - Data Centre Exposure Still on the Rise

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of three month ADV.</li>
<li>The proceeds will be used to acquire three new properties and obtain a 30% co-ownership interest in a fourth one. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



GLP J-REIT (3281 JP) is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of three month ADV.
The proceeds will be used to acquire three new properties and obtain a 30% co-ownership interest in a fourth one. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


GLP J-REIT Placement - Could Be Another Addition to Its History of Well-Performing Deals

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.</li>
<li>With roughly 4 more months left for the base date, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> seems to be an ADD but it is close to the border.</li>
<li>Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.</li>
</ul>


In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.
With roughly 4 more months left for the base date, Sembcorp Marine (SMM SP) seems to be an ADD but it is close to the border.
Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.


Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Mapletree Logistics Trust / Equity Capital Markets

<ul>
<li>Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.</li>
<li>We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.</li>
<li>In this note, we will run the deal through our ECM framework and talk about deal dynamics.</li>
</ul>


Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.
We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.
In this note, we will run the deal through our ECM framework and talk about deal dynamics.


MLT Placement - Small Deal but Recent Deals Didn’t Do Well

Singapore

Ascendas Hospitality Trust is a stapled trust. The Trust comprises Ascendas Hospitality Real Estate Investment Trust and Ascendas Hospitality Business Trust established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of income-producing real estate used predominantly for hospitality purposes located across Asia, Australia and NZ.

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Ascendas Hospitality Trust (ASCHT SP)

Capitaland Ascott Trust - Another One to Add to Its Latest Spree of Acquisitions

CapitaLand Ascott Trust (CLAS SP) is looking to raise around S$200m from its primary follow-on. Included in the deal is another S$100m preferential...

Clarence Chu

Mapletree Industrial Trust Placement - Data Centre Exposure Still on the Rise

Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement. In this note, we'll run the deal...

Ethan Aw

GLP J-REIT Placement - Could Be Another Addition to Its History of Well-Performing Deals

GLP J-REIT (3281 JP) is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of...

Ethan Aw

Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

As things stand, there could be one day of volume to buy in Sembcorp Marine and two days of volume to sell in KDCREIT but if share prices fluctuate...

Janaghan Jeyakumar, CFA

MLT Placement - Small Deal but Recent Deals Didn’t Do Well

Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan,...

Sumeet Singh

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