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/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>Rigaku’s diverse product portfolio caters to a broad range of end industries which does provide it some insulation from the demand cyclicality of some markets.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Rigaku Holdings (268A JP) raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
Rigaku’s diverse product portfolio caters to a broad range of end industries which does provide it some insulation from the demand cyclicality of some markets.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Rigaku IPO Trading - Demand Wasn’t as Hot as Tokyo Metro but Still Decent

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> priced its IPO at JPY1,260 per share to raise gross proceeds of US$856 million. The shares will start trading on 25 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:161041" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:161232" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:161523" rel="noopener">Rigaku Holdings (268A JP) IPO: Valuation Insights</a>.</li>
<li>The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive.</li>
</ul>



Rigaku Holdings (268A JP) priced its IPO at JPY1,260 per share to raise gross proceeds of US$856 million. The shares will start trading on 25 October.
We previously discussed the IPO in Rigaku Holdings (268A JP) IPO: The Bull Case, Rigaku Holdings (268A JP) IPO: The Bear Case, Rigaku Holdings (268A JP) IPO: Valuation Insights.
The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive.


Rigaku Holdings (268A JP) IPO: Trading Debut

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> has opened its books for the IPO, and the IPO will raise $753m purely through the sale of shares by the existing shareholders.</li>
<li>Unlike its competitors, Rigaku has a very specialized product portfolio that is entirely focused on X-ray technology which makes the company unique among its competitors. </li>
<li>Our analysis reveals that Rigaku’s IPO is attractively priced compared to its competitors and there is more than 15-20% upside to the indicative IPO price range.</li>
</ul>



Rigaku Holdings (268A JP) has opened its books for the IPO, and the IPO will raise $753m purely through the sale of shares by the existing shareholders.
Unlike its competitors, Rigaku has a very specialized product portfolio that is entirely focused on X-ray technology which makes the company unique among its competitors. 
Our analysis reveals that Rigaku’s IPO is attractively priced compared to its competitors and there is more than 15-20% upside to the indicative IPO price range.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is looking to raise up to US$756m in its Japan IPO.</li>
<li>Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>In our earlier notes, we looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we look at Rigaku’s valuation at the final indicative range.</li>
</ul>



Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In our earlier notes, we looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we look at Rigaku’s valuation at the final indicative range.


Rigaku Holdings IPO - Upside Remains Attractive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is Japan’s leading manufacturer of X-ray analysis, measurement, and testing instruments. It is seeking to raise up to US$737 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:161041" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:161232" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bear Case</a>.</li>
<li>In this note, we discuss valuation. Our analysis suggests that Rigaku is attractively valued at the IPO price compared to peer multiples.</li>
</ul>



Rigaku Holdings (268A JP) is Japan’s leading manufacturer of X-ray analysis, measurement, and testing instruments. It is seeking to raise up to US$737 million.
We previously discussed the IPO in Rigaku Holdings (268A JP) IPO: The Bull Case and Rigaku Holdings (268A JP) IPO: The Bear Case.
In this note, we discuss valuation. Our analysis suggests that Rigaku is attractively valued at the IPO price compared to peer multiples.


Rigaku Holdings (268A JP) IPO: Valuation Insights

United States

Bruker Corporation designs, manufactures, and markets proprietary  life science systems based on spectrometry technology platforms.  The Company  also sells a range of field analytical systems for substance detection and  pathogen identification.  Bruker develops life science and advanced materials  research tools based on X-ray technology.

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Bruker Corp (BRKR US)

Rigaku IPO Trading - Demand Wasn’t as Hot as Tokyo Metro but Still Decent

Rigaku Holdings (268A JP) raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific...

Clarence Chu

Rigaku Holdings (268A JP) IPO: Trading Debut

The shares will start trading on 25 October. The peers have modestly derated since the prospectus was released on 20 September. The IPO price...

Arun George

Rigaku IPO: Forecasts and Valuation

Rigaku's IPO is attractively priced compared to competitors. The company's specialized product portfolio that is entirely focused on X-ray...

Shifara Samsudeen, ACMA, CGMA

Rigaku Holdings IPO - Upside Remains Attractive

Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO. In this note, we look at Rigaku’s valuation at the final indicative...

Clarence Chu

Rigaku Holdings (268A JP) IPO: Valuation Insights

Rigaku aims to raise US$0.7 billion in a purely secondary raise. Our analysis suggests that Rigaku is attractively valued at the IPO price compared...

Arun George

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