APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Embassy Office Parks REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from <a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EMBASSY IN)</a>.  </li>
<li>The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.  </li>
<li>In this note, we will talk about the selldown and run the deal through our ECM framework.</li>
</ul>



Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from Embassy Office Parks REIT (EMBASSY IN).  
The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.  
In this note, we will talk about the selldown and run the deal through our ECM framework.


Embassy Office Parks REIT Block - Likely Well Flagged and Overhang Will Be Removed

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>Temasek raised around US$300m via its secondary selldown in <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> in Jun 2023. The lockup from that placement will expire soon.</li>
<li>Temasek still owns over 50% of SIA and hence, any selldown might not come before SIA reports its 1H23/24 results in mid-Nov 2023.</li>
<li>In this note, we talk about the placement lockup dynamics.</li>
</ul>


Temasek raised around US$300m via its secondary selldown in Singapore Airlines (SIA SP) in Jun 2023. The lockup from that placement will expire soon.
Temasek still owns over 50% of SIA and hence, any selldown might not come before SIA reports its 1H23/24 results in mid-Nov 2023.
In this note, we talk about the placement lockup dynamics.


SIA Placement Lockup - Time for Another Trim of Its US$7bn Stake

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

Pavilion Real Estate Investment Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pavilion-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:17395:1" rel="noopener">Pavilion Real Estate Investment Trust (PREIT MK)</a> is looking to raise up to MYR$517m (US$115m) in its primary placement. </li>
<li>The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement. 
The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Pavilion REIT Placement - Very Well Flagged, Has Been Expected for Some Time

CapitaLand Ascendas REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-ascendas-reit" target="_blank" data-smartkarma-citation="entities:39:1" rel="noopener">CapitaLand Ascendas REIT (CLAR SP)</a> is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. </li>
<li>The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. 
The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

Singapore

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

Mapletree Logistics Trust is an Asia-focused logistics real estate investment trust. The Company invests in a diversified portfolio of income-producing real estate which is used for logistics purposes.

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

Keppel REIT operates as a commercial real estate investment trust. The Trust owns and invests in a portfolio of income-producing office buildings and related real estate assets. Keppel REIT offers its services in Asia and Australia.

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

ESR-LOGOS Real Estate Investment Trust (“ESR-LOGOS REIT”) is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-LOGOS REIT invests in quality income-producing industrial properties in key gateway markets.

As at 28 April 2022, ESR-LOGOS REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.5 billion. Its portfolio comprises 84 properties located across the developed markets of Singapore (63 assets) and Australia (21 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-LOGOS REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. 

ESR-LOGOS REIT is managed by ESR-LOGOS Funds Management (S) Limited (the “Manager”) and sponsored by the ESR Group (“ESR”). The Manager is owned by ESR (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%), respectively.

For further information on ESR-LOGOS REIT, please visit www.esr-logosreit.com.sg.

Kenedix Retail REIT Corporation is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. The Company invests mainly in commercial properties which are shopping centers, and super markets in Tokyo metropolitan, Osaka, Nagoya and Fukuoka area.

Vicinity Centres retails asset and property management services. The Company offers a retail property investment and services organization involved in the ownership, management, and development of retail properties. The Company operates shopping centers across Australia.

Stockland is a diversified Australian property group. The Group develops and manages Retail centers, Residential Communities and Retirement Living assets with a focus on regional centers and outer metropolitan. Stockland also owns a portfolio of Office and Industrial assets.

Link REIT is a real estate investment trust in Hong Kong. The Trust owns and operates shopping centers, parking space facilities and real estate retail space.

Ryman Hospitality Properties, Inc. is a real estate investment trust specializing in group-oriented, destination hotel assets in urban and resort markets.

Nippon Building Fund Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business offices and are located in Tokyo Major 5 wards and Kanto area.

CubeSmart is a self-administered and self-managed real estate company that owns, operates, acquires, and develops self-storage facilities in the United States.

Agree Realty Corporation is a real estate investment trust that owns, manages and develops primarily neighborhood community shopping centers or single tenant properties, located in twelve states and leased under net leases to major retail tenants.

First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate investment trust which owns, manages, acquires and develops bulk warehouses and light industrial properties. The Company's interests in its properties are held through various partnerships controlled by the company.

National Retail Properties Inc. is a real estate investment trust. The Company acquires, develops, and manages retail properties. National Retail Properties serves customers in the State of Florida.

CapitaLand Ascendas REIT is an industrial real estate investment trust. The Trust invests in business and science park properties, integrated development, amenities, and retail (IDAR) properties, high-specifications industrial properties and data centers, light industrial and flatted factories, and logistics and distribution centers.

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CapitaLand Ascendas REIT (CLAR SP)

Embassy Office Parks REIT Block - Likely Well Flagged and Overhang Will Be Removed

Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from...

Ethan Aw

SIA Placement Lockup - Time for Another Trim of Its US$7bn Stake

Temasek raised around US$300m via its secondary selldown in Singapore Airlines (SIA SP) in Jun 2023. The lockup from that placement will expire soon.

Sumeet Singh

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

Pavilion REIT Placement - Very Well Flagged, Has Been Expected for Some Time

Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement. The proceeds will be used...

Ethan Aw

Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. In this note, we'll run the deal through...

Ethan Aw

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