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

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

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

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>Capitaland Investment (CLI), one of Singapore’s largest global real estate investment managers, oversees S$133 billion in real estate asset under management (RE AUM) and S$89 billion in fund under management (FUM) as of Mar 31, 2023.</li><li>CLI’s fund management business includes 36 private funds and six listed real estate investment trusts (Reits) and business trusts, of which five are listed in Singapore.</li><li>CapitaLand Ascott Trust (CLAS) saw Q1 2023 gross profit increase by 59 per cent year on year due to stronger operating performance and contributions from new properties.</li></ul>

Capitaland Investment (CLI), one of Singapore’s largest global real estate investment managers, oversees S$133 billion in real estate asset under management (RE AUM) and S$89 billion in fund under management (FUM) as of Mar 31, 2023.CLI’s fund management business includes 36 private funds and six listed real estate investment trusts (Reits) and business trusts, of which five are listed in Singapore.CapitaLand Ascott Trust (CLAS) saw Q1 2023 gross profit increase by 59 per cent year on year due to stronger operating performance and contributions from new properties.

REIT Watch - CapitaLand Reits average 39% gearing; see operational growth

Frasers Logistics & Commercial Trust / Equity Bottom-Up

<ul><li>Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector ACCORDING to a Savills report on the European logistics sector outlook published in mid-March, the region’s logistics market is faced with a mixed economic outlook and slowdown, but tailwinds are expected to return soon.</li><li>Listed in Singapore are three Reits with significant exposure to European logistics real estate properties – Cromwell European Reit, Frasers Logistics & Commercial Trust , and CapitaLand Ascendas Reit.</li></ul>

Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector ACCORDING to a Savills report on the European logistics sector outlook published in mid-March, the region’s logistics market is faced with a mixed economic outlook and slowdown, but tailwinds are expected to return soon.Listed in Singapore are three Reits with significant exposure to European logistics real estate properties – Cromwell European Reit, Frasers Logistics & Commercial Trust , and CapitaLand Ascendas Reit.

REIT Watch – Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector

Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector

Singapore

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)

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

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

REIT Watch - CapitaLand Reits average 39% gearing; see operational growth

Capitaland Investment (CLI), one of Singapore’s largest global real estate investment managers, oversees S$133 billion in real estate asset under...

Singapore Exchange Ltd (SGX)

REIT Watch – Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector

Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector ACCORDING to a Savills report on the European logistics sector outlook...

Singapore Exchange Ltd (SGX)

Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector

Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector ACCORDING to a Savills report on the European logistics sector outlook...

Singapore Exchange Ltd (SGX)

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