Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<section><div id="ember1549">
<div><p><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 (EOP IN) </a> plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, later in the year.  </p></div>
<div><p>The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: </p></div>
<div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-good-assets-but-projections-might-be-a-tad-too-bullish" target="_blank" rel="noopener">Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish</a></li>
<li>
<a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-comparison-with-ait-and-a-look-at-the-required-yield" target="_blank" rel="noopener">Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield</a>, and</li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-ipo-fy19-revised-down-yield-propped-up-by-zero-coupon-bond" target="_blank" rel="noopener">Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-trading-update-lowest-volume-traded-for-any-indian-listing-since-2018" target="_blank" rel="noopener">Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-placement-to-big-to-swallow-if-its-not-a-reverse-enquiry" target="_blank" rel="noopener">Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry</a></li>
</ul></div>
</div></section><p>In this insight, I'll take an early look at the deal.</p>


Embassy Office Parks REIT (EOP IN)  plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, later in the year.  
The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: 

Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish

Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield, and
Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond
Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018
Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry

In this insight, I'll take an early look at the deal.

Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning

Mindspace Business Parks REIT / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN) </a>raised around US$600m in its IPO, making it the second REIT listing for India.</p></div><div><p>In my previous insights I've covered the company background, its projected growth, compared it to its main listed peer: </p></div><ul>
<li> <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a>,</li>
<li>
<a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-updates-aren-t-so-great" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Updates aren't so great</a>,</li>
<li><a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-ipo-price-appears-fair-strategic-investors-are-top-notch" target="_blank" rel="noopener">Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch</a></li>
</ul><p>In this insight, I will re-visit some of the deal dynamics, comment on share price drivers and provide a table with implied valuations.</p>

Mindspace Business Parks REIT (MBP IN) raised around US$600m in its IPO, making it the second REIT listing for India.In my previous insights I've covered the company background, its projected growth, compared it to its main listed peer: 
 Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal,

Mindspace Business Parks REIT Pre-IPO - Updates aren't so great,
Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch
In this insight, I will re-visit some of the deal dynamics, comment on share price drivers and provide a table with implied valuations.

Mindspace Business Park REIT Trading Update - Much Better Debut that Embassy

<p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN)</a>  (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.</p><p>MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.</p><p>The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. </p><p>In my earlier note, <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a> and <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-updates-aren-t-so-great" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Updates aren't so great</a>, I spoke about the company background and some of its assets.</p><p></p><p>In this note, I’ll run the deal through our framework and talk about deal dynamics.</p>

Mindspace Business Parks REIT (MBP IN)  (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. In my earlier note, Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal and Mindspace Business Parks REIT Pre-IPO - Updates aren't so great, I spoke about the company background and some of its assets.In this note, I’ll run the deal through our framework and talk about deal dynamics.

Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch

Areit (AyalaLand REIT) / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/ayalaland-reit-areit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">AyalaLand Reit (AREIT) (AREIT PM)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/ayala-land-inc" target="_blank" data-smartkarma-citation="entities:131:1" rel="noopener">Ayala Land Inc (ALI PM)</a>, aims to raise up to US$270 in its Philippines listing.</p></div><div><p>AREIT will be the first REIT listing for the Philippines. It will have an initial portfolio of three commercial buildings located in Metro Manila, Philippines. In addition, it will use the proceeds from the IPO to buy another asset from the sponsor, taking its total asset count to four. Its assets are relatively new, with long term leases and step-up rental escalation, which should provide stability to rentals. </p></div><div>
<p>I’ve covered the details of the company in my previous note, <a href="https://www.smartkarma.com/insights/areit-pre-ipo-first-philippines-reit-listing-comes-with-its-peculiarities" target="_blank" rel="noopener">AREIT Pre-IPO - First Philippines REIT Listing Comes with Its Peculiarities</a>.</p>
<p>In this note, I’ll run the deal through our ECM framework and talk about valuations.</p>
</div>

AyalaLand Reit (AREIT) (AREIT PM), a subsidiary of Ayala Land Inc (ALI PM), aims to raise up to US$270 in its Philippines listing.AREIT will be the first REIT listing for the Philippines. It will have an initial portfolio of three commercial buildings located in Metro Manila, Philippines. In addition, it will use the proceeds from the IPO to buy another asset from the sponsor, taking its total asset count to four. Its assets are relatively new, with long term leases and step-up rental escalation, which should provide stability to rentals. 
I’ve covered the details of the company in my previous note, AREIT Pre-IPO - First Philippines REIT Listing Comes with Its Peculiarities.
In this note, I’ll run the deal through our ECM framework and talk about valuations.


AREIT IPO - Looks Sustainable at the Low-End

<p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN)</a> (MBP) aims to raise around US$500m via a mix of selling primary and secondary shares in its Indian IPO.</p><p>MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.</p><p>The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. </p><p>In my earlier note, <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a>, I spoke about the company background and some of its assets.</p><p>In this note, I’ll talk about the updates from the recently filed addendum to the draft offer document.</p>

Mindspace Business Parks REIT (MBP IN) (MBP) aims to raise around US$500m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. In my earlier note, Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal, I spoke about the company background and some of its assets.In this note, I’ll talk about the updates from the recently filed addendum to the draft offer document.

Mindspace Business Parks REIT Pre-IPO - Updates Aren't so Great

Singapore

Capitaland India Trust operates as a property trust. The Trust acquires, owns, and develops income-producing real estates such as IT business parks, logistics space, and industrial facilities. Capitaland India Trust serves customers in India.

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Capitaland India Trust (CLINT SP)

Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning

Embassy Office Parks REIT plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement,...

Sumeet Singh

Mindspace Business Park REIT Trading Update - Much Better Debut that Embassy

Mindspace Business Parks REIT (MBP IN) raised around US$600m in its IPO, making it the second REIT listing for India.In my previous insights I've...

Sumeet Singh

Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch

Mindspace Business Parks REIT (MBP IN) (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP...

Sumeet Singh

AREIT IPO - Looks Sustainable at the Low-End

AyalaLand Reit (AREIT) (AREIT PM), a subsidiary of Ayala Land Inc (ALI PM), aims to raise up to US$270 in its Philippines listing.AREIT will be the...

Sumeet Singh

Mindspace Business Parks REIT Pre-IPO - Updates Aren't so Great

Mindspace Business Parks REIT (MBP IN) (MBP) aims to raise around US$500m via a mix of selling primary and secondary shares in its Indian IPO.MBP...

Sumeet Singh

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