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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.</li>
<li>In this note, we will run the deal through our ECM framework and talk about valuations.</li>
</ul>


Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In this note, we will run the deal through our ECM framework and talk about valuations.


Leapmotor IPO - Peers Recent Down Move Won’t Help

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Dr Ing hc F Porsche  / Equity Capital Markets

<ul>
<li>The Porsche IPO is expected to be the second largest IPO ever in Germany. Total proceeds from the IPO will be 18.1 billion to 19.5 billion euros.</li>
<li>The IPO price range is from 76.50 euros to 82.50 euros per share, which suggests a valuation of 70 billion to 75 billion euros.</li>
<li>After the IPO, Volkswagen will have an extraordinary shareholders meeting in December to propose to pay 49% of total proceeds to shareholders in early 2023 as a special dividend.</li>
</ul>


The Porsche IPO is expected to be the second largest IPO ever in Germany. Total proceeds from the IPO will be 18.1 billion to 19.5 billion euros.
The IPO price range is from 76.50 euros to 82.50 euros per share, which suggests a valuation of 70 billion to 75 billion euros.
After the IPO, Volkswagen will have an extraordinary shareholders meeting in December to propose to pay 49% of total proceeds to shareholders in early 2023 as a special dividend.


European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Volkswagen aims for an IPO of Porsche AG (operating company). 25% of preferreds will be placed and 25% of ords sold to Porsche Automobile Holding SE (combined, 25% equity capital).</li>
<li>Thought a holding chain, the Pïech and Porsche families will directly control 25% of the votes of Porsche AG and 39.975% indirectly (total of 64.975%), with just a 24.275% economic interest.</li>
<li>Porsche Automobile Holding SE will cover c.30% of the cost of its stake through the extraordinary dividend that Volkswagen will pay. It also gets the ords at a friendly price.</li>
</ul>


Volkswagen aims for an IPO of Porsche AG (operating company). 25% of preferreds will be placed and 25% of ords sold to Porsche Automobile Holding SE (combined, 25% equity capital).
Thought a holding chain, the Pïech and Porsche families will directly control 25% of the votes of Porsche AG and 39.975% indirectly (total of 64.975%), with just a 24.275% economic interest.
Porsche Automobile Holding SE will cover c.30% of the cost of its stake through the extraordinary dividend that Volkswagen will pay. It also gets the ords at a friendly price.


Intention to Float Porsche AG: A Good Deal for Porsche Automobile Holding SE

<ul>
<li>Porsche is getting ready for an IPO to be completed by the end of this year. However, the final decision on the IPO is still subject to market conditions.</li>
<li>The expected valuation of the Porsche IPO is 60 billion to 85 billion euros ($60 billion to $85 billion).</li>
<li>Qatar Investment Authority has already committed to a 4.99% stake in the Porsche IPO. </li>
</ul>


Porsche is getting ready for an IPO to be completed by the end of this year. However, the final decision on the IPO is still subject to market conditions.
The expected valuation of the Porsche IPO is 60 billion to 85 billion euros ($60 billion to $85 billion).
Qatar Investment Authority has already committed to a 4.99% stake in the Porsche IPO. 


Germany

Dr. Ing. h.c. F. Porsche Aktiengesellschaft manufactures passenger vehicles. The Company offers sports cars, SUVs, and other motor vehicles, as well as provides finance services. Dr. Ing. h.c. F. Porsche serves customers worldwide.

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Dr Ing hc F Porsche (P911 GR)

Leapmotor IPO - Peers Recent Down Move Won’t Help

Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we run...

Sumeet Singh

Porsche IPO Preview

The Porsche IPO is expected to be the second largest IPO ever in Germany. Total proceeds from the IPO will be 18.1 billion to 19.5 billion euros.

Douglas Kim

Intention to Float Porsche AG: A Good Deal for Porsche Automobile Holding SE

At the lower end, VW could get €7.9 bn to invest in electrification and Porsche Automobile Holding SE could get 30% of its investment in ordinary...

Jesus Rodriguez Aguilar

Initial Thoughts on the Porsche IPO

Porsche is getting ready for an IPO to be completed by the end of this year. The expected valuation of the Porsche IPO is 60 billion to 85 billion...

Douglas Kim

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