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

Japan Hotel Reit Investment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-hotel-reit-investment" target="_blank" data-smartkarma-citation="entities:144:1" rel="noopener">Japan Hotel Reit Investment (8985 JP)</a> aims to raise around US$214m to partly fund the acquisition of four hotel assets.</li>
<li>The company has undertaken a number of deals in the past, most of which have managed to perform well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Japan Hotel Reit Investment (8985 JP) aims to raise around US$214m to partly fund the acquisition of four hotel assets.
The company has undertaken a number of deals in the past, most of which have managed to perform well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Japan Hotel REIT Placement - Relatively Large Deal but It Is Accretive

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Industrial & Infrastructure Fund Investment / Equity Capital Markets

Industrial & Infrastructure Fund Investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industrial-infrastructure" target="_blank" data-smartkarma-citation="entities:3822:1" rel="noopener">Industrial &amp; Infrastructure Fund Investment (3249 JP)</a> is looking to raise around US$341m in its primary follow-on offering to acquire 28 properties and an equity interest in a silent partnership. </li>
<li>The deal is a somewhat large one to digest, at 83 days of three month ADV and 16.2% dilution.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Industrial &amp; Infrastructure Fund Investment (3249 JP) is looking to raise around US$341m in its primary follow-on offering to acquire 28 properties and an equity interest in a silent partnership. 
The deal is a somewhat large one to digest, at 83 days of three month ADV and 16.2% dilution.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Industrial & Infrastructure Investment Corp Placement - Back to the Markets for the 12th Time

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 in its placement to acquire five assets, and increase its stake in a sixth one.</li>
<li>We have covered a number of past deals by the company, almost all of which have done well.</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 in its placement to acquire five assets, and increase its stake in a sixth one.
We have covered a number of past deals by the company, almost all of which have done well.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


GLP J-REIT Placement - Most of the past Deals Have Done Well, This One Could Be Tricky

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Aeon Reit Investment / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/aeon-reit-investment-corp" target="_blank" data-smartkarma-citation="entities:11010:1" rel="noopener">Aeon REIT Investment (3292 JP)</a> announced a <a href="https://www.aeon-jreit.co.jp/file/en-news-c4afa1361917d34d9433bbfa718f7d6ad5e1b5a6.pdf" target="_blank" rel="noopener">follow-on equity offering</a> after the close on 2nd August 2021 to fund part of their recent property acquisition.   </p><p>The primary offer quantity is 163,000 units. In addition, there will also be an over-allotment quantity of 8,150 units. The total size of this offering could be roughly ¥26bn (~US$230mn) which is slightly larger than some of the recent offerings by other JREITs. </p><div><p>The Offer Price will be determined between 11th August 2021 and 17th August 2021 (typically it has been the first day of this window for most JREIT offerings) and the day following the Offer Price Determination Day ("Pricing Date") will be the Application Date. </p></div><div>
<p><em>More below the fold.</em></p>
<hr>
<p><em>For a primer on J-REIT Offerings, their history, their patterns, etc, please refer to <strong><a href="https://www.smartkarma.com/insights/j-reit-offering-primer-get-ready-for-offering-season-2021" target="_blank" data-smartkarma-citation="insights:46416" rel="noopener">J-REIT Offering Primer: Get Ready for Offering Season 2021</a>.</strong></em></p>
</div>

Aeon REIT Investment (3292 JP) announced a follow-on equity offering after the close on 2nd August 2021 to fund part of their recent property acquisition.   The primary offer quantity is 163,000 units. In addition, there will also be an over-allotment quantity of 8,150 units. The total size of this offering could be roughly ¥26bn (~US$230mn) which is slightly larger than some of the recent offerings by other JREITs. The Offer Price will be determined between 11th August 2021 and 17th August 2021 (typically it has been the first day of this window for most JREIT offerings) and the day following the Offer Price Determination Day ("Pricing Date") will be the Application Date. 
More below the fold.

For a primer on J-REIT Offerings, their history, their patterns, etc, please refer to J-REIT Offering Primer: Get Ready for Offering Season 2021.


JREIT Offering: Aeon REIT (3292 JP) - Take It Vs Comps

ESCON Japan REIT Investment / Equity Capital Markets

<p>Last Friday after market-close, Small-cap Retail JREIT <a href="https://www.smartkarma.com/entities/escon-japan-reit-investment" target="_blank" data-smartkarma-citation="entities:28278:1" rel="noopener">Escon Japan Reit Investment (2971 JP)</a> launched a follow-on equity offering (<a href="https://www.escon-reit.jp/file/news-2bc2805fa9a725adcb1adeb58f551bf37b84f21e.pdf" target="_blank" rel="noopener">J-only</a>) to fund part of their recent property acquisition.</p><p>The primary offer quantity is 65,700 units and there is an over-allotment quantity of 3,285 units. The total size of the offering could be approximately ¥10bn (~US$94mn). </p><div><p>The Offer Price will be determined between 19th July and 27th July 2021 (typically it has been the first day of this window for most JREIT offerings) and the two business days following the offer price determination day ("Pricing Date") will be the Application Period. </p></div><div><p><em>More below the fold.</em></p></div>

Last Friday after market-close, Small-cap Retail JREIT Escon Japan Reit Investment (2971 JP) launched a follow-on equity offering (J-only) to fund part of their recent property acquisition.The primary offer quantity is 65,700 units and there is an over-allotment quantity of 3,285 units. The total size of the offering could be approximately ¥10bn (~US$94mn). The Offer Price will be determined between 19th July and 27th July 2021 (typically it has been the first day of this window for most JREIT offerings) and the two business days following the offer price determination day ("Pricing Date") will be the Application Period. More below the fold.

JREIT Offering: Escon Japan REIT (2971 JP)

Japan

ESCON JAPAN REIT Investment Corporation provides real estate investment services. The Company offers real estate leasing, real estate investment, and other services. ESCON JAPAN REIT Investment serves customers in Japan.

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ESCON Japan REIT Investment (2971 JP)

Japan Hotel REIT Placement - Relatively Large Deal but It Is Accretive

Japan Hotel Reit Investment (8985 JP) aims to raise around US$214m to partly fund the acquisition of four hotel assets. In this note, we will run...

Sumeet Singh

Industrial & Infrastructure Investment Corp Placement - Back to the Markets for the 12th Time

Industrial & Infrastructure Fund Investment (3249 JP) is looking to raise around US$341m in its primary follow-on offering to acquire 28 properties...

Ethan Aw

GLP J-REIT Placement - Most of the past Deals Have Done Well, This One Could Be Tricky

GLP J-REIT is looking to raise around US$220m in its placement to acquire five assets, and increase its stake in a sixth one. In this note, we...

Sumeet Singh

JREIT Offering: Aeon REIT (3292 JP) - Take It Vs Comps

Aeon REIT (3292 JP) announced a follow-on equity offering on 2nd August 2021 to fund part of their recent property acquisition. The total size of...

Janaghan Jeyakumar, CFA

JREIT Offering: Escon Japan REIT (2971 JP)

Escon Japan REIT is doing its second secondary offering - the first came just before the covid crash. The retail sector is iffy. And Escon trades...

Janaghan Jeyakumar, CFA

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