IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> priced its IPO at JPY1,840 per share to raise secondary proceeds of US$723 million. The shares will start trading on 25 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/kokusai-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:113787" rel="noopener">Kokusai Electric IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/kokusai-electric-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:114152" rel="noopener">Kokusai Electric IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/kokusai-electric-ipo-lower-price-range-is-reasonable" target="_blank" data-smartkarma-citation="insights:114886" rel="noopener">Kokusai Electric IPO: Lower Price Range Is Reasonable</a>.</li>
<li>The peers have modestly derated since the lowered IPO price range was announced on 10 October. However, the IPO price remains attractive. Our DCF valuation is JPY2,058. </li>
</ul>



Kokusai Electric (6525 JP) priced its IPO at JPY1,840 per share to raise secondary proceeds of US$723 million. The shares will start trading on 25 October.
We previously discussed the IPO in Kokusai Electric IPO: The Bull Case, Kokusai Electric IPO: The Bear Case and Kokusai Electric IPO: Lower Price Range Is Reasonable.
The peers have modestly derated since the lowered IPO price range was announced on 10 October. However, the IPO price remains attractive. Our DCF valuation is JPY2,058. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> priced its IPO at JPY2,400 per share to raise gross proceeds of US$122 million. The shares will start trading on 20 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:110936" rel="noopener">Integral Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111035" rel="noopener">Integral Corporation IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-new-price-range-is-tempting" target="_blank" data-smartkarma-citation="insights:112210" rel="noopener">Integral Corporation IPO: New Price Range Is Tempting</a>.</li>
<li>The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests that the IPO price remains attractive.</li>
</ul>



Integral Corporation (5842 JP) priced its IPO at JPY2,400 per share to raise gross proceeds of US$122 million. The shares will start trading on 20 September.
We previously discussed the IPO in Integral Corporation IPO: The Bull Case, Integral Corporation IPO: The Bear Case and Integral Corporation IPO: New Price Range Is Tempting.
The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests that the IPO price remains attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> priced its IPO at JPY1,200 per share to raise gross proceeds of US$339 million. The shares will start trading on 24 July.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:105670" rel="noopener">TRYT IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tryt-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105712" rel="noopener">TRYT IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/tryt-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:106020" rel="noopener">TRYT IPO: Valuation Insights</a> and <a href="https://www.smartkarma.com/insights/tryt-ipo-revised-ipo-price-range-remains-unattractive" target="_blank" data-smartkarma-citation="insights:106233" rel="noopener">TRYT IPO: Revised IPO Price Range Remains Unattractive</a>. </li>
<li>The market sentiment on the sector has broadly remained unchanged since the release of the prospectus. Our analysis suggests that Tryt is, at best, fully priced at the IPO price.</li>
</ul>



Tryt Inc (9164 JP) priced its IPO at JPY1,200 per share to raise gross proceeds of US$339 million. The shares will start trading on 24 July.
We previously discussed the IPO in TRYT IPO: The Bull Case, TRYT IPO: The Bear Case, TRYT IPO: Valuation Insights and TRYT IPO: Revised IPO Price Range Remains Unattractive. 
The market sentiment on the sector has broadly remained unchanged since the release of the prospectus. Our analysis suggests that Tryt is, at best, fully priced at the IPO price.


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.

Event-Driven

<ul>
<li>Three shareholders of <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> aim to raise around US$1.4bn via selling all of their shares in Socionext.</li>
<li>We have covered the background of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/socionext-placement-a-us-1-8bn-cleanup-will-have-to-give-up-some-of-its-6x-listing-gains" target="_blank" data-smartkarma-citation="insights:106206" rel="noopener">Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains</a>.</li>
<li>In this note, we talk about the updates and look at the performance of some of the past Japan deals.</li>
</ul>


Three shareholders of Socionext (6526 JP) aim to raise around US$1.4bn via selling all of their shares in Socionext.
We have covered the background of the deal in our earlier note, Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains.
In this note, we talk about the updates and look at the performance of some of the past Japan deals.


Socionext Placement - Valuation More Reasonable but past Secondary Offerings Have a Mixed Record

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> priced its IPO at JPY1,400 per share to raise gross proceeds of US$620 million. The shares will start trading on 21 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/rakuten-bank-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:98721" rel="noopener">Rakuten Bank IPO: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/rakuten-bank-vs-sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="insights:98866" rel="noopener">Rakuten Bank Vs SBI Sumishin Net Bank</a> and <a href="https://www.smartkarma.com/insights/rakuten-bank-ipo-new-price-range-is-a-steal" target="_blank" data-smartkarma-citation="insights:99581" rel="noopener">Rakuten Bank IPO: New Price Range Is a Steal</a>. </li>
<li>Peers have re-rated and our valuation analysis points to a fair value of around JPY1,900 per share, 36% above the IPO price. Therefore, the IPO price remains attractive.</li>
</ul>



Rakuten Bank (5838 JP) priced its IPO at JPY1,400 per share to raise gross proceeds of US$620 million. The shares will start trading on 21 April.
We previously discussed the IPO in Rakuten Bank IPO: The Investment Case, Rakuten Bank Vs SBI Sumishin Net Bank and Rakuten Bank IPO: New Price Range Is a Steal. 
Peers have re-rated and our valuation analysis points to a fair value of around JPY1,900 per share, 36% above the IPO price. Therefore, the IPO price remains attractive.


Japan

ExaWizards Inc. operates as a cutting edge innovation creation company. The Company provides artificial intelligence planning, artificial intelligence designing, artificial intelligence development, and other services. ExaWizards offers services for industrial innovation and social problems solutions.

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ExaWizards (4259 JP)

Kokusai Electric IPO: Trading Debut

The peers have modestly derated since the lowered IPO price range was announced on 10 October. However, the IPO price remains attractive. Our DCF...

Arun George

Integral Corporation IPO: Trading Debut

The shares will be listed on 20 Sep. The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests...

Arun George

TRYT IPO: Trading Debut

The market sentiment on the sector has broadly remained unchanged since the release of the prospectus. Our analysis suggests that Tryt is, at best,...

Arun George

Socionext Placement - Valuation More Reasonable but past Secondary Offerings Have a Mixed Record

Three shareholders of Socionext (6526 JP) aim to raise around US$1.4bn via selling all of their shares in Socionext. In this note, we look at the...

Sumeet Singh

Rakuten Bank IPO: Trading Debut

Peers have re-rated and our valuation analysis points to a fair value of around JPY1,900 per share, 36% above the IPO price. Therefore, the IPO...

Arun George

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