APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/exawizards-inc" target="_blank" data-smartkarma-citation="entities:35212:1" rel="noopener">ExaWizards (4259 JP)</a> raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.</li>
<li>ExaWizards is an AI service provider in Japan, it develops and delivers AI products with the aim of addressing industry and social issues.</li>
<li>While in our view, we would not expect a large block to come from this lockup expiry, we could expect some scattered selling across the shareholders.</li>
</ul>



ExaWizards (4259 JP) raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.
ExaWizards is an AI service provider in Japan, it develops and delivers AI products with the aim of addressing industry and social issues.
While in our view, we would not expect a large block to come from this lockup expiry, we could expect some scattered selling across the shareholders.


ExaWizards IPO Lock-Up - PE/Investment Funds Coming off Lockup, Could See Some Scattered Selling

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>ExaWizards had a surprisingly weak opening, 10.4% lower than its IPO price, mirroring initial weakness in Renewable Japan yesterday. </li>
<li>Given the strong growth prospects for the stock and general anticipation for the listing this suggests weakening market sentiment overall. </li>
<li>Despite valuations that could look expensive from some perspectives we remain long-term positive here.</li>
</ul>


ExaWizards had a surprisingly weak opening, 10.4% lower than its IPO price, mirroring initial weakness in Renewable Japan yesterday. 
Given the strong growth prospects for the stock and general anticipation for the listing this suggests weakening market sentiment overall. 
Despite valuations that could look expensive from some perspectives we remain long-term positive here.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/exawizards-inc" target="_blank" data-smartkarma-citation="entities:35212:1" rel="noopener">ExaWizards (4259 JP)</a> (EXW) raised US$302m at JPY1,150 per share, the top end of its IPO price range. </li>
<li>Sentiment hasn't been great. Some of the local peers have traded lower since IPO bookbuild.</li>
<li>Compared to overall peer average, there is still decent upside. </li>
</ul>



ExaWizards (4259 JP) (EXW) raised US$302m at JPY1,150 per share, the top end of its IPO price range. 
Sentiment hasn't been great. Some of the local peers have traded lower since IPO bookbuild.
Compared to overall peer average, there is still decent upside. 


ExaWizards IPO Trading - Local Peers Have Traded Lower Since Bookbuild

<ul>
<li>AI-Related names have seen their valuations decline from heady levels during the year which is a negative for ExaWizards. </li>
<li>However, we believe ExaWizards' growth potential is strong enough to overcome that headwind. </li>
<li>We believe there is a significant probability of a reasonable pop here.</li>
</ul>


AI-Related names have seen their valuations decline from heady levels during the year which is a negative for ExaWizards. 
However, we believe ExaWizards' growth potential is strong enough to overcome that headwind. 
We believe there is a significant probability of a reasonable pop here.


<ul>
<li>ExaWizards’ financial disclosures and track record are relatively limited making it difficult to create high-confidence forecasts. </li>
<li>However, what little information there is points to explosive growth potential. </li>
<li>Whether that potential will be realised is a question but our analysis suggests that the company’s execution potential is good.</li>
</ul>


ExaWizards’ financial disclosures and track record are relatively limited making it difficult to create high-confidence forecasts. 
However, what little information there is points to explosive growth potential. 
Whether that potential will be realised is a question but our analysis suggests that the company’s execution potential is good.


ExaWizards IPO – Latent Potential Abound

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)

ExaWizards IPO Lock-Up - PE/Investment Funds Coming off Lockup, Could See Some Scattered Selling

ExaWizards (4259 JP) raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.

Clarence Chu

ExaWizards IPO – First Day Trading

ExaWizards had a surprisingly weak opening, 10.4% lower than its IPO price. Despite valuations that could look expensive from some perspectives we...

Mio Kato

ExaWizards IPO Trading - Local Peers Have Traded Lower Since Bookbuild

ExaWizards (4259 JP) (EXW) raised US$302m at JPY1,150 per share, the top end of its IPO price range. Sentiment hasn't been great. Some of the local...

Sumeet Singh

ExaWizards IPO - Valuation

AI-related names have seen their valuations decline from heady levels during the year but we believe ExaWizards' growth potential is strong enough...

Mio Kato

ExaWizards IPO – Latent Potential Abound

What little information ExaWizards has disclosed points to explosive growth potential and although the margin of error is large, our analysis...

Mio Kato

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