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

<ul>
<li>A group of shareholders aims to raise up to US$3.2bn via selling around 5% of <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> .</li>
<li>The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP) .
The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Honda Motor Placement - Large in Size, Relatively Small in Other Terms

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

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman</a> provided some hope to the Australian market, while <a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> and <a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers</a> will soon test their respective markets.</li>
<li>There was no dearth of placement this week, with large deals in Hong Kong, New Zealand and India.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Guzman provided some hope to the Australian market, while Webtoon Entertainment (WBTN US) and Allied Blenders &amp; Distillers will soon test their respective markets.
There was no dearth of placement this week, with large deals in Hong Kong, New Zealand and India.


ECM Weekly (24th June 2024)-Webtoon, Guzman, Black Ses, Johor Plant, Bajaj Housing, Infratil, Mizuho

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Murakami Group now owns 10.13% of <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. Interestingly, NOMURA Aya sold 6.79% off-market to Minami Aoyama Fudosan. Has the Murakami Group made a "mistake" in its planning?</li>
<li>A big win for <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a> as the U.S. Federal Appeals Court issued its decision on overturning <a href="https://www.smartkarma.com/entities/insulet-corp" target="_blank" data-smartkarma-citation="entities:5252:1" rel="noopener">Insulet Corp (PODD US)</a>'s provisional injunction</li>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> finally announces the share alternative.  And  Pleasant Lake (3.25% of shares out) will accept the share offer (either cash or scrip). This is a done deal</li>
</ul>


Murakami Group now owns 10.13% of Exedy Corp (7278 JP). Interestingly, NOMURA Aya sold 6.79% off-market to Minami Aoyama Fudosan. Has the Murakami Group made a "mistake" in its planning?
A big win for EOFlow (294090 KS) as the U.S. Federal Appeals Court issued its decision on overturning Insulet Corp (PODD US)'s provisional injunction

L'Occitane (973 HK) finally announces the share alternative.  And  Pleasant Lake (3.25% of shares out) will accept the share offer (either cash or scrip). This is a done deal


Last Week in Event SPACE: Exedy Corp, EOFlow, L'Occitane, Jardine Cycle & Carriage

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kagome-co-ltd" target="_blank" data-smartkarma-citation="entities:14533:1" rel="noopener">Kagome Co Ltd (2811 JP)</a> aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024.</li>
<li>At the time of the acquisition, the company has stated its intention to part finance the acquisition via issuance of treasury shares</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Kagome Co Ltd (2811 JP) aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024.
At the time of the acquisition, the company has stated its intention to part finance the acquisition via issuance of treasury shares
In this note, we will talk about the placement and run the deal through our ECM framework.


Kagome Placement - Very Well Flagged Deal but Liquidity Might Be a Concern

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

Honda Motor Placement - Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the deal dynamics...

Sumeet Singh

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

ECM Weekly (24th June 2024)-Webtoon, Guzman, Black Ses, Johor Plant, Bajaj Housing, Infratil, Mizuho

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Last Week in Event SPACE: Exedy Corp, EOFlow, L'Occitane, Jardine Cycle & Carriage

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Kagome Placement - Very Well Flagged Deal but Liquidity Might Be a Concern

Kagome Co Ltd (2811 JP) aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024. In this note, we run the...

Sumeet Singh

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