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>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. </li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. 
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.


Life Insurance Corporation of India Pre-IPO - India’s Largest IPO Will Not Get Any Passive Support

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.</li>
<li>Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.
Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.


ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

FWD Group Holdings / Equity Capital Markets

<ul>
<li>FWD, a pan-Asian life insurer founded by Richard Li, now aims to raise over US$1bn in its HK IPO after having tried to list in the US last year.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>In this note, we will talk about the updates from the HK filing.</li>
</ul>


FWD, a pan-Asian life insurer founded by Richard Li, now aims to raise over US$1bn in its HK IPO after having tried to list in the US last year.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
In this note, we will talk about the updates from the HK filing.


FWD Pre-IPO - Updates from HK Filings, Trends Remain as Confusing as Ever

LG Energy Solution / Equity Capital Markets

<ul>
<li>We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.</li>
<li>For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. </li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.
For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. 
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (FWD US)</a> is seeking to raise $2 billion. We outlined the fundamentals in <a href="https://www.smartkarma.com/insights/fwd-group-ipo-forward-march" target="_blank" data-smartkarma-citation="insights:58263" rel="noopener">FWD Group IPO: Forward March</a> and <a href="https://www.smartkarma.com/insights/fwd-group-vs-aia-vs-prudential" target="_blank" data-smartkarma-citation="insights:58967" rel="noopener">FWD Group Vs AIA Vs Prudential</a>. </li>
<li>FWD has released its 9M21 results. Like <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>, the Delta variant had an impact resulting in a lower APE and VNB growth in 3Q21 vs 1H21.  </li>
<li>In light of the weak sentiment for Chinese ADRs, we err on the side of caution and need to see evidence of a return to normalcy to recommend the IPO.</li>
</ul>



FWD Group Holdings (FWD US) is seeking to raise $2 billion. We outlined the fundamentals in FWD Group IPO: Forward March and FWD Group Vs AIA Vs Prudential. 
FWD has released its 9M21 results. Like AIA Group Ltd (1299 HK), the Delta variant had an impact resulting in a lower APE and VNB growth in 3Q21 vs 1H21.  
In light of the weak sentiment for Chinese ADRs, we err on the side of caution and need to see evidence of a return to normalcy to recommend the IPO.


FWD Group IPO: Slow 3Q Due to COVID-19 Disruptions

Hong Kong

FWD Group Holdings Limited operates as a holding company of FWD Group. The Company offers life and health insurance, employee benefits and financial planning products through its subsidiaries. FWD Group Holdings serves customers worldwide.

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FWD Group Holdings (FWD US)

Life Insurance Corporation of India Pre-IPO - India’s Largest IPO Will Not Get Any Passive Support

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India...

Sumeet Singh

ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

FWD Pre-IPO - Updates from HK Filings, Trends Remain as Confusing as Ever

FWD, a pan-Asian life insurer founded by Richard Li, now aims to raise over US$1bn in its HK IPO after having tried to list in the US last year.

Sumeet Singh

Aequitas 2022 Asia IPO Pipeline

We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and...

Sumeet Singh

FWD Group IPO: Slow 3Q Due to COVID-19 Disruptions

The Delta variant had an impact resulting in a lower APE and VNB growth in 3Q21 vs 1H21. We err on the side of caution and need to see evidence of...

Arun George

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