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

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Events next week:
We got a small respite with various IPO debuts this week before the final sprint to the end of the year. Hong Kong IPOs have not been doing well. The three debuts this week broke deal price and only Shanghai MicroPort MedBot Group (2252 HK) managed to claw back to trade above its IPO price. This was only after the deal was downsized significantly.


MicroPort MedBot IPO Trading - Decent Demand But Upside Is Limited from the Top-End 

Beijing Airdoc (北京鹰瞳科技) IPO Trading - Poor Demand but Could Still Do Well 

Clover (三叶草生物) IPO Trading: Level for Accumulation 

We initiated on SF Intra-City (1874747D CH),  the intra-city on-demand delivery arm of SF Holding, which was reported to be seeking approval from Hong Kong exchange soon, and Shukun (Beijing) Technology (1702626D CH), a China-based AI-assisted medical imaging solution company. 


SF Intra-City (顺丰同城) Pre-IPO - Growing Unsustainably Fast with a Glaring Lack of Disclosure 

Shukun Technology (数坤网络科技) Pre-IPO: Promising AI-Assisted Diagnosis 

Australian IPOs traded within our expectations. Judo Capital (JDO AU) managed to post a modest 9% return in its first week of trading whereas Vulcan Steel (VSL AU) had a bit of shaky debut before closing 4.9% above IPO price on Friday.


Judo Bank IPO Trading - Strong Demand for a Fast-Growing Bank Serving a Niche 

Vulcan Steel Limited IPO Trading - Don't See a Reason for Paying a Premium 

We initiated on Ventia (VNT AU) , an essential infrastructure services provider, which is looking to open books on 15th November and debut on 19th November.


Ventia IPO - At Your Service, Everywhere 

Ventia IPO - Strong Revenue Visibility, Valuation Appears Reasonable 

In Korea, Kakao Pay (377300 KS) managed to trade well despite the delays and closed 114% higher on its first day and closed 84% above its IPO price on Friday. 

Kakao Pay IPO Trading - Won't Be Chasing 
Debuts aside, KakaoBank (323410 KS) six-month IPO lock-up expiry was due this week and we estimated that there will be about 20m shares that will be freed up.

Kakao Bank Lock-Up - Watch Out for Netmarble Led Blocks 
In Indonesia, we re-visited Mitratel (1319Z IJ)'s IPO and shared our thoughts on updates since bookbuild launch and index fast entry inclusion requirements.  The IPO was reported to be priced at IDR800 per share, close to the bottom end of the price range.

Dayamitra (Mitratel) IPO - Quick Note - Updates and Index Inclusion 
In India, Sumeet Singh shared his final thoughts on valuation of Paytm (PAYTM IN)'s IPO.  


Paytm IPO - Still Needs a Whole Lot of Hope to Justify Valuation. Index Might Hold It up Briefly 

Sapphire Foods IPO - Delivery Growing, Stores Shrinking 

Last, but not least, tearsheet for the week:


Thai Life Insurance Pre-IPO Tearsheet 

Quwan Holding Limited Pre-IPO Tearsheet 

Accuracy Rate:Our overall accuracy rate is 73.7% for IPOs and 67.9% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

KK Technology (Hong Kong, &gt;US$100m)
Readboy Education Holding Company Limited (Hong Kong, US$100m, refiled)
Delhivery (India, US$1bn)
Capital Small Finance Bank (India, US$100m)
News on Upcoming IPOs  
Hong Kong/China
Hong Kong regulator settles on bookbuilding code of conduct
Letter of the law - Banks are asking for extra assurances from Chinese companies’ planned overseas listings
Hong Kong Considers Easing Proposed SPAC Listing Rules
Horizon Construction to seek approval this week for US$500m HK IPO

Arctic Vision meets banks for US$300m HK IPO

Japfa weighs HK IPO for China dairy farming business
ANE (Cayman) prices HK IPO at bottom of range
Leapmotor hires ex-JP Morgan banker as vice chairman
Chinese Retailer KK Technology Files for Hong Kong IPO
Three Chinese Firms Said to Eye Shifting U.S. IPOs to Hong Kong
China Mobile clears hearing for China's largest IPO in 10 years
Focus Media prepares Hong Kong IPO
China Southern Airlines eyes US$903m follow-on
US/China ADR
Caution hinders China-to-US IPOs
Warburg-Backed AI Drug Firm Is Said to Have Filed for U.S. IPO
India
India's Capital SFB files for up to US$100m IPO
Sapphire Foods sets price range for Rs21bn IPO
SoftBank-backed Indian logistics startup Delhivery files for $997m IPO
Nykaa prices Rs53.5bn IPO at the top of range
PB Fintech prices India IPO at top of price range
Fino Payments Bank IPO books covered 2.03x
Books covered for SJS Enterprises' Rs8bn IPO
Paytm raises ₹8,235 crore in anchor round, oversubscribed 10-fold
Japan/Korea
Konica Minolta Inc : Notice of Preparation for IPO of U.S. Subsidiary REALM IDx, Inc.
S. Korea’s SM Line Halts IPO After Disappointing Bookbuilding
Market Kurly and Oasis recruit same underwriters for their IPOs
Netmarble Neo scraps Kosdaq debut plan after poor H1 earnings
Others
IPO class needs to lift to make 2021 a good year for investors
Temasek-owned Vertex files for S$200m SPAC IPO on SGX
Singapore’s Novo Tellus Is Said to File for Blank-Check IPO
Empyrion DC Trust puts S$700m SGX IPO on hold
Digital Realty plans to start pre-marketing SGX IPO
Singapore's M-DAQ plans up to US$1bn IPO
Sunseap IPO off the table
One Enterprise prices Bt4.22bn IPO at top
Indonesia Wealth Fund Commits Up to $800 Million in Mitratel IPO
Dayamitra to price IPO at Rp800 to raise US$1.3bn
Malaysia’s Carsome Said to Seek $200 Million in Pre-IPO Round
Solar Philippines Eyes Unit’s IPO to Help Fund 500MW Project
Synergy Share Sale Five Times Oversubscribed
Vietnam’s Tiki Raises $258 Million as It Plans U.S. IPO
ComfortDelGro's Australia Unit Could Flourish With Less Parental Supervision
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

4Paradigm
4Paradigm (第四范式智能) Pre-IPO - Stupendous Growth but Needs Better Disclosure of Certain Data 


APM Monaco
APM Monaco Pre-IPO - China’s Resilience Shines 


Anjuke
Anjuke Pre-IPO - Mixed (Positive and Negative) Developments 


Ambio
AmbioPharm (昂博制药) Pre-IPO: Peptide CDMO Leader Turning Licensor 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Industry Landscape &amp; Peer Comparison -  Auto Is the Wildcard 


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP Update, Updated Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Initial Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Tencent Music Peer Comp, Regulatory Impact 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up 


Edda 
EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going 


Dingdang
Dingdang Health Tech (叮当健康) Pre-IPO - Impressive Growth but Not Without Concerns 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


HeMo
HeMo Bioengineering (禾木生物工程) Pre-IPO: Signs of Lacking Innovation 


Imeik
Imeik Tech (爱美客) A/H Pre-IPO - Dermal Filler Leader Capitalizing on Its Valuation 


Jenscare
Jenscare (宁波健世科技) Pre-IPO: Differentiated Heart Valve Portfolio 


Medbanks
Medbanks (思派健康) Pre-IPO - Caught a Lucky Break 


NewMed
NewMed (纽脉医疗) Pre-IPO: Uphill Battle for TAVR but Leads the TMVR 


Neusoft Xikang
Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit 


Neusoft Med
Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


WeDoctor

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely 


WeDoctor

We Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes 


Weilong

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers 


Weilong

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Star Health

Star Health Insurance Pre-IPO - Leading the Retail Healthcare Insurance Space 

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food

U.S.

FWD

FWD Pre-IPO - Thoughts on Valuation 


FWD

FWD Pre-IPO - The Positives - Growing Fast 


FWD

FWD Pre-IPO - The Negatives - Strategy Remains Unclear 



ECM Weekly (7th November 2021) - KakaoBank, Ventia, Paytm, Mitratel, SF Intra-City, Sapphire Foods

<a href="https://www.smartkarma.com/entities/hangzhou-sf-intra-city-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:34916:1" rel="noopener">SF Intra-City (1874747D CH)</a> (SFIC) is looking to raise US$500m in its upcoming Hong Kong IPO. SFIC is the intra-city on-demand delivery arm of SF Holding which operates as an independent business unit. The company is a third-party on-demand delivery service platform that serves different industries.In this note, we take a look at the company’s business model, operating and financial data, and share our initial thoughts on the IPO.

SF Intra-City (1874747D CH) (SFIC) is looking to raise US$500m in its upcoming Hong Kong IPO. SFIC is the intra-city on-demand delivery arm of SF Holding which operates as an independent business unit. The company is a third-party on-demand delivery service platform that serves different industries.In this note, we take a look at the company’s business model, operating and financial data, and share our initial thoughts on the IPO.

SF Intra-City (顺丰同城) Pre-IPO - Growing Unsustainably Fast with a Glaring Lack of Disclosure

China

Hangzhou SF Intra-city Industrial Co., Ltd. operates as a third-party direct-run real-time logistics service provider. The Company provides intra-city logistics, new retail store distribution, and other services. Hangzhou SF Intra-city Industrial conducts businesses in China.

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SF Intra-City (9699 HK)

ECM Weekly (7th November 2021) - KakaoBank, Ventia, Paytm, Mitratel, SF Intra-City, Sapphire Foods

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

Sumeet Singh

SF Intra-City (顺丰同城) Pre-IPO - Growing Unsustainably Fast with a Glaring Lack of Disclosure

SF Intra-City (1874747D CH) (SFIC) is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we take a look at the company’s...

Sumeet Singh

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