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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$750m via selling a stake in <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> (KE) in its Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In this note, we talk about the positive aspects of the deal.


Kokusai Electric Pre-IPO - The Positives - Well Established with High Market Share

Alibaba Group Holding  / 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>In the IPO space, <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> filed for it Japan listing, while <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> continued to work towards its H-share listing.</li>
<li>In the placement space, there were no major deals this week apart from Blue Star and <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a>. </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.
In the IPO space, Kokusai Electric (6525 JP) filed for it Japan listing, while Midea Group Co Ltd A (000333 CH) continued to work towards its H-share listing.
In the placement space, there were no major deals this week apart from Blue Star and Sheela Foam Ltd (SFL IN). 


ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

<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> raised around US$123m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Integral Corporation (5842 JP) raised around US$123m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.


Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seibu-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:40113:1" rel="noopener">Seibu Giken (6223 JP)</a> (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.</li>
<li>SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.</li>
</ul>



Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.


Seibu Giken IPO - Quick Note - Not Particularly Enticing

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/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.


Japan

Integral Corporation operates as an independent private equity fund. The Company invests in both the public and private markets and in common stock, convertible preferred shares, convertible bonds and stock options. Integral also provides management and financial consulting related to equity investment activities.

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Integral (5842 JP)

ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

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

Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

Integral Corporation (5842 JP) raised around US$123m in its Japan IPO. In this note, we talk about the trading dynamics

Sumeet Singh

Seibu Giken IPO - Quick Note - Not Particularly Enticing

Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kokusai Electric Pre-IPO - The Positives - Well Established with High Market Share

KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO. In this note we talk about the...

Sumeet Singh

ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

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

Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

Integral Corporation (5842 JP) raised around US$123m in its Japan IPO. In this note, we talk about the trading dynamics

Sumeet Singh

Seibu Giken IPO - Quick Note - Not Particularly Enticing

Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

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