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/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Tryt Inc (9164 JP) raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note we will talk about the trading dynamics.


Tryt IPO Trading - Subscription Rates Mostly Outdid Recent Large Japan Deals

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

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>TRYT has priced its IPO at ¥1,200 per share, at the midpoint of the indicative IPO price range, at a market capitalisation and post-money EV of ¥120bn and ¥151.6bn respectively.</li>
<li>In our previous insight, we compared the company’s implied trailing multiples with peer trailing multiples and concluded that TRYT’s IPO is overvalued at the above price range.</li>
<li>In this insight, we have discussed our forecasts for <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> and updated our valuation for the company.</li>
</ul>


TRYT has priced its IPO at ¥1,200 per share, at the midpoint of the indicative IPO price range, at a market capitalisation and post-money EV of ¥120bn and ¥151.6bn respectively.
In our previous insight, we compared the company’s implied trailing multiples with peer trailing multiples and concluded that TRYT’s IPO is overvalued at the above price range.
In this insight, we have discussed our forecasts for Tryt Inc (9164 JP) and updated our valuation for the company.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Plus Alpha Consulting / Equity Capital Markets

<ul>
<li>Three shareholders of <a href="https://www.smartkarma.com/entities/plus-alpha-consulting-co-ltd" target="_blank" data-smartkarma-citation="entities:33441:1" rel="noopener">Plus Alpha Consulting (4071 JP)</a> (PAC) aim to raise around US$230m via selling over 26% of the company.</li>
<li>PAC was listed in 2021 and after a somewhat tepid initial performance it has been doing well over the past year.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework</li>
</ul>


Three shareholders of Plus Alpha Consulting (4071 JP) (PAC) aim to raise around US$230m via selling over 26% of the company.
PAC was listed in 2021 and after a somewhat tepid initial performance it has been doing well over the past year.
In this note, we talk about the deal dynamics and run the deal through our ECM framework


Plus Alpha Consulting Placement - Pulling Out All Stops for Deal Success as Insiders Are Selling

<ul>
<li>TRYT Group is engaged in job placement and temporary staffing, specialising in the medical and welfare and construction fields. The company has set the pricing for its Tokyo IPO.</li>
<li>Existing shareholders of the company will offer 40m shares at an indicative price range of ¥1,100-1,300 per share, raising around US$305-360m from the IPO.</li>
<li>We think <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> ’s IPO is overvalued at the above price range compared to Japanese recruitment peers and would recommend staying on the sidelines.</li>
</ul>


TRYT Group is engaged in job placement and temporary staffing, specialising in the medical and welfare and construction fields. The company has set the pricing for its Tokyo IPO.
Existing shareholders of the company will offer 40m shares at an indicative price range of ¥1,100-1,300 per share, raising around US$305-360m from the IPO.
We think Tryt Inc (9164 JP) ’s IPO is overvalued at the above price range compared to Japanese recruitment peers and would recommend staying on the sidelines.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise up to US$360m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.


Tryt IPO - Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

Japan

JAC Recruitment Co., Ltd. provides recruiting agency services. The Company focuses on international business area that includes job offers from foreign companies and overseas subsidiaries of Japanese companies.

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Jac Recruitment (2124 JP)

Tryt IPO Trading - Subscription Rates Mostly Outdid Recent Large Japan Deals

Tryt Inc (9164 JP) raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares. In this note we will talk about the trading...

Clarence Chu

TRYT IPO: Valuation Updates

TRYT's IPO is priced at ¥1,200 per share, at the midpoint of the indicative IPO price range of ¥1,100-1,300 per share. In this insight, we discuss...

Shifara Samsudeen, ACMA, CGMA

Plus Alpha Consulting Placement - Pulling Out All Stops for Deal Success as Insiders Are Selling

Three shareholders of Plus Alpha Consulting (4071 JP) (PAC) aim to raise around US$230m via selling over 26% of the company.

Sumeet Singh

TRYT IPO: Peer Comparison and Valuation

TRYT has announced the pricing for its IPO which is significantly lower than the reference price earlier. Our analysis suggests that the IPO is...

Shifara Samsudeen, ACMA, CGMA

Tryt IPO - Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO. In this note, we will revisit our earnings assumptions and share our...

Clarence Chu

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