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.

Equity Capital Markets

Asahi Group Holdings / Equity Capital Markets

<ul>
<li>Since the US$1.3 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a>’s shares are down -6.2% from the undisturbed price of JPY5,804 per share (16 November).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asahi’s shares have followed the pattern of previous large placements. </li>
<li>The offering will likely be priced on 28 November. Investors participating in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$1.3 billion secondary placement announcement, Asahi Group Holdings (2502 JP)’s shares are down -6.2% from the undisturbed price of JPY5,804 per share (16 November).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asahi’s shares have followed the pattern of previous large placements. 
The offering will likely be priced on 28 November. Investors participating in previous large Japanese placements tend to secure positive returns.


Asahi Group (2502 JP): The Current Playbook

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zensho-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4586:1" rel="noopener">Zensho Holdings (7550 JP)</a> aims to raise around US$300m via a public offering.</li>
<li>As per the company it will use the proceeds from the deal for potential M&amp;A transactions.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering.
As per the company it will use the proceeds from the deal for potential M&amp;A transactions.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Zensho Placement - Good Price to Raise At, at Least for the Company

<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/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies</a> didn't disappoint Tata Group fans, at least on the subscription front.</li>
<li>The placements continued to flow in this week as well in Japan.</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, Tata Technologies didn't disappoint Tata Group fans, at least on the subscription front.
The placements continued to flow in this week as well in Japan.


ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gs-yuasa-corp" target="_blank" data-smartkarma-citation="entities:8298:1" rel="noopener">Gs Yuasa Corp (6674 JP)</a> (GSY) is looking to raise around US$240m via a public offering, along with placing shares via third-party allotment with <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 company formed a JV with Honda Motors earlier this year and will use the bulk of the proceeds for investments in the JV.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Gs Yuasa Corp (6674 JP) (GSY) is looking to raise around US$240m via a public offering, along with placing shares via third-party allotment with Honda Motor (7267 JP) .
The company formed a JV with Honda Motors earlier this year and will use the bulk of the proceeds for investments in the JV.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


GS Yuasa Placement - Well Flagged but Relatively Large Deal, Liquidity Might Be an Issue

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a> announced a pure secondary offering of 33.5 million or 6.61% of outstanding shares. At the last close, the placement was worth JPY194 billion (US$1.3 billion).</li>
<li>Notwithstanding Asahi's explanation, the selling shareholders' motivation for exiting their shareholding is likely to capitalise on the strong share price performance - Asahi shares are up 45% YTD.</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 28 November and 1 December (likely 28 November).</li>
</ul>



Asahi Group Holdings (2502 JP) announced a pure secondary offering of 33.5 million or 6.61% of outstanding shares. At the last close, the placement was worth JPY194 billion (US$1.3 billion).
Notwithstanding Asahi's explanation, the selling shareholders' motivation for exiting their shareholding is likely to capitalise on the strong share price performance - Asahi shares are up 45% YTD.
Looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 28 November and 1 December (likely 28 November).


Asahi Group (2502 JP): US$1.3bn Secondary Placement

Japan

Japan Post Insurance Co. Ltd. operates life insurance business. The Company offers whole life insurance, education endowment, ordinary endowment, medical insurance, and special endowment insurance. Japan Post Insurance provides services for individuals and businesses throughout Japan.

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Japan Post Insurance (7181 JP)

Asahi Group (2502 JP): The Current Playbook

The shares are down 6.2% since announcing the offering, which will likely be priced on 28 November. Investors participating in previous large...

Arun George

Zensho Placement - Good Price to Raise At, at Least for the Company

Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

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

GS Yuasa Placement - Well Flagged but Relatively Large Deal, Liquidity Might Be an Issue

Gs Yuasa Corp (6674 JP) (GSY) is looking to raise around US$240m via a public offering, along with placing shares via third-party allotment with...

Sumeet Singh

Asahi Group (2502 JP): US$1.3bn Secondary Placement

Looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 28 November...

Arun George

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