APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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>Bain and GIC looking to raise US$130m by selling their remaining stake in <a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital (JDO AU).</a>
</li>
<li>The deal will be a large one to digest at 30.8 days of the stock’s three month ADV, representing 9.2% of its shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Bain and GIC looking to raise US$130m by selling their remaining stake in Judo Capital (JDO AU).

The deal will be a large one to digest at 30.8 days of the stock’s three month ADV, representing 9.2% of its shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Judo Capital Placement - Clean up but past Deal Didn’t Do Well

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> is expected to stop trading on 19 June following the acquisition by <a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital (JDO AU)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the close on 19 June to replace <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a>. </li>
<li>There has been short covering in <a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital</a> over the last 3 months and there does not appear to be enough positioning for the index inclusion yet.</li>
</ul>



CSR Ltd (CSR AU) is expected to stop trading on 19 June following the acquisition by Cie De Saint-Gobain (SGO FP). 

Judo Capital (JDO AU) will be added to the S&amp;P/ASX 200 (AS51 INDEX) at the close on 19 June to replace CSR Ltd (CSR AU). 
There has been short covering in Judo Capital over the last 3 months and there does not appear to be enough positioning for the index inclusion yet.


ASX200 Index Adhoc Rebalance: Judo Capital to Replace CSR; Positioning Appears Light

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ASX 20/50/100 index changes for the June 2024 index rebal event was announced after market close on Friday 7th June 2024.</li>
<li>In this insight, we take a look at our flow expectations for the ADDs/DELs and the trends in short interest buildup for these names.</li>
<li>Separately, the completion of the <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> M&amp;A deal could trigger an intra-review deletion in June 2024 and the potential replacement name could have very high-impact.</li>
</ul>


The ASX 20/50/100 index changes for the June 2024 index rebal event was announced after market close on Friday 7th June 2024.
In this insight, we take a look at our flow expectations for the ADDs/DELs and the trends in short interest buildup for these names.
Separately, the completion of the CSR Ltd (CSR AU) M&amp;A deal could trigger an intra-review deletion in June 2024 and the potential replacement name could have very high-impact.


Quiddity ASX Jun 24 Rebal: Regular Index Changes + One Potential Intra-Review Replacement

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2024 index rebal event.</li>
<li>We expect one ASX 20 change and two ASX 100 changes during the regular rebalance event.</li>
<li>For the ASX 200 index, there could be two intra-review changes in the month of June 2024 and one of those names could be a surprise.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2024 index rebal event.
We expect one ASX 20 change and two ASX 100 changes during the regular rebalance event.
For the ASX 200 index, there could be two intra-review changes in the month of June 2024 and one of those names could be a surprise.


Quiddity Leaderboard ASX Jun 24: Intra-Review Replacement Surprise Possible

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

JX Advanced Metals / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> managed to hold on to its deal price, riding on the copper price resurgance.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital (JDO AU)</a> was the only largish deal over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, JX Advanced Metals (5016 JP) managed to hold on to its deal price, riding on the copper price resurgance.
On the placements front, Judo Capital (JDO AU) was the only largish deal over the past week.


ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Australia

Judo Capital Holdings Limited operates as a holding company. The Company through its subsidairies, offers business loans, credit, and equipment loans, as well as renders financing and leasing services. Judo Capital serves customers in Australia.

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Judo Capital (JDO AU)

Judo Capital Placement - Clean up but past Deal Didn’t Do Well

Bain and GIC looking to raise US$130m by selling their remaining stake in Judo Capital. In this note, we will talk about the placement and run the...

Nicholas Tan

ASX200 Index Adhoc Rebalance: Judo Capital to Replace CSR; Positioning Appears Light

Judo Capital will replace CSR in the ASX200 at the close on 19 June. There is a lot of JDO stock to be bought by passives and positioning is likely...

Brian Freitas

Quiddity ASX Jun 24 Rebal: Regular Index Changes + One Potential Intra-Review Replacement

We see Judo Capital (JDO AU) as the potential ASX 200 intra-review replacement for CSR (CSR AU). Coda (CDA AU) is a close-second.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ASX Jun 24: Intra-Review Replacement Surprise Possible

There is an important correction to the expectations presented in this insight. Please see the discussion point below for the details and the...

Janaghan Jeyakumar, CFA

ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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