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

<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>On the IPO front,  Indian IPOs delivered some decent performance while HK IPOs are likely to pick up as well.</li>
<li>There were a number of placement and blocks this week, after the expiry of lockups in a few Indian names.</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.
On the IPO front,  Indian IPOs delivered some decent performance while HK IPOs are likely to pick up as well.
There were a number of placement and blocks this week, after the expiry of lockups in a few Indian names.


ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

<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>On the IPO front,  a number of companies in India have launched thier IPOs recently, even as HK and rest of Asia remains dormant.</li>
<li>The only notable placement this week was the selldown in <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> by Bain Capital.</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.
On the IPO front,  a number of companies in India have launched thier IPOs recently, even as HK and rest of Asia remains dormant.
The only notable placement this week was the selldown in Axis Bank Ltd (AXSB IN) by Bain Capital.


ECM Weekly (6th Nov 2022) - Giant Biogene, Blibli, Betagro, Bionote, Fusion, Medanta, Bikaji, Axis

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products. </li>
<li>In this note, we look at peers and undertake a peer comparison.</li>
</ul>



Bionote (377740 KS) is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.
Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products. 
In this note, we look at peers and undertake a peer comparison.


Bionote Pre-IPO Peer Comp - Larger Segment Leads in Margins, but Trend Could Be Reversing

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Netmarble did a one-year rollover for the stock loan used for the SpinX acquisition. The maturity is again one year, and the principal amount is ₩1.5T.</li>
<li>The HYBE stake is newly included as collateral at an estimated LTV ratio of 50% because the value of NCsoft's stake further declined, and the LTV ratio was subsequently lowered.</li>
<li>Applying the 140% loss cut ratio to HYBE and NCsoft will lead to a margin call when each stock declines 30% from the current price.</li>
</ul>


Netmarble did a one-year rollover for the stock loan used for the SpinX acquisition. The maturity is again one year, and the principal amount is ₩1.5T.
The HYBE stake is newly included as collateral at an estimated LTV ratio of 50% because the value of NCsoft's stake further declined, and the LTV ratio was subsequently lowered.
Applying the 140% loss cut ratio to HYBE and NCsoft will lead to a margin call when each stock declines 30% from the current price.


Netmarble Debt Risk Victim: HYBE or NCsoft or Both?

<ul>
<li>In the wake of this incident, the presidential office suggested that Kakao Corp should be brought into the framework of regulation as a national infrastructure operator.</li>
<li>This is likely to be the leading investment point that attracts the most attention from the market for Kakao.</li>
<li>Regulatory risks will inevitably act as a structural and long-term discount factor for Kakao Corp, and we need to design a short position based on this angle.</li>
</ul>


In the wake of this incident, the presidential office suggested that Kakao Corp should be brought into the framework of regulation as a national infrastructure operator.
This is likely to be the leading investment point that attracts the most attention from the market for Kakao.
Regulatory risks will inevitably act as a structural and long-term discount factor for Kakao Corp, and we need to design a short position based on this angle.


Shorting Angle on Kakao Corp in the Wake of an Unprecedented Server Failure Incident

South Korea

KakaoBank Corp. operates bank businesses. The Company provides deposit money, withdraw money, credit cards, stock accounts, linked loans, and other services. KakaoBank conducts businesses in South Korea.

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KakaoBank (323410 KS)

ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

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

ECM Weekly (6th Nov 2022) - Giant Biogene, Blibli, Betagro, Bionote, Fusion, Medanta, Bikaji, Axis

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

Bionote Pre-IPO Peer Comp - Larger Segment Leads in Margins, but Trend Could Be Reversing

Bionote is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown. In this note,...

Clarence Chu

Netmarble Debt Risk Victim: HYBE or NCsoft or Both?

This post details Netmarble's stock loan rollover for the SpinX acquisition and how this poses a margin call risk for HYBE and NCsoft.

Sanghyun Park

Shorting Angle on Kakao Corp in the Wake of an Unprecedented Server Failure Incident

This post summarizes Kakao's unprecedented server failure incident and examines the leading investment point based on the imminent regulatory risks.

Sanghyun Park

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