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

LG Energy Solution / 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>There were no major IPO launches during the week. Thai Life will list early next week</li>
<li>There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.</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.
There were no major IPO launches during the week. Thai Life will list early next week
There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.


ECM Weekly (24th Jul 2022) - ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox

Event-Driven

<ul>
<li>LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.</li>
<li>LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.
LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG Energy IPO Lock-Up - Largest Lockup Release of the Lot at US$3bn

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.

<ul>
<li>The KRX will list 20 new single stock futures (SSF) and 5 single stock options (SSO) next Monday, July 25, including <strong><a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a></strong>.</li>
<li>It seems very probable that the replacement demand for futures (short) will increase substantially due to a possible saturation of the loan market.</li>
<li>This situation, coupled with local pensions' basis trading, can lead to a significantly distorted basis. We should do basis trading or play pair trading (with LG Chem) on this.</li>
</ul>


The KRX will list 20 new single stock futures (SSF) and 5 single stock options (SSO) next Monday, July 25, including LG Energy Solution (373220 KS).
It seems very probable that the replacement demand for futures (short) will increase substantially due to a possible saturation of the loan market.
This situation, coupled with local pensions' basis trading, can lead to a significantly distorted basis. We should do basis trading or play pair trading (with LG Chem) on this.


Korea's New SSF/SSO Listing on July 25 & LG Energy's Massive Lockup Release on July 27

<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>Tianqi's soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while</li>
<li>There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.</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.
Tianqi's soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while
There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.


ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

<ul>
<li>There must be a rationale for car sharing to receive a higher valuation than the traditional rental car business. For this, profit per vehicle must be provided, not sales.</li>
<li>Also, whether SOCAR can justify its valuation built on the relatively high valuation premiums granted to ccOS and FMS companies is still questionable.</li>
<li>Concerning fund flow, it is positive that SOCAR can aim for LG Energy's six-month lockup release. But it is unclear how much flow will be left for SOCAR after WCP.</li>
</ul>


There must be a rationale for car sharing to receive a higher valuation than the traditional rental car business. For this, profit per vehicle must be provided, not sales.
Also, whether SOCAR can justify its valuation built on the relatively high valuation premiums granted to ccOS and FMS companies is still questionable.
Concerning fund flow, it is positive that SOCAR can aim for LG Energy's six-month lockup release. But it is unclear how much flow will be left for SOCAR after WCP.


SOCAR Revised Prospectus: Critical Issues Still Not Addressed

South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

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LG Energy Solution (373220 KS)

ECM Weekly (24th Jul 2022) - ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox

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

LG Energy IPO Lock-Up - Largest Lockup Release of the Lot at US$3bn

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.

Sumeet Singh

Korea's New SSF/SSO Listing on July 25 & LG Energy's Massive Lockup Release on July 27

This post details Korea's new SSF/SSO listing on July 25 and investigates potential basis & pair trading opportunities on LG Energy Solution amid...

Sanghyun Park

ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

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

SOCAR Revised Prospectus: Critical Issues Still Not Addressed

This post investigates SOCAR's revised prospectus, especially the additional information concerning the valuation peer group, and argues why the...

Sanghyun Park

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