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

JL Mag Rare-Earth   / Equity Capital Markets

<ul>
<li>JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. </li>
<li>JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.</li>
<li>In this note, we look at the allocation results and trading dynamics.</li>
</ul>


JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. 
JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.
In this note, we look at the allocation results and trading dynamics.


JL Mag Rare Earth A/H Trading - Set for a Tepid Debut

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

LG Energy Solution / Equity Capital Markets

<ul>
<li>Numerous local media have mentioned that the institutional book building of LG Energy Solution IPO has been a big success. </li>
<li>It is estimated that the demand ratio of this IPO was more than 1,500 to 1. The IPO price has been mostly confirmed at 300,000 won per share. </li>
<li>Our base case valuation of LG Energy Solution is implied market cap of 99.2 trillion won and implied price per share of 424,093 won.</li>
</ul>


Numerous local media have mentioned that the institutional book building of LG Energy Solution IPO has been a big success. 
It is estimated that the demand ratio of this IPO was more than 1,500 to 1. The IPO price has been mostly confirmed at 300,000 won per share. 
Our base case valuation of LG Energy Solution is implied market cap of 99.2 trillion won and implied price per share of 424,093 won.


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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>The review period for the March rebalance ends on 31 January, the announcement of the changes will be end February/beginning March, implementation will be at the close on 10 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> will be included in the Battery index, and there will be other changes to the Bio, Internet, Game and BBIG indices.</li>
<li>The largest selling is expected to be on <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon (012510 KS)</a> due to a potential downweight in the Internet index and a deletion from the BBIG index.</li>
</ul>


The review period for the March rebalance ends on 31 January, the announcement of the changes will be end February/beginning March, implementation will be at the close on 10 March.

LG Energy Solution (LGENERGY KS) will be included in the Battery index, and there will be other changes to the Bio, Internet, Game and BBIG indices.
The largest selling is expected to be on Douzone Bizon (012510 KS) due to a potential downweight in the Internet index and a deletion from the BBIG index.


KRX BBIG Index Rebalance Preview (March): LG Energy Should Be Added; Plus Other Changes

<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>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> started book building for its mega US$10bn+ IPO</li>
<li>Placements too got off to a large, if not strong, start with <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a> US$1bn+ deals. </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.

LG Energy Solution (LGENERGY KS) started book building for its mega US$10bn+ IPO
Placements too got off to a large, if not strong, start with Sea Ltd (SE US) and Nippon Paint Holdings (4612 JP) US$1bn+ deals. 


ECM Weekly (9th Jan 2022) - LG Energy, Hyundai Engineering, JL Mag, 2022 Pipeline, 2021 Performance

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 two largest battery-themed ETFs in Korea, TIGER (305540) and KODEX (305720), have confirmed the Fast Entry rules for IPO stocks AND spin-off companies due to equity carve-out (ECO).</li>
<li>The official application date for these rule changes is January 26th for KODEX and January 28th for TIGER. LG Energy will be subject to the new Fast Entry rules.</li>
<li>For LG Energy, 0.32% of SO will flow through KODEX, and TIGER will be 0.2%. LG Chem will experience a combined passive outflow of 1.8x ADTV for one day.</li>
</ul>


The two largest battery-themed ETFs in Korea, TIGER (305540) and KODEX (305720), have confirmed the Fast Entry rules for IPO stocks AND spin-off companies due to equity carve-out (ECO).
The official application date for these rule changes is January 26th for KODEX and January 28th for TIGER. LG Energy will be subject to the new Fast Entry rules.
For LG Energy, 0.32% of SO will flow through KODEX, and TIGER will be 0.2%. LG Chem will experience a combined passive outflow of 1.8x ADTV for one day.


Local Battery ETFs Fast Entry Rule Changes: Official Regulatory Filings

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)

JL Mag Rare Earth A/H Trading - Set for a Tepid Debut

JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. In this note, we talk about the trading dynamics.

Sumeet Singh

LG Energy Solution Bookbuilding Results

The book building of LG Energy Solution IPO has been a big success. The demand ratio of this IPO was more than 1,500 to 1. The IPO price has been...

Douglas Kim

KRX BBIG Index Rebalance Preview (March): LG Energy Should Be Added; Plus Other Changes

LG Energy should be added to the Secondary Battery and BBIG indices. There are changes to the Bio, Internet and Game indices too. Douzone Bizon...

Brian Freitas

ECM Weekly (9th Jan 2022) - LG Energy, Hyundai Engineering, JL Mag, 2022 Pipeline, 2021 Performance

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

Local Battery ETFs Fast Entry Rule Changes: Official Regulatory Filings

The two largest battery-themed ETFs in Korea, TIGER (305540) and KODEX (305720), have confirmed the Fast Entry rules for IPO stocks AND spin-off...

Sanghyun Park

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