APAC IPOs & Placements, Aequitas Research

Clarence Chu

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>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> raised US$72.2m in its Korean IPO. The IPO had consisted of both a primary and secondary selldown.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. </li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Bionote (377740 KS) raised US$72.2m in its Korean IPO. The IPO had consisted of both a primary and secondary selldown.
Bionote is an integrated producer of diagnostics test products and biocontent products. 
In this note, we will talk about the demand for the deal and other trading dynamics.


Bionote IPO Trading - Weakest Demand Even After Cutting Price and Size

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Meritz Financial Group's decision to delist Meritz Fire &amp; Marine Insurance and Meritz Securities in 1H 2023 will result in at least two new additions to KOSPI 200.</li>
<li>We highlight five companies which could be potential additions to KOSPI 200 in 1H 2023.</li>
<li>Five potential additions to KOSPI 200 in 1H 2023 include Jb Financial Group, Hyundai Construction Equipment, Dentium, Samyang Foods, and Lotte Rental. </li>
</ul>


Meritz Financial Group's decision to delist Meritz Fire &amp; Marine Insurance and Meritz Securities in 1H 2023 will result in at least two new additions to KOSPI 200.
We highlight five companies which could be potential additions to KOSPI 200 in 1H 2023.
Five potential additions to KOSPI 200 in 1H 2023 include Jb Financial Group, Hyundai Construction Equipment, Dentium, Samyang Foods, and Lotte Rental. 


KOSPI 200 Rebalance in 1H 2023 - Five Potential Additions Post Deletions of Meritz Affiliates

<ul>
<li>Numerous local media mentioned today that Lotte Chemical (011170 KS) is getting ready to announce a major rights offering to acquire Iljin Materials.</li>
<li>The size of the rights offering has not been finalized but the range of the rights offering could be about 1 trillion won to 2 trillion won.</li>
<li>There are additional concerns about Lotte Chem funding additional capital into Lotte E&amp;C, which could face more financial difficulties in the local construction sector.</li>
</ul>


Numerous local media mentioned today that Lotte Chemical (011170 KS) is getting ready to announce a major rights offering to acquire Iljin Materials.
The size of the rights offering has not been finalized but the range of the rights offering could be about 1 trillion won to 2 trillion won.
There are additional concerns about Lotte Chem funding additional capital into Lotte E&amp;C, which could face more financial difficulties in the local construction sector.


Lotte Chemical - Ready to Announce Rights Offering Close to 2 Trillion Won?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering and cut the asking price to below the IPO range. </li>
<li>K Car is a used car marketplace and dealership operating in South Korea.</li>
<li>In this note, we will talk about the recent updates and the upcoming lockup expiry.</li>
</ul>


K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering and cut the asking price to below the IPO range. 
K Car is a used car marketplace and dealership operating in South Korea.
In this note, we will talk about the recent updates and the upcoming lockup expiry.


K Car Lockup - Small Stock with a Big Lockup - Money Recouped, Any Price Is a Good Price to Sell

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>SOCAR's institutional subscription rate was 56.97 to 1. It is highly unusual for an institutional competition rate to be this low among IPOs worth more than ₩1T.</li>
<li>SOCAR eventually set the price at ₩28,000 and reduced the offering volume from 4.55M to 3.64M, resulting in deal size of ₩100B at an implied market cap of ₩970B.</li>
<li>Since Lotte Rental's buying flow may be triggered earlier than expected, we may need to consider a swing trade if the price enters an oversold territory after listing.</li>
</ul>


SOCAR's institutional subscription rate was 56.97 to 1. It is highly unusual for an institutional competition rate to be this low among IPOs worth more than ₩1T.
SOCAR eventually set the price at ₩28,000 and reduced the offering volume from 4.55M to 3.64M, resulting in deal size of ₩100B at an implied market cap of ₩970B.
Since Lotte Rental's buying flow may be triggered earlier than expected, we may need to consider a swing trade if the price enters an oversold territory after listing.


SOCAR IPO: Order Table, Revised Terms, & Thinking Points

South Korea

Lotte Rental Co.,Ltd. provides car rental services. The Company offers passenger car rental, commercial car rental, used vehicle rental, and other related services. Lotte Rental offers services worldwide.

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Lotte Rental (089860 KS)

Bionote IPO Trading - Weakest Demand Even After Cutting Price and Size

Bionote (377740 KS) raised US$72.2m in its Korean IPO. In this note, we will talk about the demand for the deal and other trading dynamics.

Clarence Chu

KOSPI 200 Rebalance in 1H 2023 - Five Potential Additions Post Deletions of Meritz Affiliates

In this insight, we discuss potential additions to KOSPI 200 post likely deletions of Meritz F&M Insurance and Meritz Securities from KOSPI 200 in...

Douglas Kim

Lotte Chemical - Ready to Announce Rights Offering Close to 2 Trillion Won?

Numerous local media mentioned today that Lotte Chemical (011170 KS) is getting ready to announce a major rights offering to acquire Iljin Materials.

Douglas Kim

K Car Lockup - Small Stock with a Big Lockup - Money Recouped, Any Price Is a Good Price to Sell

K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering. Its IPO lockup will expire soon...

Sumeet Singh

SOCAR IPO: Order Table, Revised Terms, & Thinking Points

This post investigates SOCAR's order table in the bookbuilding and discusses the thinking points for post-listing trade.

Sanghyun Park

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