APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Digital Core REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145:1" rel="noopener">Digital Core REIT (DCREIT SP)</a> is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential acquisitions and debt repayment. </li>
<li>The deal will be a large one to digest at 72.7 days of three month ADV and 12.8% dilution.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Digital Core REIT (DCREIT SP) is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential acquisitions and debt repayment. 
The deal will be a large one to digest at 72.7 days of three month ADV and 12.8% dilution.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Digital Core REIT Placement - Taking a Turn for the Better After All the Negative News

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>Temasek raised around US$300m via its secondary selldown in <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> in Jun 2023. The lockup from that placement will expire soon.</li>
<li>Temasek still owns over 50% of SIA and hence, any selldown might not come before SIA reports its 1H23/24 results in mid-Nov 2023.</li>
<li>In this note, we talk about the placement lockup dynamics.</li>
</ul>


Temasek raised around US$300m via its secondary selldown in Singapore Airlines (SIA SP) in Jun 2023. The lockup from that placement will expire soon.
Temasek still owns over 50% of SIA and hence, any selldown might not come before SIA reports its 1H23/24 results in mid-Nov 2023.
In this note, we talk about the placement lockup dynamics.


SIA Placement Lockup - Time for Another Trim of Its US$7bn Stake

Mapletree Industrial Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40:1" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> is looking to raise at least S$202m (US$150m) in its primary placement.</li>
<li>The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement.
The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Mapletree Industrial Trust Placement - Data Centre Exposure Still on the Rise

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a>, a consumption centre REIT, is seeking to raise up to Rs32 billion (US$392 million). The offer opens from 9-11 May. </li>
<li>We previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/nexus-select-trust-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:101244" rel="noopener">Nexus Select Trust IPO: The Investment Case</a></em></strong>. NST is sponsored by <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in this IPO. </li>
</ul>



Nexus Select Trust (NST IN), a consumption centre REIT, is seeking to raise up to Rs32 billion (US$392 million). The offer opens from 9-11 May. 
We previously discussed the IPO in Nexus Select Trust IPO: The Investment Case. NST is sponsored by Blackstone Group (BX US). 
Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in this IPO. 


Nexus Select Trust IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise around US$391m in its upcoming India IPO.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Nexus Select Trust IPO - Strong 9M23, Just About Digestible Pricing

Singapore

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

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Mapletree Pan Asia Commercial Trust (MCT SP)

Digital Core REIT Placement - Taking a Turn for the Better After All the Negative News

Digital Core REIT (DCREIT SP) is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential...

Ethan Aw

SIA Placement Lockup - Time for Another Trim of Its US$7bn Stake

Temasek raised around US$300m via its secondary selldown in Singapore Airlines (SIA SP) in Jun 2023. The lockup from that placement will expire soon.

Sumeet Singh

Mapletree Industrial Trust Placement - Data Centre Exposure Still on the Rise

Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement. In this note, we'll run the deal...

Ethan Aw

Nexus Select Trust IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs95-100 per unit is attractive. Therefore, we would participate in this IPO.

Arun George

Nexus Select Trust IPO - Strong 9M23, Just About Digestible Pricing

Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO. In this note, we talk about the recent updates and the...

Sumeet Singh

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