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

Mapletree Logistics Trust / Equity Capital Markets

<ul>
<li>Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.</li>
<li>We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.</li>
<li>In this note, we will run the deal through our ECM framework and talk about deal dynamics.</li>
</ul>


Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.
We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.
In this note, we will run the deal through our ECM framework and talk about deal dynamics.


MLT Placement - Small Deal but Recent Deals Didn’t Do Well

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Widjaja family's Offer for <strong><a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy (GER SP)</a></strong> back in November has been derided in the press, one outspoken minority shareholder, and (a loosely veiled statement) by Singapore RegCo.</li>
<li>Now the Securities Investors Association (Singapore) (SIAS) has thrown its hat into the ring and has called on GEAR to improve the Offer for shareholders. </li>
<li>The long stop date was surprisingly pushed back five months to satisfy the Exit offer conditions. This delay should avail the family of ample time to bump terms.  </li>
</ul>


The Widjaja family's Offer for Golden Energy (GER SP) back in November has been derided in the press, one outspoken minority shareholder, and (a loosely veiled statement) by Singapore RegCo.
Now the Securities Investors Association (Singapore) (SIAS) has thrown its hat into the ring and has called on GEAR to improve the Offer for shareholders. 
The long stop date was surprisingly pushed back five months to satisfy the Exit offer conditions. This delay should avail the family of ample time to bump terms.  


SIAS Agrees The Widjaja Family’s Offer For Golden Energy Is Low-Balled

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>  is looking to raise up to US$500m 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 this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Nexus Select Trust (NST IN)  is looking to raise up to US$500m 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 this note, we will talk about the not-so-positive aspects of the deal.


Nexus Select Trust Pre-IPO - The Negatives - Some Assets Were Recently Acquired, Not All Doing Well

<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 up to US$500m 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 this note, we will talk about the positive aspects of the deal.</li>
</ul>



Nexus Select Trust (NST IN)  is looking to raise up to US$500m 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 this note, we will talk about the positive aspects of the deal.


Nexus Select Trust Pre-IPO - The Positives - Forecasting Robust Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872:1" rel="noopener">Link REIT (823 HK)</a> (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn.</li>
<li>After announcing a S$2.2bn acquisition in late Dec 2022, the company explicitly mentioned that it didn’t need to raise any new capital. Thus, the rights issue marks an abrupt turnaround.</li>
<li>In this note, we talk about the right issue, its previous acquisition and the overall implications.</li>
</ul>



Link REIT (823 HK) (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn.
After announcing a S$2.2bn acquisition in late Dec 2022, the company explicitly mentioned that it didn’t need to raise any new capital. Thus, the rights issue marks an abrupt turnaround.
In this note, we talk about the right issue, its previous acquisition and the overall implications.


Link REIT US$2.4bn Rights Issue - Mistimed but Yield at the Rights Price Might Be the Saving Grace

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)

MLT Placement - Small Deal but Recent Deals Didn’t Do Well

Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan,...

Sumeet Singh

SIAS Agrees The Widjaja Family’s Offer For Golden Energy Is Low-Balled

Despite the 8% gain this week, a revised Offer should include an exit Offer of at least S$0.30-S$0.35 cash per share. I'd still look to enter...

David Blennerhassett

Nexus Select Trust Pre-IPO - The Negatives - Some Assets Were Recently Acquired, Not All Doing Well

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects...

Sumeet Singh

Nexus Select Trust Pre-IPO - The Positives - Forecasting Robust Growth

Nexus Select Trust, backed by Blackstoner, is looking to raise up to US$500m in its upcoming India IPO. In this note, we will talk about the...

Sumeet Singh

Link REIT US$2.4bn Rights Issue - Mistimed but Yield at the Rights Price Might Be the Saving Grace

Link REIT (823 HK) (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn. In this...

Sumeet Singh

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52-week Range

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