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

<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>On the IPO front, Blibli launched its Indonesian IPO, while a few other names are said to be gearing up to launch in Hong Kong and India.</li>
<li>There were a few placements this week, notable ones being <a href="https://www.smartkarma.com/entities/mitsubishi-estate-logistics" target="_blank" data-smartkarma-citation="entities:25867:1" rel="noopener">Mitsubishi Estate Logistics (3481 JP)</a> and <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a>.</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.
On the IPO front, Blibli launched its Indonesian IPO, while a few other names are said to be gearing up to launch in Hong Kong and India.
There were a few placements this week, notable ones being Mitsubishi Estate Logistics (3481 JP) and Zee Entertainment Enterprises (Z IN).


ECM Weekly (23rd Oct 2022) - Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Mitsubishi Estate Logistics / Event-Driven

<ul>
<li>Last Friday, small-cap logistics JREIT <a href="https://www.smartkarma.com/entities/mitsubishi-estate-logistics" target="_blank" data-smartkarma-citation="entities:25867:1" rel="noopener">Mitsubishi Estate Logistics (3481 JP)</a> ("<strong>MEL</strong>") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 51,000 units. In addition, there will also be an over-allotment quantity of 2,550 units. The total size of this offering could be roughly ¥23bn (~US$157mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Last Friday, small-cap logistics JREIT Mitsubishi Estate Logistics (3481 JP) ("MEL") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 51,000 units. In addition, there will also be an over-allotment quantity of 2,550 units. The total size of this offering could be roughly ¥23bn (~US$157mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Mitsubishi Estate Logistics (3481 JP): Offering Could Trigger Outperformance Vs Peers Like Last Time

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Mitsubishi Estate Logistics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-estate-logistics" target="_blank" data-smartkarma-citation="entities:25867:1" rel="noopener">Mitsubishi Estate Logistics (3481 JP)</a> (MEL) is looking to raise US$145m from its primary follow-on offering to acquire eight properties.</li>
<li>The offering is a large one, resulting in a 10.2% dilution, and would represent 34 days of three month ADV.</li>
<li>In this note, we will look at the deal dynamics, and run the deal through our framework.</li>
</ul>



Mitsubishi Estate Logistics (3481 JP) (MEL) is looking to raise US$145m from its primary follow-on offering to acquire eight properties.
The offering is a large one, resulting in a 10.2% dilution, and would represent 34 days of three month ADV.
In this note, we will look at the deal dynamics, and run the deal through our framework.


Mitsubishi Estate Logistics REIT Placement - Decent Track Record but Lacks Accretion

<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>On the IPO front, <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> provided a welcome respite with a positive listing, while South Korean IPOs continued to struggle.</li>
<li>There was only one large placement this week, with <a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> deciding to brave the markets.</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.
On the IPO front, Socionext (6526 JP) provided a welcome respite with a positive listing, while South Korean IPOs continued to struggle.
There was only one large placement this week, with GLP J-REIT (3281 JP) deciding to brave the markets.


ECM Weekly (16th Oct 2022) - Socionext, Betagro, Lionheart, Five-Star, Giant Biogene, GLP J-REIT

Advance Logistics Investment / Event-Driven

<ul>
<li>Today after the close, small-cap logistics JREIT <a href="https://www.smartkarma.com/entities/itochu-advance-logistics-investment" target="_blank" data-smartkarma-citation="entities:28286:1" rel="noopener">Itochu Advance Logistics Investment (3493 JP)</a> ("IAL") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 70,773 units. In addition, there will also be an over-allotment quantity of 3,500 units. The total size of this offering could be roughly ¥10bn (~US$76mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Today after the close, small-cap logistics JREIT Itochu Advance Logistics Investment (3493 JP) ("IAL") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 70,773 units. In addition, there will also be an over-allotment quantity of 3,500 units. The total size of this offering could be roughly ¥10bn (~US$76mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Itochu Advance Logistics (3493 JP): Offering Could Trigger Outperformance Vs Peers

Japan

Mitsubishi Estate Logistics REIT Investment Corporation operates real estate investment trust businesses. The Company provides logistics facilities investment trusts, business offices investment trusts, and other services. Mitsubishi Estate Logistics REIT Investment offers its services throughout Japan.

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Mitsubishi Estate Logistics (3481 JP)

ECM Weekly (23rd Oct 2022) - Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate

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