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

<ul>
<li>In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023. </li>
<li>The following dataset includes all Japanese IPOs and placements above US$100m, which amounted to a total of 32 deals. 
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023. 
The following dataset includes all Japanese IPOs and placements above US$100m, which amounted to a total of 32 deals. 

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas Japan IPOs + Placements Broker Performance 2023

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:20269:1" rel="noopener">Sumitomo Chemical (4005 JP)</a> and Mizuho Trust &amp; Banking are looking to raise around US$180m through the sale of their stake in <a href="https://www.smartkarma.com/entities/inabata-co-ltd" target="_blank" data-smartkarma-citation="entities:5558:1" rel="noopener">Inabata &amp; Co (8098 JP)</a>.</li>
<li>The deal is a large one to digest, at 90 days of three month ADV and 15% of current mcap. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Sumitomo Chemical (4005 JP) and Mizuho Trust &amp; Banking are looking to raise around US$180m through the sale of their stake in Inabata &amp; Co (8098 JP).
The deal is a large one to digest, at 90 days of three month ADV and 15% of current mcap. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Inabata & Co Placement - Should Come as a Surprise

External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

ABN AMRO is a personal bank in the digital age. A bank committed to playing a serious role in society. This digital age helps us to bring banking ever closer to our clients and what they need. Our areas of focus are inclusion, sustainability, social entrepreneurship, innovation, daily banking and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>When bank bond issuers face ESG risks such as climate change, this should be translated in the market through significant pick-up on longer maturities</li><li>Based on that, we use the ValueCo ESG opinions to assess where banks stand with regards to such risks</li><li>Our analysis indeed reveals a relation between such opinions and the steepness in the curve, but that relationship is more clear when we purely focus on the environmental part of such opinion.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

When bank bond issuers face ESG risks such as climate change, this should be translated in the market through significant pick-up on longer maturitiesBased on that, we use the ValueCo ESG opinions to assess where banks stand with regards to such risksOur analysis indeed reveals a relation between such opinions and the steepness in the curve, but that relationship is more clear when we purely focus on the environmental part of such opinion.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ESG Opinions Are Affecting the Shape of Bank Spread Curves

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>On 28th Nov 2023, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> announced that it would sell around 9.4% of <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> in order to reduce its cross-shareholding.</li>
<li>The shares hadn’t corrected much till our last note on 7th Dec 2023, they have since corrected by 6% .</li>
<li>We have covered the deal background and deal dynamics in our earlier notes. In this note, we talk about the recent share price movement, as compared to prior deals.</li>
</ul>


On 28th Nov 2023, Toyota Motor (7203 JP) announced that it would sell around 9.4% of Denso Corp (6902 JP) in order to reduce its cross-shareholding.
The shares hadn’t corrected much till our last note on 7th Dec 2023, they have since corrected by 6% .
We have covered the deal background and deal dynamics in our earlier notes. In this note, we talk about the recent share price movement, as compared to prior deals.


Denso Corp Placement - Quick Update - In Better Shape Now, Size Concern Remains

<ul>
<li>On 28th Nov 2023, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> announced that it would sell around 9.4% of <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso (6902 JP)</a> in order to reduce its cross-shareholding. </li>
<li>Since then the shares haven’t corrected by much, as compared to prior large secondary deals.</li>
<li>We have covered the deal background in our earlier notes. In this note, we talk about deal dynamics, as compared to prior deals.</li>
</ul>


On 28th Nov 2023, Toyota (7203 JP) announced that it would sell around 9.4% of Denso (6902 JP) in order to reduce its cross-shareholding. 
Since then the shares haven’t corrected by much, as compared to prior large secondary deals.
We have covered the deal background in our earlier notes. In this note, we talk about deal dynamics, as compared to prior deals.


Denso Corp Placement - Not Quite Shaping up for a Win Yet

Japan

Mizuho Financial Group, Inc. provides comprehensive financial services through its subsidiaries. The Group provides variety of financial services such as general banking, securities brokerage, trust banking, and assets management.

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Mizuho Financial Group (8411 JP)

Aequitas Japan IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023, which includes all Japanese IPOs and placements...

Ethan Aw

Inabata & Co Placement - Should Come as a Surprise

Sumitomo Chemical (4005 JP) and Mizuho Trust & Banking are looking to raise around US$180m through the sale of their stake in Inabata & Co (8098 JP).

Ethan Aw

ESG Opinions Are Affecting the Shape of Bank Spread Curves

When bank bond issuers face ESG risks such as climate change, this should be translated in the market through significant pick-up on longer...

ABN AMRO

Denso Corp Placement - Quick Update - In Better Shape Now, Size Concern Remains

On 28th Nov 2023, Toyota Motor (7203 JP) announced that it would sell around US$4bn of Denso Corp (6902 JP). While the shares didn't correct...

Sumeet Singh

Denso Corp Placement - Not Quite Shaping up for a Win Yet

On 28th Nov 2023, Toyota (7203 JP) announced that it would sell around 9.4% of Denso (6902 JP) in order to reduce its cross-shareholding. In this...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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