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.

Event-Driven

<ul>
<li>PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.</li>
<li>The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.
The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.
In this note, we will talk about the lock-up dynamics and updates since our last note.


PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Singapore recently announced the pricing of its inaugural sovereign green bond issue marking Singapore's momentous entrée into the growing global sovereign green bond market.</li>
<li>Big deal, and big <em>impact</em>. Singapore's S$2.4 billion 50-year green bond ranks among the largest inaugural sovereign issuances and the proceeds are funding impactful "green projects."</li>
<li>Proceeds will fund two Clean Transportation projects (electric rail mass transit) and contribute to an 80% reduction in land transportation-related greenhouse gas emissions by 2050.</li>
</ul>


Singapore recently announced the pricing of its inaugural sovereign green bond issue marking Singapore's momentous entrée into the growing global sovereign green bond market.
Big deal, and big impact. Singapore's S$2.4 billion 50-year green bond ranks among the largest inaugural sovereign issuances and the proceeds are funding impactful "green projects."
Proceeds will fund two Clean Transportation projects (electric rail mass transit) and contribute to an 80% reduction in land transportation-related greenhouse gas emissions by 2050.


Singapore's Inaugural Green Bond: Big Deal, Big Impact

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Allocations in Singapore Financials continue their turnaround. From a low of 0.67% in early 2021, average weights have soared to 1.81%, closing in on the highs of 2%+ in 2018</li>
<li>Clear active rotation, with the percentage of managers exposed to the sector increasing from 45.2% in 2021 to 63.4% today.</li>
<li>Strong ownership growth seen in DBS and UOB, with +10.75% and +6.45% of managers opening positions over the last 6-months.  SGX also saw ownership rise.</li>
</ul>


Allocations in Singapore Financials continue their turnaround. From a low of 0.67% in early 2021, average weights have soared to 1.81%, closing in on the highs of 2%+ in 2018
Clear active rotation, with the percentage of managers exposed to the sector increasing from 45.2% in 2021 to 63.4% today.
Strong ownership growth seen in DBS and UOB, with +10.75% and +6.45% of managers opening positions over the last 6-months.  SGX also saw ownership rise.


Equity Capital Markets

Australia & New Zealand Bankin / Equity Capital Markets

<ul>
<li>ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.</li>
<li>The institutional part of the entitlement offer saw a strong take up and the retail take up was within our expectations as well.</li>
<li>In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.</li>
</ul>


ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
The institutional part of the entitlement offer saw a strong take up and the retail take up was within our expectations as well.
In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

<ul>
<li>Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.</li>
<li>Judo Capital (JC) focuses on lending to small and medium-sized enterprises (SMEs) in Australia. It also offers a range of personal term deposit products to consumers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.
Judo Capital (JC) focuses on lending to small and medium-sized enterprises (SMEs) in Australia. It also offers a range of personal term deposit products to consumers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Judo Capital IPO Lock-Up - Gearing up for a A$650m Lock-Up Release

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

PropertyGuru mergered with Bridgetown 2 SPAC in Mar 2022. Its 180-days lockup will end soon freeing its two large PE shareholders.

Sumeet Singh

Singapore's Inaugural Green Bond: Big Deal, Big Impact

Singapore’s inaugural green bond is a big deal, in size and impact. It is one of the world’s largest debut issues and funds Clean Transportation...

Kyle Rudden

Singapore Financials: Surging Higher

Asia Ex-Japan funds ramp up Singapore Financial allocations . A key beneficiary in this year’s sector rotations, new positions have been added...

Steven Holden

ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. In this note...

Sumeet Singh

Judo Capital IPO Lock-Up - Gearing up for a A$650m Lock-Up Release

Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.

Sumeet Singh

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