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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>  announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In our previous note, we highlighted which division could list. In this note, we will look at the Cloud segement.</li>
</ul>


On 28th Mar 2023, Alibaba Group (9988 HK)  announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In our previous note, we highlighted which division could list. In this note, we will look at the Cloud segement.


Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday (15 May 2023) just before EOD, an article ran suggesting a ¥300bn capital raise by <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>. The stock fell 10% in 10mins. Rakuten hemmed/hawed but didn't deny.</li>
<li>One day later, we have a deal. It is up to 546mm shares including greenshoe, which at the close was ¥333bn. 468mm shares to the public, 79mm to 3rd parties.</li>
<li>This increases Real World Float by 95%. In that respect this is vaguely IPO-ish. Investors have to re-underwrite. Then Passive re-shrinks the float. Details matter.</li>
</ul>


Yesterday (15 May 2023) just before EOD, an article ran suggesting a ¥300bn capital raise by Rakuten (4755 JP). The stock fell 10% in 10mins. Rakuten hemmed/hawed but didn't deny.
One day later, we have a deal. It is up to 546mm shares including greenshoe, which at the close was ¥333bn. 468mm shares to the public, 79mm to 3rd parties.
This increases Real World Float by 95%. In that respect this is vaguely IPO-ish. Investors have to re-underwrite. Then Passive re-shrinks the float. Details matter.


Rakuten (4755 JP) - A Big Deal With Very Interesting Characteristics - Index Matters

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> aims to raise up to US$2.4bn (JPY323bn) via a global offering.</li>
<li>The deal was undoubtedly accelerated by Reuters breaking the news of a possible equity raising on 15th May 2023.</li>
<li>We have covered most aspects of the deal in our previous note, in this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering.
The deal was undoubtedly accelerated by Reuters breaking the news of a possible equity raising on 15th May 2023.
We have covered most aspects of the deal in our previous note, in this note we talk about the deal dynamics and run the deal through our ECM framework.


Rakuten US$2.4bn Placement - Larger than Rumored, Some Indications of Finality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> is considering raising around US$2.2bn (JPY300bn), as per Reuters reports. The company hasn't confirmed or denied the same in its press release.</li>
<li>The company has been listing some of its subsidiaries and monetising investments to raise cash and has recently hinted at a possible equity issuance.</li>
<li>While there is no guarantee that the deal will ever materialize, in this note, we take an early look at the possible deal dynamics.</li>
</ul>



Rakuten (4755 JP) is considering raising around US$2.2bn (JPY300bn), as per Reuters reports. The company hasn't confirmed or denied the same in its press release.
The company has been listing some of its subsidiaries and monetising investments to raise cash and has recently hinted at a possible equity issuance.
While there is no guarantee that the deal will ever materialize, in this note, we take an early look at the possible deal dynamics.


Rakuten Possible US$2.2bn Placement - Will Be a Huge Deal to Digest, but It's Not All Bad

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<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> is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of three month ADV.</li>
<li>The proceeds will be used to acquire three new properties and obtain a 30% co-ownership interest in a fourth one. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



GLP J-REIT (3281 JP) is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of three month ADV.
The proceeds will be used to acquire three new properties and obtain a 30% co-ownership interest in a fourth one. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


GLP J-REIT Placement - Could Be Another Addition to Its History of Well-Performing Deals

Japan

Rakuten Bank, Ltd. operates as an Internet based bank. The Company provides banking services including deposits, loans, exchange transactions, and other services. Rakuten Bank also provides financial services including investment trusts, securities, credit and cash cards, lottery tickets, and others.

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Rakuten Bank (5838 JP)

Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

On 28th Mar 2023, Alibaba Group (9988 HK) announced that it would adopt a new organizational and governance structure, splitting into six major...

Sumeet Singh

Rakuten (4755 JP) - A Big Deal With Very Interesting Characteristics - Index Matters

Rakuten has announced its somewhat-surprising-but-perhaps-not equity offering. The headline is ¥300bn+. The actual net active manager buying, after...

Travis Lundy

Rakuten US$2.4bn Placement - Larger than Rumored, Some Indications of Finality

Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering. In this note, we talk about the deal structure and the deal dynamics.

Sumeet Singh

Rakuten Possible US$2.2bn Placement - Will Be a Huge Deal to Digest, but It's Not All Bad

Rakuten (4755 JP) is considering raising around US$2.2bn, as per Reuters reports. The company hasn't confirmed or denied the same in its press...

Sumeet Singh

GLP J-REIT Placement - Could Be Another Addition to Its History of Well-Performing Deals

GLP J-REIT (3281 JP) is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of...

Ethan Aw

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