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

Kansai Electric Power / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kansai-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:18907:1" rel="noopener">Kansai Electric Power (9503 JP)</a> plans to raise up to US$3.5bn (including over-allocation) to partly fund its investment plans.</li>
<li>In our earlier note, we talked about the placement and ran the deal through our ECM framework.</li>
<li>In this note, we talk about the updates and share price performance since then.</li>
</ul>



Kansai Electric Power (9503 JP) plans to raise up to US$3.5bn (including over-allocation) to partly fund its investment plans.
In our earlier note, we talked about the placement and ran the deal through our ECM framework.
In this note, we talk about the updates and share price performance since then.


Kansai Electric US$3.5bn Deal Updates - Has Delivered a Decent Correction, as Compared to past Deals

FineToday Holdings Co Ltd / Equity Capital Markets

<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In this note, we talk about the not-so-positive aspects of the deal.


FineToday Pre-IPO - The Negatives - Growth and Margins Have Wavered

<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In this note, we talk about the positive aspects of the deal.


FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-06/seven-i-is-said-to-plan-reducing-stake-in-banking-unit-to-38" target="_blank" rel="noopener">article</a> yesterday suggested <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> was considering selling down its stake in <a href="https://www.smartkarma.com/entities/seven-bank-ltd" target="_blank" data-smartkarma-citation="entities:16063:1" rel="noopener">Seven Bank Ltd (8410 JP)</a> to 38%, potentially raising ¥30bn by end-February.</li>
<li>There is a clear and obvious reason for this which has nothing to do, <em>directly</em>, with the Couche-Tard approach. And nothing to do with raising ¥30bn. </li>
<li>But it is an important step on the path to "value realisation", and focussing on CVS, albeit for technical reasons.</li>
</ul>


A Bloomberg article yesterday suggested Seven &amp; I Holdings (3382 JP) was considering selling down its stake in Seven Bank Ltd (8410 JP) to 38%, potentially raising ¥30bn by end-February.
There is a clear and obvious reason for this which has nothing to do, directly, with the Couche-Tard approach. And nothing to do with raising ¥30bn. 
But it is an important step on the path to "value realisation", and focussing on CVS, albeit for technical reasons.


7&I (3382) Selldown of Seven Bank (8410) Is Good, Not Bad

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL, Jefferies, MS, Motilal, Nomura, Nuvama, UBS.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>It operates in three main lending verticals: Enterprise Lending, Asset Finance and Consumer Finance. It is a subsidiary of <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>. </li>
</ul>



HDB Financial Services (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL, Jefferies, MS, Motilal, Nomura, Nuvama, UBS.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
It operates in three main lending verticals: Enterprise Lending, Asset Finance and Consumer Finance. It is a subsidiary of HDFC Bank (HDFCB IN). 


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)

Kansai Electric US$3.5bn Deal Updates - Has Delivered a Decent Correction, as Compared to past Deals

Kansai Electric Power (9503 JP) plans to raise up to US$3.5bn (including over-allocation) to partly fund its investment plans. In this note, we...

Sumeet Singh

FineToday Pre-IPO - The Negatives - Growth and Margins Have Wavered

CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan. In this note, we talk...

Sumeet Singh

FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan. In this note, we talk...

Sumeet Singh

7&I (3382) Selldown of Seven Bank (8410) Is Good, Not Bad

Today, an article suggested 7&i would sell a stake in Seven Bank. This is good news for 7&i. It is not bad news for Seven Bank. It has abundant...

Travis Lundy

HDB Financial Services Pre-IPO Tearsheet

HDB Financial Services (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL,...

Sumeet Singh

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