APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genda-inc" target="_blank" data-smartkarma-citation="entities:39911:1" rel="noopener">GENDA (9166 JP)</a> (GENDA) was listed on the TSE on 28th July 2023. The IPO had been a mix of primary and secondary shares. </li>
<li>Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.</li>
<li>Coming up for six-month lockup expiry are the pre-IPO shareholders, notably Midas Capital, and the firm’s executives and directors.</li>
</ul>



GENDA (9166 JP) (GENDA) was listed on the TSE on 28th July 2023. The IPO had been a mix of primary and secondary shares. 
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
Coming up for six-month lockup expiry are the pre-IPO shareholders, notably Midas Capital, and the firm’s executives and directors.


GENDA Lock-Up - Since Selling in the IPO, Midas Capital's Remaining Stake Is up Another 60%

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan &amp; Korea, after having looked at Hong Kong and India earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan &amp; Korea, after having looked at Hong Kong and India earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - Japan & Korea

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">TRYT (9164 JP)</a> was listed on the TSE on 22nd July 2023. The IPO had been a 100% secondary offering. </li>
<li>TRYT offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake earlier in the IPO.</li>
</ul>



TRYT (9164 JP) was listed on the TSE on 22nd July 2023. The IPO had been a 100% secondary offering. 
TRYT offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake earlier in the IPO.


TRYT Lock-Up - 60% of Outstanding to Be Released, Baring Would Have to Exit Sooner or Later

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>M3 extends its Tender Offer for <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a>. M3 can match Dai-Ichi Life proposal, financially, if backed. And <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> can probably bump further. </li>
<li>
<a href="https://www.smartkarma.com/entities/haier-electronics-group-co" target="_blank" data-smartkarma-citation="entities:4877:1" rel="noopener">Haier Electronics Group Co (1169 HK)</a>'s CEO and <a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a> reckon they can trump SASAC's Offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>.</li>
<li>First City of London Investment Management, then Palliser Capital and now Whitebox, urge <a href="https://www.smartkarma.com/entities/samsung-c-t-corporation" target="_blank" data-smartkarma-citation="entities:481:1" rel="noopener">Samsung C&amp;T (028260 KS)</a> to improve its cash spending, improve governance and communications and simplify its corporate structure</li>
</ul>


M3 extends its Tender Offer for Benefit One (2412 JP). M3 can match Dai-Ichi Life proposal, financially, if backed. And Dai Ichi Life Insurance (8750 JP) can probably bump further. 

Haier Electronics Group Co (1169 HK)'s CEO and ORG Technology Co., Ltd. A (002701 CH) reckon they can trump SASAC's Offer for CPMC Holdings (906 HK).
First City of London Investment Management, then Palliser Capital and now Whitebox, urge Samsung C&amp;T (028260 KS) to improve its cash spending, improve governance and communications and simplify its corporate structure


Last Week in Event SPACE: Benefit One, CPMC, Samsung C&T, Sands China, Shinko Electric, Hankook & Co

<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

Recruit Holdings Co. Ltd. operates information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more. The company also operate staffing services and advertising business.

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Recruit Holdings (6098 JP)

GENDA Lock-Up - Since Selling in the IPO, Midas Capital's Remaining Stake Is up Another 60%

GENDA (9166 JP) (GENDA) was listed on the TSE on 28th July 2023. Coming up for six-month lockup expiry are the pre-IPO shareholders, notably Midas...

Clarence Chu

Aequitas 2024 Asia IPO Pipeline - Japan & Korea

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan & Korea, after having looked at Hong Kong and India...

Sumeet Singh

TRYT Lock-Up - 60% of Outstanding to Be Released, Baring Would Have to Exit Sooner or Later

TRYT (9164 JP) was listed on the TSE on 22nd July 2023. Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake...

Clarence Chu

Last Week in Event SPACE: Benefit One, CPMC, Samsung C&T, Sands China, Shinko Electric, Hankook & Co

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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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