APAC IPOs & Placements

Zhen Zhou, Toh

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

Axelum Resources / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/axelum-resources" target="_blank" data-smartkarma-citation="entities:28282:1" rel="noopener">Axelum Resources (1729371D PM)</a> (AXE) is looking to raise about US$160m in its upcoming IPO in the Philippines.
AXE is a fully-integrated manufacturer of coconut products. Majority of revenue growth came from the acquisition of Always Progressive Holdings (APH1) and Apo Peak Holdings (APH2) while 3M 2019 revenue has fallen as a result of lower market prices. Gross and operating margins have generally expanded after the acquisition.
There is an appalling lack of disclosure of operating metrics such as sales volume, capacity and utilization as well as financial data such as revenue breakdown by products or segments.

Axelum Resources (1729371D PM) (AXE) is looking to raise about US$160m in its upcoming IPO in the Philippines.
AXE is a fully-integrated manufacturer of coconut products. Majority of revenue growth came from the acquisition of Always Progressive Holdings (APH1) and Apo Peak Holdings (APH2) while 3M 2019 revenue has fallen as a result of lower market prices. Gross and operating margins have generally expanded after the acquisition.
There is an appalling lack of disclosure of operating metrics such as sales volume, capacity and utilization as well as financial data such as revenue breakdown by products or segments.

Axelum Resources Pre-IPO - Poor Disclosure