Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Reasonable valuation and possible index inclusion make us positive on the deal despite debt concerns

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Dalian Wanda Commercial Properties / Equity Capital Markets

Dalian Wanda Commercial Properties (1567411D HK)

An IPO cornerstone investor plans to raise US$370m through selling their entire stake in Dalian Wanda.The stock is now 30% above IPO price and considering that the lock-up just expired a few days ago, combined with the fact that over 50% of the IPO (or US$2bn at the time of IPO) was taken up by cornerstones, there could be a few more deals to come in the stock.&nbsp;In addition, the deal doesn't score well on our framework (although the lack of a long trading history does lead to a loss of few points), however, the stock's recent momentum has been weak (after a good run up in the wake of its addition to HSCEI on Jun 8th, the stock has since been weak) and given the volatile markets and the size of the block, the discount looks tight, in our view. There is no doubting the long term potential of the stock, however, given the near term overhangs, we would avoid the deal.

An IPO cornerstone investor plans to raise US$370m through selling their entire stake in Dalian Wanda.The stock is now 30% above IPO price and considering that the lock-up just expired a few days ago, combined with the fact that over 50% of the IPO (or US$2bn at the time of IPO) was taken up by cornerstones, there could be a few more deals to come in the stock.&nbsp;In addition, the deal doesn't score well on our framework (although the lack of a long trading history does lead to a loss of few points), however, the stock's recent momentum has been weak (after a good run up in the wake of its addition to HSCEI on Jun 8th, the stock has since been weak) and given the volatile markets and the size of the block, the discount looks tight, in our view. There is no doubting the long term potential of the stock, however, given the near term overhangs, we would avoid the deal.

Could be the start of a few more cornerstone exits