Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
The number of deals coming to market have slowed down as compared to the mad rush in June but we are now getting wind of larger IPOs that are looking to come to the market soon. Most notably, Ant Financial (1051260D CH) confirmed its plan to list on STAR and Hong Kong Exchange whereas Hangzhou Tigermed Consulting (300347 CH)'s dual listing is said to be aiming to raise about US$1bn. Ke Yan, CFA, FRM covered the two IPOs in his notes this week:
We also covered other upcoming IPOs that have recently filed their application proof with HKEX such as Blue Moon and Jiayuan Services.
In India, Mindspace Business Parks REIT (MBP IN) launched its bookbuild and has already counted various reputable institutional investors as strategic (cornerstone) investors. Sumeet Singh shared his thoughts on valuation and deal dynamics.
China ADR listing has also been picking up some momentum despite political tensions between China and the US. KE Holdings, which is backed by Tencent Holdings (700 HK) and Softbank Group (9984 JP) and owns Lianjia and Beike, filed its prospectus with the SEC. We will share our thoughts on the IPO next week. Also, Li Auto Inc. (LI US) launched its IPO and is expecting to raise up to US$950m.
There were only two sell downs by investors this week as global markets looked a little shaky. Asian Development Bank partially sold its investments in Gulf Energy Development Public Company (GULF TB) and B Grimm Power (BGRIM TB) on the same day and, strangely enough, GULF announced that it plans to raise about US$1bn via a rights issue, right after the selldown was completed.
Our overall accuracy rate is 73% for IPOs and 65.8% for Placements
(Performance measurement criteria is explained at the end of the note)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.
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