ESR Cayman Placement - Past Deals Have Generally Done Well

ESR Cayman Placement - Even More to Come Soon

ESR Cayman IPO Trading - Riding (Higher) On Momentum - Some Book Colour, Privatisation Comparison

ESR Cayman Placement - Hasn't Done Much Since Listing, Liquidity Remains Tight

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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

<div>
<p>Warburg Pincus (WP) is looking to raise around US$427 by selling about 4.5% of <a href="https://www.smartkarma.com/entities/esr-cayman-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Cayman (1821 HK)</a>. Post-selldown, WP will still have about 4.6% stake in the company.</p>
<p>In this insight, we will discuss deal dynamics and run the deal through our ECM framework.</p>
<p>June and September placement:</p>
</div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/esr-cayman-placement-hasn-t-done-much-since-listing-liquidity-remains-tight" target="_blank" data-smartkarma-citation="insights:40084" rel="noopener">ESR Cayman Placement - Hasn't Done Much Since Listing, Liquidity Remains Tight</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/esr-cayman-placement-even-more-to-come-soon" target="_blank" data-smartkarma-citation="insights:43310" rel="noopener">ESR Cayman Placement - Even More to Come Soon</a> </li>
</ul></div><div><p>Links to our earlier insights:</p></div><div><ul style="list-style-type: disc;">
<li>Company's business model and provided an overview of its operations, <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-a-giant-in-the-making" target="_blank" rel="noopener">ESR Cayman Pre-IPO - A Giant in the Making</a>; </li>
<li>Talked about the financials and the drivers for each of the three segments, <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-earnings-and-segment-analysis" target="_blank" rel="noopener">ESR Cayman Pre-IPO - Earnings and Segment Analysis</a>.</li>
<li>Derived valuation for each of the segments: <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-first-stab-at-valuation" target="_blank" rel="noopener">ESR Cayman Pre-IPO- First Stab at Valuation</a>
</li>
<li>Provided updates from the PHIP: <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-updates-from-phip-growth-remains-on-track" target="_blank" rel="noopener">ESR Cayman Pre-IPO - Updates from PHIP - Growth Remains on Track</a>
</li>
<li>Provided an update on valuations and key risks: <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-updated-valuation-and-key-risks" target="_blank" rel="noopener">ESR Cayman Pre-IPO - Updated Valuation and Key Risks</a>
</li>
<li>Did a quick comparison with peers: <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-peer-comparison-quick-take-bigger-than-some-much-smaller-than-others" target="_blank" rel="noopener">ESR Cayman Pre-IPO - Peer Comparison Quick Take - Bigger than Some, Much Smaller than Others</a>
</li>
<li>Details of the previous listing attempt and comments on final valuations: <a href="https://www.smartkarma.com/insights/esr-cayman-ipo-richly-valued" target="_blank" rel="noopener">ESR Cayman IPO - Richly Valued</a>
</li>
<li>Updates from the re-filed application proof: <a href="https://www.smartkarma.com/insights/esr-cayman-re-pre-ipo-the-more-things-change-the-more-they-remain-the-same" target="_blank" rel="noopener">ESR Cayman Re-Pre-IPO - The More Things Change, the More They Remain the Same</a>
</li>
<li>Re-look at valuations: <a href="https://www.smartkarma.com/insights/esr-cayman-re-pre-ipo-another-stab-at-valuation" target="_blank" rel="noopener">ESR Cayman Re-Pre-IPO - Another Stab at Valuation</a>
</li>
<li>Final comment on valuations post deal launch: <a href="https://www.smartkarma.com/insights/esr-cayman-re-ipo-trying-to-hitch-a-ride-on-momentum-other-cheaper-ways-to-play-on-e-commerce" target="_blank" rel="noopener">ESR Cayman Re-IPO - Trying to Hitch a Ride on Momentum. Other Cheaper Ways to Play on E-Commerce</a>
</li>
<li>Trading update at the time of listing: <a href="https://www.smartkarma.com/insights/esr-cayman-ipo-trading-riding-higher-on-momentum-some-book-colour-privatisation-comparison" target="_blank" rel="noopener">ESR Cayman IPO Trading - Riding (Higher) On Momentum - Some Book Colour, Privatisation Comparison</a>
</li>
</ul></div>


Warburg Pincus (WP) is looking to raise around US$427 by selling about 4.5% of ESR Cayman (1821 HK). Post-selldown, WP will still have about 4.6% stake in the company.
In this insight, we will discuss deal dynamics and run the deal through our ECM framework.
June and September placement:


ESR Cayman Placement - Hasn't Done Much Since Listing, Liquidity Remains Tight 

ESR Cayman Placement - Even More to Come Soon 
Links to our earlier insights:
Company's business model and provided an overview of its operations, ESR Cayman Pre-IPO - A Giant in the Making; 
Talked about the financials and the drivers for each of the three segments, ESR Cayman Pre-IPO - Earnings and Segment Analysis.
Derived valuation for each of the segments: ESR Cayman Pre-IPO- First Stab at Valuation

Provided updates from the PHIP: ESR Cayman Pre-IPO - Updates from PHIP - Growth Remains on Track

Provided an update on valuations and key risks: ESR Cayman Pre-IPO - Updated Valuation and Key Risks

Did a quick comparison with peers: ESR Cayman Pre-IPO - Peer Comparison Quick Take - Bigger than Some, Much Smaller than Others

Details of the previous listing attempt and comments on final valuations: ESR Cayman IPO - Richly Valued

Updates from the re-filed application proof: ESR Cayman Re-Pre-IPO - The More Things Change, the More They Remain the Same

Re-look at valuations: ESR Cayman Re-Pre-IPO - Another Stab at Valuation

Final comment on valuations post deal launch: ESR Cayman Re-IPO - Trying to Hitch a Ride on Momentum. Other Cheaper Ways to Play on E-Commerce

Trading update at the time of listing: ESR Cayman IPO Trading - Riding (Higher) On Momentum - Some Book Colour, Privatisation Comparison



ESR Cayman Placement - Back to Sell Again

ESR Group

ESR Cayman Placement - Back to Sell Again