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

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Legend Holdings Corp H / Equity Capital Markets

<p>Legend Holdings plans to raise US$1.9-2.0bn through an issuance of primary shares, of which nearly 50% has already been placed with cornerstone investors.&nbsp;</p><p>The company has a good track record of investing in a&nbsp;diverse range of businesses, even though it only moved away from its IT investment (Lenovo stake) just over a decade ago. While we would view the company as a means to invest in its diverse unlisted business, however, owing to its medley of stakes in six divergent sectors, it's essentially just a holding company and thus, will likely need to trade at a discount to its NAV. The IPO range implies a 13-19% discount to NAV vs a general cross-cycle average of 20-25% discount for Hong Kong holding companies. Hence, while we would still be buyers for the long term but&nbsp;in the near term the upside for the IPO appears limited, in our view.</p>

Legend Holdings plans to raise US$1.9-2.0bn through an issuance of primary shares, of which nearly 50% has already been placed with cornerstone investors.&nbsp;The company has a good track record of investing in a&nbsp;diverse range of businesses, even though it only moved away from its IT investment (Lenovo stake) just over a decade ago. While we would view the company as a means to invest in its diverse unlisted business, however, owing to its medley of stakes in six divergent sectors, it's essentially just a holding company and thus, will likely need to trade at a discount to its NAV. The IPO range implies a 13-19% discount to NAV vs a general cross-cycle average of 20-25% discount for Hong Kong holding companies. Hence, while we would still be buyers for the long term but&nbsp;in the near term the upside for the IPO appears limited, in our view.

Good track record but little immediate upside left for IPO investors