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

Luckin Coffee is looking to raise up to US$800m in its upcoming IPO, as per media reports.
The company only started in October in 2017 and it already has 2,370 stores as of March 2019. Owing to the short operating history, revenue growth has been explosive but it has continued to operate at a loss due to its aggressive expansion.
Furthermore, the company has been able to control costs so far. The cost per new customer acquisition has been consistently falling while, on a per-item-sold basis, our calculation shows that it has turned a profit (before rental and advertising costs).

Luckin Coffee is looking to raise up to US$800m in its upcoming IPO, as per media reports.
The company only started in October in 2017 and it already has 2,370 stores as of March 2019. Owing to the short operating history, revenue growth has been explosive but it has continued to operate at a loss due to its aggressive expansion.
Furthermore, the company has been able to control costs so far. The cost per new customer acquisition has been consistently falling while, on a per-item-sold basis, our calculation shows that it has turned a profit (before rental and advertising costs).  

Luckin Coffee (瑞幸咖啡) Early Thoughts - Caffeine Rush