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

Prosus, Tencent, JD.com - Good Intentions but Questionable Timing

ECM Weekly (3rd Jul 2022) - Tianqi, Thai Life, Prosus/Naspers, Tencent, SEA, Soosan, SoCar, Carsales

Tencent Placement Lock-Up Expiry - US$10bn+ Block and Buyback Linked Holdco Trade

Tencent Placement - Another Reluctant but Well-Flagged Sell Down, Lifting the US$14.5bn Overhang

Tencent Placement and the Holdco Implications - Deal Almost Done, Now What?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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.

Event-Driven

<div>
<p>Today morning <a href="https://www.smartkarma.com/entities/prosus-nv-75c7a0c4-16ff-4433-a40f-25ae5b24077d" target="_blank" data-smartkarma-citation="entities:28498:1" rel="noopener">Prosus NV (PROSY US) </a>announced that it would acquire 45.4% of <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)'s </a> issued N Share capital through a voluntary offer to be settled with newly issued Prosus Shares. This will result in Prosus owning 49.5% of Naspers, which in turn will still own 57.2% of Prosus.</p>
<p>In this note, we will look at the current structure revamp.</p>
<p>We have looked at Prosus in the past as a part of covering the Tencent placement, our last note was <a href="https://www.smartkarma.com/insights/tencent-placement-and-the-holdco-implications-deal-almost-done-now-what" target="_blank" rel="noopener">Tencent Placement and the Holdco Implications - Deal Almost Done, Now What?.</a></p>
</div>


Today morning Prosus NV (PROSY US) announced that it would acquire 45.4% of Naspers (NPN SJ)'s  issued N Share capital through a voluntary offer to be settled with newly issued Prosus Shares. This will result in Prosus owning 49.5% of Naspers, which in turn will still own 57.2% of Prosus.
In this note, we will look at the current structure revamp.
We have looked at Prosus in the past as a part of covering the Tencent placement, our last note was Tencent Placement and the Holdco Implications - Deal Almost Done, Now What?.


Prosus/Naspers Holdco - Round Tripping US$46bn