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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

Shimao Services Holdings Limited / Equity Capital Markets

Shimao Services Holdings Limited (873 HK)

<p><a href="https://www.smartkarma.com/entities/shimao-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29199:1" rel="noopener">Shimao Services Holdings (873 HK)</a> (SSH) raised about US$1.3bn by pricing its IPO at HK$16.60 per share, the upper end of the price range.</p>
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<p>SSH is the property management unit of Shimao Group Holdings (813 HK) and was recently backed by Sequoia and Tencent. It provides property management community living services and, as of 31 December, 2019, has an aggregated GFA under management and contracted GFA of 68.2m sqm and 100.9m sqm, respectively.</p>
<p>In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.</p>
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<p>Our previous coverage of the IPO:</p>
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<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/shimao-services-pre-ipo-phip-updates-impressive-6m-2020-results" target="_blank" data-smartkarma-citation="insights:44166" rel="noopener">Shimao Services (世茂服务) Pre-IPO - PHIP Updates - Impressive 6M 2020 Results</a> </li>
<li><a href="https://www.smartkarma.com/insights/shimao-services-pre-ipo-community-vas-segment-is-the-star" target="_blank" rel="noopener">Shimao Services (世茂服务) Pre-IPO - Community VAS segment is the star </a></li>
<li>
<a href="https://www.smartkarma.com/insights/shimao-services-ipo-paying-for-growth" target="_blank" data-smartkarma-citation="insights:44306" rel="noopener">Shimao Services (世茂服务) IPO - Paying for Growth</a> </li>
</ul>
</div>

Shimao Services Holdings (873 HK) (SSH) raised about US$1.3bn by pricing its IPO at HK$16.60 per share, the upper end of the price range.

SSH is the property management unit of Shimao Group Holdings (813 HK) and was recently backed by Sequoia and Tencent. It provides property management community living services and, as of 31 December, 2019, has an aggregated GFA under management and contracted GFA of 68.2m sqm and 100.9m sqm, respectively.
In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.


Our previous coverage of the IPO:




Shimao Services (世茂服务) Pre-IPO - PHIP Updates - Impressive 6M 2020 Results 
Shimao Services (世茂服务) Pre-IPO - Community VAS segment is the star 

Shimao Services (世茂服务) IPO - Paying for Growth 



Shimao Services (世茂服务) IPO Trading - Limited Upside from Here