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

Takara Leben Real Estate Investment Corp / Equity Capital Markets

Takara Leben Real Estate Investment Corp (3492 JP)

<a href="https://www.smartkarma.com/entities/takara-leben-real-estate-inv" target="_blank" data-smartkarma-citation="entities:28262:1" rel="noopener">Takara Leben Real Estate Inv (3492 JP)</a> (TLR) is looking to raise about US$126m in its upcoming placement. Proceeds will be used to partially fund the acquisition of several properties.TLR has a short trading history and track record. The REIT was only listed in July 2018 and this deal marks the first large acquisition to be executed by the REIT.That said, the deal scores positively on our framework owing to the good one-year track record, strong price momentum and favorable deal dynamics. TLR has so far demonstrated its ability to beat its own forecast as per its April results presentation and has a decent pipeline of properties to be acquired from its sponsor, Takara Leben. Beyond that, deal dynamics are favorable. The nature of extended offering should allow the impact of the deal to be priced in, allowing for placement discount to be realized.

Takara Leben Real Estate Inv (3492 JP) (TLR) is looking to raise about US$126m in its upcoming placement. Proceeds will be used to partially fund the acquisition of several properties.TLR has a short trading history and track record. The REIT was only listed in July 2018 and this deal marks the first large acquisition to be executed by the REIT.That said, the deal scores positively on our framework owing to the good one-year track record, strong price momentum and favorable deal dynamics. TLR has so far demonstrated its ability to beat its own forecast as per its April results presentation and has a decent pipeline of properties to be acquired from its sponsor, Takara Leben. Beyond that, deal dynamics are favorable. The nature of extended offering should allow the impact of the deal to be priced in, allowing for placement discount to be realized.

Takara Leben REIT Placement - A Big Deal for a Small REIT