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

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Sosei Group plans to raise US$78m through an issuance of primary shares.&nbsp;We would be inclined to avoid the deal, given: 1) Proceeds from the share issuance will be used to repay short-term debt incurred for the acquisition of Heptares Therapeutics in Feb-15, and hence, in the near term the share issuance will be dilutive to earnings as the acquisition has long being factored in; 2) Past financial performance of the company has been less than stellar with earning remaining volatile; 3) Future projections by the company point towards a decline in earnings till Mar-19 and hence, investors will have to wait a long time for earnings to grow again.&nbsp;Main risks to our call remains that the stock has corrected by 19% since the deal was announced and hence, factors in most of the negatives from the 15.5% dilution. In addition, given that the acquisition was announced in Feb, a share placement for financing might have been expected by shareholders.&nbsp;

Sosei Group plans to raise US$78m through an issuance of primary shares.&nbsp;We would be inclined to avoid the deal, given: 1) Proceeds from the share issuance will be used to repay short-term debt incurred for the acquisition of Heptares Therapeutics in Feb-15, and hence, in the near term the share issuance will be dilutive to earnings as the acquisition has long being factored in; 2) Past financial performance of the company has been less than stellar with earning remaining volatile; 3) Future projections by the company point towards a decline in earnings till Mar-19 and hence, investors will have to wait a long time for earnings to grow again.&nbsp;Main risks to our call remains that the stock has corrected by 19% since the deal was announced and hence, factors in most of the negatives from the 15.5% dilution. In addition, given that the acquisition was announced in Feb, a share placement for financing might have been expected by shareholders.&nbsp;

Volatile earnings with distant prospects of growth 