APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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

IFBH Limited manufactures and distributes beverage. The Company mainly provides coconut water-related beverage. IFBH markets its products across worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IFBH (6603 HK) raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. 
In this note, we will talk about the lockup dynamics and possible placement.


IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

Hong Jie Seow

Independent Insight Provider

Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. While it provides full banking functionality through the Superbank app, the bulk of its growth is driven by deep integrations with major digital platforms such as Grab, OVO, Emtek, Singtel, and KakaoBank.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/superbank" target="_blank" data-smartkarma-citation="entities:46063:1" rel="noopener">Superbank (SUPA IJ)</a> has raised US$168m in its Indonesia IPO.</li>
<li>Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.</li>
<li>In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Superbank (SUPA IJ) has raised US$168m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations

Private Markets Research and Data, Reimagined, pvtIQ

Ben Lim

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

Trust Bank Singapore is a digital-native bank, backed by Standard Chartered & FairPrice Group, offering savings, credit cards, and loans via a mobile app

<ul>
<li>
Operational Scale &amp; Market Status: Trust Bank has rapidly matured into Singapore’s fourth-largest retail bank, securing over 1 million customers (approx. 20% market penetration) in just over two years.</li>
<li>
Financial Performance Snapshot: The bank has reached a critical financial inflection point in FY2024, reporting a 148% surge in revenue (to S$96.9 million) while keeping operating expenses nearly flat (+3.8%).</li>
<li>
Product &amp; Ecosystem Integration: Currently, the bank drives high engagement through its "phygital" integration with FairPrice, resulting in active users averaging 21 transactions per month.</li>
</ul>



Operational Scale &amp; Market Status: Trust Bank has rapidly matured into Singapore’s fourth-largest retail bank, securing over 1 million customers (approx. 20% market penetration) in just over two years.

Financial Performance Snapshot: The bank has reached a critical financial inflection point in FY2024, reporting a 148% surge in revenue (to S$96.9 million) while keeping operating expenses nearly flat (+3.8%).

Product &amp; Ecosystem Integration: Currently, the bank drives high engagement through its "phygital" integration with FairPrice, resulting in active users averaging 21 transactions per month.


Trust Bank Singapore: Banking on Sustainable Growth (Initiation)

Nicholas Tan

Chubb Malaysia (CM) is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance. Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010 and currently operates as an indirect wholly-owned subsidiary of Chubb Limited, a global insurance leader listed on the NYSE and a component of the S&P 500 index.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chubb-insurance" target="_blank" data-smartkarma-citation="entities:46073:1" rel="noopener">Chubb Insurance (1071557D MK)</a> is looking to raise at least US$300m in its upcoming Malaysian IPO. The deal will be run by Maybank.</li>
<li>It is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance.</li>
<li>Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010.</li>
</ul>



Chubb Insurance (1071557D MK) is looking to raise at least US$300m in its upcoming Malaysian IPO. The deal will be run by Maybank.
It is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance.
Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

UltraGreen.AI Private Limited operates as a surgical imaging technology development company. The Company develops indocyanine green fluorescence for injection, imaging system, quantification software, imaging software for visualization, and AR glasses. UltraGreen.AI serves health care sector in Singapore.

<ul>
<li>UltraGreen.ai's IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.</li>
<li>For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.</li>
<li>The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai's valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.</li>
</ul>


UltraGreen.ai's IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.
For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.
The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai's valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.


Pre-IPO UltraGreen.ai - Thoughts on the Business, the Concerns and the Valuation