APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

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

Hong Jie Seow

Independent Insight Provider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ultragreen-ai-private-limited" target="_blank" data-smartkarma-citation="entities:46023:1" rel="noopener">UltraGreen.AI (2594794D SP)</a> raised around US$400m in its Singapore IPO.</li>
<li>UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

MTT Shipping and Logistics / Equity Capital Markets

MTT Shipping and Logistics (MTT) is a Malaysian company engaged in the provision of container liner shipping, vessel chartering, container depot operations, and related logistics services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mtt-shipping-and-logistics" target="_blank" data-smartkarma-citation="entities:46071:1" rel="noopener">MTT Shipping and Logistics (1994098D MK)</a> is looking to raise about US$200m in its upcoming Malaysia IPO. The deal will be run by CIMB and CLSA.</li>
<li>MTT Shipping and Logistics (MTT) is a Malaysian company engaged in the provision of container liner shipping, vessel chartering, container depot operations, and related logistics services.</li>
<li>Through its subsidiaries, the Group operates an integrated shipping and logistics ecosystem that connects Peninsular Malaysia, East Malaysia, Brunei, and selected regional markets including China, India, Indonesia, Thailand, and Singapore.</li>
</ul>



MTT Shipping and Logistics (1994098D MK) is looking to raise about US$200m in its upcoming Malaysia IPO. The deal will be run by CIMB and CLSA.
MTT Shipping and Logistics (MTT) is a Malaysian company engaged in the provision of container liner shipping, vessel chartering, container depot operations, and related logistics services.
Through its subsidiaries, the Group operates an integrated shipping and logistics ecosystem that connects Peninsular Malaysia, East Malaysia, Brunei, and selected regional markets including China, India, Indonesia, Thailand, and Singapore.


MTT Shipping and Logistics Pre-IPO Tearsheet

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> aims to raise around US$184m 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. In this note, we will talk about valuations.</li>
</ul>



Superbank (SUPA IJ) aims to raise around US$184m 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. In this note, we will talk about valuations.


Superbank IPO: Superb Story, Decent Entry Point