APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



TBO Tek (0395045D IN) raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


TBO Tek IPO Trading - Has One of the Highest Subscription Rates so Far This Year

IDFC First Bank Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank Limited (IDFCBK IN)</a> plans to launch a Qualified Institutional Placement (QIP) of up to INR30bn (US$362m) in Oct 23, as per media reports. </li>
<li>On 22nd Sep 23, IFR had reported that IDFC First Bank is looking to launch a Qualified Institutional Placement (QIP) to raise up to INR30bn (US$362m) in Oct 23. </li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>



IDFC First Bank Limited (IDFCBK IN) plans to launch a Qualified Institutional Placement (QIP) of up to INR30bn (US$362m) in Oct 23, as per media reports. 
On 22nd Sep 23, IFR had reported that IDFC First Bank is looking to launch a Qualified Institutional Placement (QIP) to raise up to INR30bn (US$362m) in Oct 23. 
In this note, we will talk about the possible placement and other deal dynamics.


IDFC First Bank Early Look - Likely to Be an Accretive Deal but Not Particularly Cheap

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>Tencent has been busy distributing shares in some of its investments over the past two years, with JD.com’s distribution announced in 2021 and Meituan’s in 2022.</li>
<li>In our earlier note in 2022, <a href="https://www.smartkarma.com/insights/tencent-investee-selldown-the-us-120bn-global-overhang" target="_blank" data-smartkarma-citation="insights:81153" rel="noopener">Tencent Investee Selldown - The US$120bn Global Overhang</a>, we had looked at its overall investment portfolio.</li>
<li>With two of its large investments spun-out, we now re-look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how. </li>
</ul>


Tencent has been busy distributing shares in some of its investments over the past two years, with JD.com’s distribution announced in 2021 and Meituan’s in 2022.
In our earlier note in 2022, Tencent Investee Selldown - The US$120bn Global Overhang, we had looked at its overall investment portfolio.
With two of its large investments spun-out, we now re-look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how. 


Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shouhui-tech-limited" target="_blank" data-smartkarma-citation="entities:40679:1" rel="noopener">Shouhui Tech (SHOU HK)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>Shouhui Tech (Shouhui) is an online life and health insurance intermediary service provider in China.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Shouhui Tech (SHOU HK) is looking to raise around US$200m in its upcoming Hong Kong IPO.
Shouhui Tech (Shouhui) is an online life and health insurance intermediary service provider in China.
In this note, we talk about the firm’s historical performance.


Shouhui Tech Pre-IPO - Profitability Recovered but Hardly Stands Out as a Middleman

China

Huayi Tencent Entertainment Company Limited is a new media company integrating culture and entertainment. The Company produces quality international films, animations and TV dramas, and invests in international entertainment companies through M&A and resource integration, aiming at building an integrated platform with both content development and online-to-offline entertainment channels.

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Huayi Tencent Entertainment (419 HK)

TBO Tek IPO Trading - Has One of the Highest Subscription Rates so Far This Year

TBO Tek (0395045D IN) raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.

Ethan Aw

IDFC First Bank Early Look - Likely to Be an Accretive Deal but Not Particularly Cheap

IDFC First Bank has launched its QIP at an issue price of INR 90.25 (4.14% discount to the 3rd Oct 23 close price and 4.95% discount to the floor...

Ethan Aw

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

Tencent has been distributing shares in some of its investments over the past two years. In this note, we look at which of its remaining investee...

Sumeet Singh

Shouhui Tech Pre-IPO - Profitability Recovered but Hardly Stands Out as a Middleman

Shouhui Tech (SHOU HK) is looking to raise around US$200m in its upcoming Hong Kong IPO. In this note, we talk about the firm’s historical...

Ethan Aw

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