Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with US ADRs, after having looked at HK, India, Japan and Korea earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with US ADRs, after having looked at HK, India, Japan and Korea earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - US ADRs

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> is a global iconic sports and outdoor brand group. According to press reports, it has filed for a NYSE IPO to raise at least US$1 billion.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/amer-sports-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:124040" rel="noopener">Amer Sports IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/amer-sports-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:124122" rel="noopener">Amer Sports IPO: The Bear Case</a>.</li>
<li>In this note, we present our forecasts and take the first look at Amer's potential valuation range.</li>
</ul>



Amer Sports (AS US) is a global iconic sports and outdoor brand group. According to press reports, it has filed for a NYSE IPO to raise at least US$1 billion.
We previously discussed the IPO in Amer Sports IPO: The Bull Case and Amer Sports IPO: The Bear Case.
In this note, we present our forecasts and take the first look at Amer's potential valuation range.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> led consortium.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led consortium.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the not-so-positive aspects of the deal.


Amer Sports Pre-IPO - The Negatives - COVID Rebound, Weak Margins

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>We consider the fundamentals of <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> attractive and are positive towards its business outlook. Profitability has surged with solid growth rates in revenue and margin.</li>
<li>Amer's investment case lies in its multi-brand portfolio, niche, functional, and professional products, margin expansion/profitability improvement, and China growth prospects.</li>
<li>Since the proceeds will be used to repay shareholder loans, this will lower its interest burden and strengthen its financial position. Hence, the IPO should further boost its profitability.</li>
</ul>


We consider the fundamentals of Amer Sports (AS US) attractive and are positive towards its business outlook. Profitability has surged with solid growth rates in revenue and margin.
Amer's investment case lies in its multi-brand portfolio, niche, functional, and professional products, margin expansion/profitability improvement, and China growth prospects.
Since the proceeds will be used to repay shareholder loans, this will lower its interest burden and strengthen its financial position. Hence, the IPO should further boost its profitability.


Amer Sports IPO: The Fundamentals, and How We See It?

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a number of large filings over the holidays is somewhat positive for 2024 prospects.</li>
<li>On the placement front, 2024 picked up where 2023 left off, with <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> leading the way.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a number of large filings over the holidays is somewhat positive for 2024 prospects.
On the placement front, 2024 picked up where 2023 left off, with Samsung Electronics (005930 KS) leading the way.


ECM Weekly (14th Jan 2024) - Samsung, Lasertec, Ayala, Indigo, Amer, IPO Pipeline, 2023 Performance

United States

Amer Sports, Inc. manufactures sports apparel and fitness equipment. The Company offers apparel, footwear, equipment, protective gear, and related accessories. Amer Sports serves customers worldwide.

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Amer Sports (AS US)

Aequitas 2024 Asia IPO Pipeline - US ADRs

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with US ADRs, after having looked at HK, India, Japan and Korea...

Sumeet Singh

Amer Sports IPO: Valuation First-Look

Amer has filed for a NYSE IPO to raise at least US$1 billion. In this note, we present our forecasts and take the first look at Amer's potential...

Arun George

Amer Sports Pre-IPO - The Negatives - COVID Rebound, Weak Margins

Amer Sports (AS US) plans to raise US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta (2020 HK) led consortium. In this note, we...

Sumeet Singh

Amer Sports IPO: The Fundamentals, and How We See It?

Amer's multi-brand portfolio, niche, functional, and professional products, solid profitability, China growth prospects, and stronger post-IPO...

Osbert Tang, CFA

ECM Weekly (14th Jan 2024) - Samsung, Lasertec, Ayala, Indigo, Amer, IPO Pipeline, 2023 Performance

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas 2024 Asia IPO Pipeline - US ADRs

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with US ADRs, after having looked at HK, India, Japan and Korea...

Sumeet Singh

Amer Sports IPO: Valuation First-Look

Amer has filed for a NYSE IPO to raise at least US$1 billion. In this note, we present our forecasts and take the first look at Amer's potential...

Arun George

Amer Sports Pre-IPO - The Negatives - COVID Rebound, Weak Margins

Amer Sports (AS US) plans to raise US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta (2020 HK) led consortium. In this note, we...

Sumeet Singh

Amer Sports IPO: The Fundamentals, and How We See It?

​Amer's multi-brand portfolio, niche, functional, and professional products, solid profitability, China growth prospects, and stronger post-IPO...

Osbert Tang, CFA

ECM Weekly (14th Jan 2024) - Samsung, Lasertec, Ayala, Indigo, Amer, IPO Pipeline, 2023 Performance

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Amer's multi-brand portfolio, niche, functional, and professional products, solid profitability, China growth prospects, and stronger post-IPO...