APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p>After extended lull periods after the holiday season, we are getting a massive ramp up in ECM activity. Just this week, we covered three Japan REIT placements conducting their usual annual acquisitions, and <a href="https://www.smartkarma.com/entities/24126" target="_blank" data-smartkarma-citation="entities:24126:1">Bright Scholar Education (BEDU US)</a>'s capital raise (<em>which apparently did not specify its use of proceeds)</em>. In the IPO space, we are seeing <em><strong>ELEVEN </strong></em>new filings from US (Chinese companies), India, and Hong Kong.</p><p>On top of that, <a href="https://www.smartkarma.com/entities/26772" target="_blank" data-smartkarma-citation="entities:26772:1">Spotify Technology SA (SPOT US)</a> also just filed its prospectus this week; taking it one step closer to its direct listing on NYSE. Another interesting aspect to this IPO is that the company will be live streaming the investor pitch since there will not be underwriters conducting roadshows. This is specifically interesting as the company's intention is to "democratize information" which will level the playing field for independent research analysts.</p><p>In terms of listing performance, <a href="https://www.smartkarma.com/entities/23662" target="_blank" data-smartkarma-citation="entities:23662:1">Aster DM Healthcare (ASTERDM IN)</a>'s could not defy the odds. Its low subscription rate, negative grey market premium, and poor track record foretold its poor performance post-listing. It is currently trading <strong>9.2% </strong>below IPO price.</p><p><strong><em>Tentative pipeline IPOs for next week: iQiyi (<a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a>), Greentree Hotels (<a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> ), Sunlands Education (<a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a>)</em></strong></p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 72.2% for IPOs </strong>and <strong>63% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/046/024/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1520052580" class="editor-image img-responsive" data-smartkarma-image-id="46024"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>iQiyi (US-China, ~US$1.5bn)</strong></li><li><strong>Sunlands Education (US-China, ~US$300m)</strong></li><li><strong>Greentree Hospitality Group (US-China, ~US$200m)</strong></li><li><strong><a href="https://www.sec.gov/Archives/edgar/data/1722380/000104746918001245/a2234525zf-1.htm" target="_blank">Onesmart Education</a> (US-China, ~US$300m)</strong></li><li><strong><a href="https://www.sec.gov/Archives/edgar/data/1723690/000104746918001244/a2234546zf-1.htm" target="_blank">Billibilli </a>(US-China, ~US$400m)</strong></li><li><strong>Sembcorp Energy India (India, ~US$600m)</strong></li><li><strong>TCNS Clothing (India, ~US$230m)</strong></li><li><strong>Haitong Unitrust International Leasing (Hong Kong, re-file)</strong></li><li><strong>China Chunlai Edu (Hong Kong, ~US$100m)</strong></li><li><strong>Impro Precision (Hong Kong, ~US$300m)</strong></li><li><strong>Intron (Hong Kong, ~US$100m)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/046/025/original/upcoming.PNG?1520054968" class="editor-image img-responsive" data-smartkarma-image-id="46025"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="http://www.businesstimes.com.sg/technology/video-site-backed-by-tencent-said-to-be-seeking-us17b-price" target="_blank">Video site backed by Tencent said to be seeking US$17b price</a></li><li><a href="https://www.reuters.com/article/us-vingroup-ipo/vingroup-picks-banks-for-1-billion-residential-property-arm-ipo-sources-idUSKCN1GC11V" target="_blank">Vingroup picks banks for $1 billion residential property arm IPO</a></li><li><a href="http://www.businesstimes.com.sg/consumer/hong-kong-attracts-ipo-of-biotech-firm-backed-by-bezos-gates" target="_blank">Hong Kong attracts IPO of biotech firm backed by Bezos, Gates</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/sembcorp-industries-energy-arm-files-ipo-papers/articleshow/63041632.cms" target="_blank">Sembcorp Industries' energy arm files IPO papers</a></li><li><a href="https://www.dealstreetasia.com/stories/india-kalyan-jewellers-file-ipo-93078/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=c80df1d24e-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-c80df1d24e-239139321&amp;mc_cid=c80df1d24e&amp;mc_eid=28c8c22a08" target="_blank">Warburg-backed Kalyan Jewellers looks to file IPO papers in a month</a></li><li><a href="http://www.straitstimes.com/business/companies-markets/bangladeshi-energy-firm-plans-spore-listing-by-april" target="_blank">Bangladeshi energy firm plans Singapore listing by April</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/aekyung-co-ipo-preview-part-3-valuation-whimper" target="_blank" data-smartkarma-citation="insights:18174">Aekyung Co. IPO Preview (Part 3): Valuation Whimper</a></li><li><a href="https://www.smartkarma.com/insights/iqiyi-ipo-update-still-likely-to-remain-a-not-for-profit" target="_blank" data-smartkarma-citation="insights:18168">IQIYI IPO Update: Still Likely to Remain a Not-For-Profit</a></li><li><a href="https://www.smartkarma.com/insights/sunlands-online-ed-ipo-preview-winning-grades" target="_blank" data-smartkarma-citation="insights:18096">Sunlands Online Ed IPO Preview: Winning Grades</a></li><li><a href="https://www.smartkarma.com/insights/carelabs-ipo-preview-part-2-appealing-valuations" target="_blank" data-smartkarma-citation="insights:18165">Carelabs IPO Preview (Part 2) - Appealing Valuations</a></li><li><a href="https://www.smartkarma.com/insights/jtc-ipo-preview-part-1-a-japanese-duty-free-shop-operator-listing-on-the-korean-stock-market" target="_blank" data-smartkarma-citation="insights:17966">JTC IPO Preview (Part 1) - A Japanese Duty-Free Shop Operator Listing on the Korean Stock Market</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>China Xinhua</td><td><a href="https://www.smartkarma.com/insights/china-xinhua-education-ipo-preview-superior-margins-vs-peers-but-high-concentration-risk" target="_blank" data-smartkarma-citation="insights:15955">China Xinhua Education IPO Preview: Superior Margins Vs Peers, but High Concentration Risk</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td>Jiangxi Bank</td><td><a href="https://www.smartkarma.com/insights/jiangxi-bank-ipo-preview-strong-growth-offset-by-weak-asset-quality" target="_blank" data-smartkarma-citation="insights:18006">Jiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset Quality</a></td></tr><tr><td>Ping An Health</td><td><a href="https://www.smartkarma.com/insights/ping-an-healthcare-and-tech-pre-ipo-review-first-to-list-but-not-the-only-one" target="_blank" data-smartkarma-citation="insights:17368">Ping An Healthcare and Tech Pre-IPO Review - First to List but Not the Only One</a></td></tr><tr><td>Ping An Health</td><td><a href="https://www.smartkarma.com/insights/ping-an-good-doctor-ipo-preview-vital-signs-deteriorating" target="_blank" data-smartkarma-citation="insights:17390">Ping An Good Doctor IPO Preview: Vital Signs Deteriorating</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-mining-ipo-preview-largest-pure-play-gold-miner-to-be-listed-in-hong-kong" target="_blank" data-smartkarma-citation="insights:17456">Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-ipo-buyers-beware" target="_blank" data-smartkarma-citation="insights:17689">Shandong Gold IPO: Buyers Beware</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Carelabs</td><td><a href="https://www.smartkarma.com/insights/carelabs-ipo-preview-part-1-leading-provider-of-healthcare-and-cosmetics-surgery-o2o-platforms" target="_blank" data-smartkarma-citation="insights:17832">Carelabs IPO Preview (Part 1) - Leading Provider of Healthcare and Cosmetics Surgery O2O Platforms</a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>JTC</td><td><a href="https://www.smartkarma.com/insights/jtc-ipo-preview-part-1-a-japanese-duty-free-shop-operator-listing-on-the-korean-stock-market" target="_blank" data-smartkarma-citation="insights:17966">JTC IPO Preview (Part 1) - A Japanese Duty-Free Shop Operator Listing on the Korean Stock Market</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>Bharat Dyna</td><td><a href="https://www.smartkarma.com/insights/bharat-dynamics-ipo-first-take-best-in-class-of-indian-defence-players" target="_blank" data-smartkarma-citation="insights:17952">Bharat Dynamics IPO First-Take: Best-In-Class of Indian Defence Players</a></td></tr><tr><td>CMS Info</td><td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-pre-ipo-review-lowest-opex-ratio-amongst-mfi-peers" target="_blank" data-smartkarma-citation="insights:17719">CreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI Peers</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-ipo-preview-good-but-not-the-best" target="_blank" data-smartkarma-citation="insights:17878">CreditAccess Grameen IPO Preview: Good but Not the Best</a></td></tr><tr><td>Hindu Aero</td><td><a href="https://www.smartkarma.com/insights/hindustan-aeronautics-ipo-first-take-make-in-india-disrupting-its-monopoly" target="_blank" data-smartkarma-citation="insights:17691">Hindustan Aeronautics IPO First-Take: Make-In-India Disrupting Its Monopoly</a></td></tr><tr><td>ICICI Securities</td><td><a href="https://www.smartkarma.com/insights/icici-securities-ipo-preview-from-gold-to-stocks-a-trade-on-the-modern-indian-investor" target="_blank" data-smartkarma-citation="insights:17554">ICICI Securities IPO Preview – from Gold to Stocks? A Trade on the Modern Indian Investor</a></td></tr><tr><td>ICICI Securities</td><td><a href="https://www.smartkarma.com/insights/icici-securities-pre-ipo-review-rise-in-volumes-significantly-negated-by-a-fall-in-yield" target="_blank" data-smartkarma-citation="insights:17291">ICICI Securities Pre-IPO Review - Rise in Volumes Significantly Negated by a Fall in Yield</a></td></tr><tr><td>Lemon Tree</td><td><a href="https://www.smartkarma.com/insights/lemon-tree-hotels-pre-ipo-review-moving-up-the-value-chain-within-its-segment" target="_blank" data-smartkarma-citation="insights:16139">Lemon Tree Hotels Pre-IPO Review - Moving up the Value Chain Within Its Segment</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr><tr><td colspan="2"><strong>US</strong></td></tr><tr><td>Dropbox</td><td><a href="https://www.smartkarma.com/insights/dropbox-ipo-preview-drop-it-like-it-s-hot" target="_blank" data-smartkarma-citation="insights:18065">Dropbox IPO Preview – Drop It Like It’s Hot</a></td></tr><tr><td>Dropbox</td><td><a href="https://www.smartkarma.com/insights/dropbox-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:18003">Dropbox IPO Preview (Part 1)</a></td></tr><tr><td>IQiYi</td><td><a href="https://www.smartkarma.com/insights/iqiyi-ipo-update-still-likely-to-remain-a-not-for-profit" target="_blank" data-smartkarma-citation="insights:18168">IQIYI IPO Update: Still Likely to Remain a Not-For-Profit</a></td></tr><tr><td><p>Sunlands Edu</p></td><td><a href="https://www.smartkarma.com/insights/sunlands-online-ed-ipo-preview-winning-grades" target="_blank" data-smartkarma-citation="insights:18096">Sunlands Online Ed IPO Preview: Winning Grades</a></td></tr></tbody></table></div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.After extended lull periods after the holiday season, we are getting a massive ramp up in ECM activity. Just this week, we covered three Japan REIT placements conducting their usual annual acquisitions, and Bright Scholar Education (BEDU US)'s capital raise (which apparently did not specify its use of proceeds). In the IPO space, we are seeing ELEVEN new filings from US (Chinese companies), India, and Hong Kong.On top of that, Spotify Technology SA (SPOT US) also just filed its prospectus this week; taking it one step closer to its direct listing on NYSE. Another interesting aspect to this IPO is that the company will be live streaming the investor pitch since there will not be underwriters conducting roadshows. This is specifically interesting as the company's intention is to "democratize information" which will level the playing field for independent research analysts.In terms of listing performance, Aster DM Healthcare (ASTERDM IN)'s could not defy the odds. Its low subscription rate, negative grey market premium, and poor track record foretold its poor performance post-listing. It is currently trading 9.2% below IPO price.Tentative pipeline IPOs for next week: iQiyi (Ke Yan, CFA, FRM), Greentree Hotels (Sumeet Singh ), Sunlands Education (Toh Zhen Zhou)Accuracy Rate:Our overall accuracy rate is 72.2% for IPOs and 63% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  iQiyi (US-China, ~US$1.5bn)Sunlands Education (US-China, ~US$300m)Greentree Hospitality Group (US-China, ~US$200m)Onesmart Education (US-China, ~US$300m)Billibilli (US-China, ~US$400m)Sembcorp Energy India (India, ~US$600m)TCNS Clothing (India, ~US$230m)Haitong Unitrust International Leasing (Hong Kong, re-file)China Chunlai Edu (Hong Kong, ~US$100m)Impro Precision (Hong Kong, ~US$300m)Intron (Hong Kong, ~US$100m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Video site backed by Tencent said to be seeking US$17b priceVingroup picks banks for $1 billion residential property arm IPOHong Kong attracts IPO of biotech firm backed by Bezos, GatesSembcorp Industries' energy arm files IPO papersWarburg-backed Kalyan Jewellers looks to file IPO papers in a monthBangladeshi energy firm plans Singapore listing by AprilSmartkarma Community's Analyses on Upcoming IPOs  Aekyung Co. IPO Preview (Part 3): Valuation WhimperIQIYI IPO Update: Still Likely to Remain a Not-For-ProfitSunlands Online Ed IPO Preview: Winning GradesCarelabs IPO Preview (Part 2) - Appealing ValuationsJTC IPO Preview (Part 1) - A Japanese Duty-Free Shop Operator Listing on the Korean Stock MarketList of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?China XinhuaChina Xinhua Education IPO Preview: Superior Margins Vs Peers, but High Concentration RiskBank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangJiangxi BankJiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset QualityPing An HealthPing An Healthcare and Tech Pre-IPO Review - First to List but Not the Only OnePing An HealthPing An Good Doctor IPO Preview: Vital Signs DeterioratingShandong GoldShandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong KongShandong GoldShandong Gold IPO: Buyers BewareSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? CarelabsCarelabs IPO Preview (Part 1) - Leading Provider of Healthcare and Cosmetics Surgery O2O PlatformsData SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfJTCJTC IPO Preview (Part 1) - A Japanese Duty-Free Shop Operator Listing on the Korean Stock MarketOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaBharat DynaBharat Dynamics IPO First-Take: Best-In-Class of Indian Defence PlayersCMS InfoCMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing RightCreditAccess GramCreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI PeersCreditAccess GramCreditAccess Grameen IPO Preview: Good but Not the BestHindu AeroHindustan Aeronautics IPO First-Take: Make-In-India Disrupting Its MonopolyICICI SecuritiesICICI Securities IPO Preview – from Gold to Stocks? A Trade on the Modern Indian InvestorICICI SecuritiesICICI Securities Pre-IPO Review - Rise in Volumes Significantly Negated by a Fall in YieldLemon TreeLemon Tree Hotels Pre-IPO Review - Moving up the Value Chain Within Its SegmentNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and ExpensiveUSDropboxDropbox IPO Preview – Drop It Like It’s HotDropboxDropbox IPO Preview (Part 1)IQiYiIQIYI IPO Update: Still Likely to Remain a Not-For-ProfitSunlands EduSunlands Online Ed IPO Preview: Winning Grades

Smartkarma: ECM Coverage Weekly Update (3 March 2018)

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Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

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Spotify (SPOT US)

Smartkarma: ECM Coverage Weekly Update (3 March 2018)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. After extended lull...

Zhen Zhou, Toh

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