APAC IPOs & Placements

Zhen Zhou, Toh

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

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
It has been a fairly quiet week in the ECM space.
We are hearing that Douyu (game streaming like HUYA Inc (HUYA US), Tiger Brokers (backed by Jim Rogers), Genshuixue (education) have either filed confidentially or seeking to list in the US.
In Hong Kong, Bank of Guizhou is said to be planning for a US$1bn IPO and we heard that Zhejiang New Century Hotel Management is pre-marketing for its US$200m IPO. The PHIP has already been filed on the Hong Kong Exchange.
For upcoming IPOs, Dexin China Holdings (2019 HK) opened its books on Thursday, seeking to raise up to US$220m. We covered the IPO in Dexin China (德信中国) IPO Review - Key Issues Remain but 9M Results Showed Strong Growth.
In India, Embassy Office Parks REIT (EOP IN) pushed back its IPO to March - April. Sumeet Singh has already written a pre-IPO note, Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish. 
Last but not least, in Korea, Douglas Kim has already written an note on the Homeplus REIT (HREIT KS)'s US$1.5bn IPO in Homeplus REIT IPO - The Largest Ever REIT IPO in Korea.
Other pre-IPO notes on upcoming mega IPOs that Aequitas Research have covered include ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1), ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2), and Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China.
Accuracy Rate:Our overall accuracy rate is 72.1% for IPOs and 63.8% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings  Reliance General Insurance (re-filed, India)Below is a snippet of our IPO tool showing upcoming events for the next week. The 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: Aequitas Research, SmartkarmaNews on Upcoming IPOs  
PineBridge-backed Uniparts gets SEBI nod to float IPO
Cal-Comp Philippines eyes IPO by third quarter
JERA new president says IPO is an option
Singapore’s Zalora explores listing to fuel expansion
S. Korea's Homeplus files for up to $1.5 bln REIT IPO
Korean bio unicorn in the making, Voronoi, to join the Kosdaq this year
Smartkarma Community's this week Analysis on Upcoming IPO  
Homeplus REIT IPO - The Largest Ever REIT IPO in Korea
Ecopro BM IPO: Valuation Analysis
Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish
CStone Pharma (基石药业) IPO: Thoughts on Valuation (Part 2)
Hansoh Pharma IPO Preview: A Decent Story Tarnished by a Huge Pre-IPO Dividend

Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China 
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)
Dreamtech IPO: Valuation Analysis
Dexin China (德信中国) IPO Review - Key Issues Remain but 9M Results Showed Strong Growth
List of pre-IPO Coverage on Smartkarma

Name
Insight

Hong Kong

AB Inbev
Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China


Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


Bitmain
Bitmain IPO Preview: The Last Hurrah Before Reality Bites


Bitmain
Bitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking


Bitmain
Bitmain: A Counter Thesis


Bitmain
Bitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)


Bitmain
Bitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)


Bitmain
Bitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)


Bitmain
Bitmain (比特大陆) IPO: Intense Competition in the 7nm Mining ASIC Market (Part 4)


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


China East Edu
China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School


China Tobac
China Tobacco International (IPO): The Monopolist Will Not Recover


China Tobac
China Tobacco International IPO: Heavy Regulation, Declining Margins – A Bit Late to IPO Party


Frontage
Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect


Hujiang Edu
Hujiang Education (沪江教育) Pre-IPO - Spending More than It Earns


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


Viva Bio
Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor

South Korea

Asiana
Asiana IDT IPO Preview (Part 1)


Asiana
Asiana IDT IPO Preview (Part 2) - Valuation Analysis


Ecopro BM
Ecopro BM IPO Preview: The World's #2 Player in the NCA High Nickel-Based Cathode Materials


Ecopro BM
Ecopro BM IPO: Valuation Analysis


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Homeplus
Homeplus REIT IPO - The Largest Ever REIT IPO in Korea


Plakor
Plakor IPO Preview (Part 1)


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotels
Bharat Hotels Pre-IPO - Catching up with Peers 


CMS Info
CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Embassy REIT
Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon Dock
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult


Polycab
Polycab India Limited Pre-IPO - Market Leader with Steady Growth but with a Few Unanswered Question

The U.S.

Futu
Futu Holdings IPO Preview: Running Out of Steam


Futu
Futu Holdings Pre-IPO - Great Metrics but in a Commoditised Industry

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food



ECM Weekly (16 February 2019) - ByteDance, Embassy Office REIT, AB InBev Asia, CStone, Dexin

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Embassy Office Parks REIT / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27925" target="_blank" data-smartkarma-citation="entities:27925:1">Embassy Office Parks REIT (EOP IN)</a> plans to raise around US$1bn in its India IPO. EOP will primarily hold office assets in Bengaluru, Pune and Noida with a total portfolio size of US$4.2bn. The REIT is sponsored by two reputed real estate firms/investors and will be the only one of its kind in India.</p>
<p>The company expects all the assets to report positive rental reversion and higher occupancy over the next few years. However, this hasn't been the case over the past few years when the industry backdrop was as supportive. In addition, the inclusion of solar assets in the portfolio doesn't seem to be add much to the allure of the REIT but it adds more to the yield.</p>

Embassy Office Parks REIT (EOP IN) plans to raise around US$1bn in its India IPO. EOP will primarily hold office assets in Bengaluru, Pune and Noida with a total portfolio size of US$4.2bn. The REIT is sponsored by two reputed real estate firms/investors and will be the only one of its kind in India.
The company expects all the assets to report positive rental reversion and higher occupancy over the next few years. However, this hasn't been the case over the past few years when the industry backdrop was as supportive. In addition, the inclusion of solar assets in the portfolio doesn't seem to be add much to the allure of the REIT but it adds more to the yield.

Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish

India

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

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Embassy Office Parks REIT (EMBASSY IN)

ECM Weekly (16 February 2019) - ByteDance, Embassy Office REIT, AB InBev Asia, CStone, Dexin

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish

Embassy Office Parks REIT (EOP IN) plans to raise around US$1bn in its India IPO. EOP will primarily hold office assets in Bengaluru, Pune and...

Sumeet Singh

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