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

Embassy Office Parks REIT / Equity Capital Markets

<section><div id="ember1549">
<div><p><a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EOP IN) </a> plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, later in the year.  </p></div>
<div><p>The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: </p></div>
<div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-good-assets-but-projections-might-be-a-tad-too-bullish" target="_blank" rel="noopener">Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish</a></li>
<li>
<a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-comparison-with-ait-and-a-look-at-the-required-yield" target="_blank" rel="noopener">Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield</a>, and</li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-ipo-fy19-revised-down-yield-propped-up-by-zero-coupon-bond" target="_blank" rel="noopener">Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-trading-update-lowest-volume-traded-for-any-indian-listing-since-2018" target="_blank" rel="noopener">Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-placement-to-big-to-swallow-if-its-not-a-reverse-enquiry" target="_blank" rel="noopener">Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry</a></li>
</ul></div>
</div></section><p>In this insight, I'll take an early look at the deal.</p>


Embassy Office Parks REIT (EOP IN)  plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, later in the year.  
The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: 

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

Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield, and
Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond
Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018
Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry

In this insight, I'll take an early look at the deal.

Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning

Areit (AyalaLand REIT) / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/ayalaland-reit-areit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">AyalaLand Reit (AREIT) (AREIT PM)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/ayala-land-inc" target="_blank" data-smartkarma-citation="entities:131:1" rel="noopener">Ayala Land Inc (ALI PM)</a>, raised around US$250m in its Philippines listing.</p>
</div>
<div>
<p>AREIT will be the first REIT listing for the Philippines. It will have an initial portfolio of three commercial buildings located in Metro Manila, Philippines. In addition, it will use the proceeds from the IPO to buy another asset from the sponsor, taking its total asset count to four. Its assets are relatively new, with long term leases and step-up rental escalation, which should provide stability to rentals. </p>
</div>
<div>
<p>I’ve covered the details of the company in my previous notes, <a href="https://www.smartkarma.com/insights/areit-pre-ipo-first-philippines-reit-listing-comes-with-its-peculiarities" target="_blank" rel="noopener">AREIT Pre-IPO - First Philippines REIT Listing Comes with Its Peculiarities </a>and <a href="https://www.smartkarma.com/insights/areit-ipo-looks-sustainable-at-the-low-end" target="_blank" rel="noopener">AREIT IPO - Looks Sustainable at the Low-End</a>.</p>
</div>
<div>
<p>In this note, I’ll talk about the deal dynamics for trading.</p>
</div>


AyalaLand Reit (AREIT) (AREIT PM), a subsidiary of Ayala Land Inc (ALI PM), raised around US$250m in its Philippines listing.


AREIT will be the first REIT listing for the Philippines. It will have an initial portfolio of three commercial buildings located in Metro Manila, Philippines. In addition, it will use the proceeds from the IPO to buy another asset from the sponsor, taking its total asset count to four. Its assets are relatively new, with long term leases and step-up rental escalation, which should provide stability to rentals. 


I’ve covered the details of the company in my previous notes, AREIT Pre-IPO - First Philippines REIT Listing Comes with Its Peculiarities and AREIT IPO - Looks Sustainable at the Low-End.


In this note, I’ll talk about the deal dynamics for trading.


AREIT IPO Trading Update - Long Bookbuild Shouldn't Hamper the Listing

Mindspace Business Parks REIT / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN) </a>raised around US$600m in its IPO, making it the second REIT listing for India.</p></div><div><p>In my previous insights I've covered the company background, its projected growth, compared it to its main listed peer: </p></div><ul>
<li> <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a>,</li>
<li>
<a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-updates-aren-t-so-great" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Updates aren't so great</a>,</li>
<li><a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-ipo-price-appears-fair-strategic-investors-are-top-notch" target="_blank" rel="noopener">Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch</a></li>
</ul><p>In this insight, I will re-visit some of the deal dynamics, comment on share price drivers and provide a table with implied valuations.</p>

Mindspace Business Parks REIT (MBP IN) raised around US$600m in its IPO, making it the second REIT listing for India.In my previous insights I've covered the company background, its projected growth, compared it to its main listed peer: 
 Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal,

Mindspace Business Parks REIT Pre-IPO - Updates aren't so great,
Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch
In this insight, I will re-visit some of the deal dynamics, comment on share price drivers and provide a table with implied valuations.

Mindspace Business Park REIT Trading Update - Much Better Debut that Embassy

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.

<div><p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN)</a> owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of India. Mindspace has launched its IPO at a tight range of Rs274-275 per unit to raise up to Rs45 billion ($603 million) through a primary offer of Rs10 billion ($134 million) and a secondary offer of Rs35 billion ($469 million). The three-day book building will kick off on 27 July. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-ipo-initiation-getting-back-to-work" target="_blank" rel="noopener">our initiation note</a>, we stated that Mindspace offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector. Our valuation analysis suggests that the IPO price range is attractive. </p></div></div></div>

Mindspace Business Parks REIT (MBP IN) owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of India. Mindspace has launched its IPO at a tight range of Rs274-275 per unit to raise up to Rs45 billion ($603 million) through a primary offer of Rs10 billion ($134 million) and a secondary offer of Rs35 billion ($469 million). The three-day book building will kick off on 27 July. In our initiation note, we stated that Mindspace offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector. Our valuation analysis suggests that the IPO price range is attractive. 

Mindspace Business Parks REIT IPO: Valuation Insights

<p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN)</a> owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of India. The portfolio has a total leasable area of 29.5 msf and is one of the largest Grade-A office portfolios in India, according to C&amp;W. It has filed for an IPO in India to raise Rs45 billion ($603 million) through a primary offer of Rs10 billion ($134 million) and a secondary offer of Rs35 billion ($469 million). Mindspace will be the second REIT listing in India after <a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EOP IN)</a>. The IPO already received commitments worth Rs11.2 billion ($151 million) from strategic investors including GIC, affiliates of Fidelity Group, Capital Group and Fullerton Group. </p><div class="content-highlight"><p>Mindspace's portfolio consists of five integrated business parks and five independent offices. The total market value of the portfolio is Rs236,751 million as of 31 March 2020. On balance, we believe that Mindspace offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector.</p></div>

Mindspace Business Parks REIT (MBP IN) owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of India. The portfolio has a total leasable area of 29.5 msf and is one of the largest Grade-A office portfolios in India, according to C&amp;W. It has filed for an IPO in India to raise Rs45 billion ($603 million) through a primary offer of Rs10 billion ($134 million) and a secondary offer of Rs35 billion ($469 million). Mindspace will be the second REIT listing in India after Embassy Office Parks REIT (EOP IN). The IPO already received commitments worth Rs11.2 billion ($151 million) from strategic investors including GIC, affiliates of Fidelity Group, Capital Group and Fullerton Group. Mindspace's portfolio consists of five integrated business parks and five independent offices. The total market value of the portfolio is Rs236,751 million as of 31 March 2020. On balance, we believe that Mindspace offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector.

Mindspace Business Parks REIT IPO Initiation: Getting Back to Work

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)

Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning

Embassy Office Parks REIT plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement,...

Sumeet Singh

AREIT IPO Trading Update - Long Bookbuild Shouldn't Hamper the Listing

AyalaLand Reit (AREIT) (AREIT PM), a subsidiary of Ayala Land Inc (ALI PM), raised around US$250m in its Philippines listing. AREIT will be the...

Sumeet Singh

Mindspace Business Park REIT Trading Update - Much Better Debut that Embassy

Mindspace Business Parks REIT (MBP IN) raised around US$600m in its IPO, making it the second REIT listing for India.In my previous insights I've...

Sumeet Singh

Mindspace Business Parks REIT IPO: Valuation Insights

Mindspace Business Parks REIT (MBP IN) owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of...

Arun George

Mindspace Business Parks REIT IPO Initiation: Getting Back to Work

Mindspace Business Parks REIT (MBP IN) owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of...

Arun George

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