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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of three month ADV.</li>
<li>The proceeds will be used to acquire three new properties and obtain a 30% co-ownership interest in a fourth one. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



GLP J-REIT (3281 JP) is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of three month ADV.
The proceeds will be used to acquire three new properties and obtain a 30% co-ownership interest in a fourth one. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


GLP J-REIT Placement - Could Be Another Addition to Its History of Well-Performing Deals

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a> raised around US$268m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire on 11th May 2023.</li>
<li>Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Global Health (Medanta) (MEDANTA IN) raised around US$268m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire on 11th May 2023.
Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Global Health (Medanta) Lockup - Good Name but Seems Fairly Valued

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  </li>
<li>In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for <a href="https://www.smartkarma.com/entities/fortis-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:881:1" rel="noopener">Fortis Healthcare (FORH IN)</a> to acquire 26.1% stake after obtaining court permission.</li>
<li>IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.</li>
</ul>



IHH Healthcare (IHH MK) reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  
In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for Fortis Healthcare (FORH IN) to acquire 26.1% stake after obtaining court permission.
IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.


IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

Equity Capital Markets

Lu Daopei Medical Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lu-daopei-medical-group" target="_blank" data-smartkarma-citation="entities:36716:1" rel="noopener">Lu Daopei Medical Group (1816743D CH)</a><a href="https://www.smartkarma.com/entities/lu-daopei-medical-group-holding-limited" target="_blank" data-smartkarma-citation="entities:36709:1" rel="noopener"> </a>is looking to raise around US$400m in its upcoming Hong Kong IPO. </li>
<li>Lu DaoPei Medical Group (LDPM) is a hospital operator focusing on hematology healthcare services. As per F&amp;S, it was the largest hematology healthcare services provider in China by 2021 revenue.</li>
<li>LDPM has supported its growth through its flagship hospital. However, it is unclear whether the firm will be able to sustainably maintain profitability in the long term. </li>
</ul>



Lu Daopei Medical Group (1816743D CH) is looking to raise around US$400m in its upcoming Hong Kong IPO. 
Lu DaoPei Medical Group (LDPM) is a hospital operator focusing on hematology healthcare services. As per F&amp;S, it was the largest hematology healthcare services provider in China by 2021 revenue.
LDPM has supported its growth through its flagship hospital. However, it is unclear whether the firm will be able to sustainably maintain profitability in the long term. 


Lu DaoPei Medical Group Pre-IPO - Ramp up in Progress but Looks Promising

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (GH IN)</a> raised approximately US$268m in its India IPO.  </li>
<li>Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Global Health (Medanta) (GH IN) raised approximately US$268m in its India IPO.  
Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development. 
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Global Health IPO Trading - Relatively Cheap and Good

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

IHH Healthcare (IHH MK)

GLP J-REIT Placement - Could Be Another Addition to Its History of Well-Performing Deals

GLP J-REIT (3281 JP) is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of...

Ethan Aw

Global Health (Medanta) Lockup - Good Name but Seems Fairly Valued

Global Health (Medanta) (MEDANTA IN) raised around US$268m in its India IPO. In this note, we will talk about the lock-up dynamics and updates...

Ethan Aw