APAC IPOs & Placements, Aequitas Research

Akshat Shah

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.

Equity Capital Markets

WT Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> is looking to raise up to US$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another US$500m via convertible bonds.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



WT Microelectronics (3036 TT) is looking to raise up to US$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: WT Micro Offering - Well Flagged US$942 GDR+CB Combo; Shares Have Traced Back Recently

Gigabyte Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigabyte-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17486:1" rel="noopener">Gigabyte Technology (2376 TT)</a> is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 14th Aug 2026, Gigabyte announced of receipt of board’s approval to sell around 40-50m common shares via a GDR offering, with proceeds to be used to purchase overseas materials.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Gigabyte Technology (2376 TT) is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.
On 14th Aug 2026, Gigabyte announced of receipt of board’s approval to sell around 40-50m common shares via a GDR offering, with proceeds to be used to purchase overseas materials.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Gigabyte GDR Early Look - US$500m+ GDR Offering, Well Flagged After a Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 4th Aug 2026, GWC announced that it had received its board’s approval to sell around 40-50m common shares via a GDR offering. </li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Globalwafers (6488 TT) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.
On 4th Aug 2026, GWC announced that it had received its board’s approval to sell around 40-50m common shares via a GDR offering. 
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: GlobalWafers GDR Early Look - US$1.5bn GDR Offering, With Overseas Expansion Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Wistron Corp (3231 TT) (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.
On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Wistron GDR Early Look - Repeat GDR, With Strong Fundamentals

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory vendors but more y/y deterioration for OLED/LCD driver, LCD panel, design service, equipment/materials, and foundry vendors.</li>
<li>GaAs RF and gaming GPU card vendors showed very impressive y/y sales growth of 54% and 63%, respectively. ABF substrate vendors showed the weakest sales decline of 34% among all. </li>
<li>Except A Data (+2.5% m/m) and Phison Electronics (+5.6% m/m) might see stronger share price to reflect stronger November sales, most of others see good/bad news in the price already.</li>
</ul>


More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory vendors but more y/y deterioration for OLED/LCD driver, LCD panel, design service, equipment/materials, and foundry vendors.
GaAs RF and gaming GPU card vendors showed very impressive y/y sales growth of 54% and 63%, respectively. ABF substrate vendors showed the weakest sales decline of 34% among all. 
Except A Data (+2.5% m/m) and Phison Electronics (+5.6% m/m) might see stronger share price to reflect stronger November sales, most of others see good/bad news in the price already.


Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Taiwan

AP Memory Technology Corporation operates as an integrated circuit design and marketing company. The Company engages in the operation of memory integrated circuit research, development, manufacture, and sale. AP Memory Technology serves customers worldwide.

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AP Memory Technology (6531 TT)

Aequitas: WT Micro Offering - Well Flagged US$942 GDR+CB Combo; Shares Have Traced Back Recently

WT Microelectronics (3036 TT) is looking to raise up to US$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another...

Akshat Shah

Aequitas: Gigabyte GDR Early Look - US$500m+ GDR Offering, Well Flagged After a Year

Gigabyte Technology (2376 TT, Gigabyte) is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: GlobalWafers GDR Early Look - US$1.5bn GDR Offering, With Overseas Expansion Ahead

GlobalWafers Co Ltd (6488 TT, GWC) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: Wistron GDR Early Look - Repeat GDR, With Strong Fundamentals

Wistron Corporation (3231 TT, Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales. More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory...

Andrew Lu

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