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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Bain aims to raise around US$2bn via selling around 6% of its stake in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a>. The IPO linked lockup on its shareholding had expired in Jun 2025.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about deal dynamics and run the deal through our ECM framework.</li>
</ul>


Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.


Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Apple, Qualcomm, and Tesla are all hiring for EMIB-class advanced packaging, signalling an industry shift toward tech where Intel holds a structural edge.</li>
<li>Intel’s “packaging-first” strategy outlined last year is now visible in real customer activity; foundry share will be won through packaging long before leading-edge wafers.</li>
<li>With TSMC carrying excess capacity, IFS enters a rare window where early 18A traction and EMIB pull-through can create a credible path to 14A volume wins.</li>
</ul>


Apple, Qualcomm, and Tesla are all hiring for EMIB-class advanced packaging, signalling an industry shift toward tech where Intel holds a structural edge.
Intel’s “packaging-first” strategy outlined last year is now visible in real customer activity; foundry share will be won through packaging long before leading-edge wafers.
With TSMC carrying excess capacity, IFS enters a rare window where early 18A traction and EMIB pull-through can create a credible path to 14A volume wins.


IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.</li>
<li>Chinese open-source AI models offer a more secure, efficient, and lower cost alternative to Chat GPT -5 , Claude 4.5 Sonnet, and other U.S. LLMs.  </li>
<li>We believe that there will be a turning point when investors will realize that the Chinese open-source AI models have undercut the premise of U.S. global dominance of AI.</li>
</ul>


Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.
Chinese open-source AI models offer a more secure, efficient, and lower cost alternative to Chat GPT -5 , Claude 4.5 Sonnet, and other U.S. LLMs.  
We believe that there will be a turning point when investors will realize that the Chinese open-source AI models have undercut the premise of U.S. global dominance of AI.


CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges</li>
<li>Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?</li>
<li>Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E</li>
</ul>


Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges
Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?
Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E


Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

Intel's packaging-first strategy is gaining traction, with a potential for winning foundry share with early 18A traction, EMIB adoption, and...

Mint Finance

CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.

David Mudd

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

Intel's packaging-first strategy is gaining traction, with a potential for winning foundry share with early 18A traction, EMIB adoption, and...

Mint Finance

CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.

David Mudd

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

​Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...