APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/v3-brands-asia" target="_blank" data-smartkarma-citation="entities:35797:1" rel="noopener">V3 Brands Asia (V3 HK)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.</li>
<li>V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.</li>
<li>It has also recorded a bounce back post-COVID as average revenue per store surged. Margins have expanded as well owing to operating leverage and the firm’s partnership with Daito-OSIM.</li>
</ul>



V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.
V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.
It has also recorded a bounce back post-COVID as average revenue per store surged. Margins have expanded as well owing to operating leverage and the firm’s partnership with Daito-OSIM.


V3 Brands Asia Pre-IPO - The Positives - Margins and Revenue Have Grown

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>Arrail Group raised HKD 589.9 million (USD 75m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, Mar 22nd.</li>
<li>In our previous notes, we looked at the company's background, its operation, its financials, and its expansion plan, compared its key metrics with peers and provided thoughts on valuation.</li>
<li>In this note, we look at the updates since our last note and prior to debut.</li>
</ul>


Arrail Group raised HKD 589.9 million (USD 75m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, Mar 22nd.
In our previous notes, we looked at the company's background, its operation, its financials, and its expansion plan, compared its key metrics with peers and provided thoughts on valuation.
In this note, we look at the updates since our last note and prior to debut.


Arrail Group (瑞尔集团) IPO Trading: Weak Demand, Rich Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/green-tea-group" target="_blank" data-smartkarma-citation="entities:34599:1" rel="noopener">Green Tea Group (GT HK)</a> is looking to raise about US$150m in its upcoming Hong Kong IPO. </li>
<li>Green Tea Group is a restaurant chain operator for fusion cuisine in China. </li>
<li>As of the latest practicable date (LPD), it had a restaurant network of 236 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC.</li>
</ul>



Green Tea Group (GT HK) is looking to raise about US$150m in its upcoming Hong Kong IPO. 
Green Tea Group is a restaurant chain operator for fusion cuisine in China. 
As of the latest practicable date (LPD), it had a restaurant network of 236 restaurants covering 18 provinces, four municipalities and three autonomous regions in the PRC.


Green Tea Group Pre-IPO - Growing for the Sake of Growth

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Arrail, the largest dental services provider in China’s premium dental service market has announced the terms for its IPO.</li>
<li>The company plans to raise net proceeds of approx. HK$590m (US$75.9m) through issuing 46.5m at a price of HK$14.62 per share.</li>
<li>Cornerstone investors have agreed to purchase approx. US$65m worth of shares and these investors include Abax, Harvest, Hudson Bay, OrbiMed and TVHKL.</li>
</ul>


Arrail, the largest dental services provider in China’s premium dental service market has announced the terms for its IPO.
The company plans to raise net proceeds of approx. HK$590m (US$75.9m) through issuing 46.5m at a price of HK$14.62 per share.
Cornerstone investors have agreed to purchase approx. US$65m worth of shares and these investors include Abax, Harvest, Hudson Bay, OrbiMed and TVHKL.


Arrail IPO: Peer Comparison and Valuation

<ul>
<li>Arrail is a leading premium dental service provider in China. The company launched book building to raise up to USD 87m via a Hong Kong listing.</li>
<li>In our previous notes, we looked at the company's background, its operation, its financials, and its expansion plan, and compared its key metrics with peers and provide thoughts on valuation.</li>
<li>In this note, we provide a quick update for the book building.</li>
</ul>


Arrail is a leading premium dental service provider in China. The company launched book building to raise up to USD 87m via a Hong Kong listing.
In our previous notes, we looked at the company's background, its operation, its financials, and its expansion plan, and compared its key metrics with peers and provide thoughts on valuation.
In this note, we provide a quick update for the book building.


Arrail Group (瑞尔集团) IPO: Downsized Deal Mostly Taken by Cornerstones

China

Arrail Group Limited operates dental care businesses. The Company provides dental implant, dental beauty, and daily cleaning services. Arrail Group conducts businesses in China.

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Arrail Group (6639 HK)

V3 Brands Asia Pre-IPO - The Positives - Margins and Revenue Have Grown

V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.

Clarence Chu

Arrail Group (瑞尔集团) IPO Trading: Weak Demand, Rich Valuation

We look at the updates of Arrail Group IPO since our last note and prior to debut. The company is a leading premium dental chain in China.

Ke Yan, CFA, FRM

Green Tea Group Pre-IPO - Growing for the Sake of Growth

Green Tea Group (GT HK) is looking to raise about US$150m in its upcoming Hong Kong IPO. Green Tea Group is a restaurant chain operator for fusion...

Clarence Chu

Arrail IPO: Peer Comparison and Valuation

Our reverse DCF suggests that Arrail's shares are slightly overvalued at the indicative IPO price range and have limited upside

Shifara Samsudeen, FCMA, CGMA

Arrail Group (瑞尔集团) IPO: Downsized Deal Mostly Taken by Cornerstones

We provide a quick update for the book building for Arrail IPO. The company is a leading premium dental service provide in China seeking to raise...

Ke Yan, CFA, FRM

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