Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Thematic (Sector/Industry)

<ul>
<li>Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.</li>
<li>The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.</li>
<li>Singapore remains the region’s premium node even as expansion becomes harder.</li>
</ul>


Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.
The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.
Singapore remains the region’s premium node even as expansion becomes harder.


Singapore Data Center Primer: Premium Node in a Constrained Market

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">Ui Boustead Reit (UIBREIT SP)</a> (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>In this note, we look at the company's past performace.</li>
</ul>



Ui Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
In this note, we look at the company's past performace.


UI Boustead REIT IPO - Diverse Asset Base

Centurion Accommodation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Centurion Accomodation REIT IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>In this note, we look at the REIT's portfolio and performance.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
In this note, we look at the REIT's portfolio and performance.


Centurion Accomodation REIT IPO - New Asset Class

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">Ntt Dc Reit (NTTDCR SP)</a> (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.</li>
<li>The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.</li>
<li>In this note, we look at the company's portfolio and its performance.</li>
</ul>



Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
In this note, we look at the company's portfolio and its performance.


NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

Singapore

CapitaLand Ascendas REIT is Singapore's first and largest listed business space and industrial real estate investment trust. It focuses on a diversified portfolio of business and industrial properties, including business and science parks, high-specification industrial properties, data centers, light industrial properties, and logistics and distribution centers across Singapore, Australia, Europe, and the US. Headquartered in Singapore, the company was established in 2002.

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CapitaLand Ascendas (CLAR SP)

Singapore Data Center Primer: Premium Node in a Constrained Market

Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme. The sector sells reliable...

ICAM

UI Boustead REIT IPO - Diverse Asset Base

Ui Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO. In this ntoe, we look at...

Sumeet Singh

Centurion Accomodation REIT IPO - Thoughts on Valuation

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about valuations.

Sumeet Singh

Centurion Accomodation REIT IPO - New Asset Class

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about the REIT's...

Sumeet Singh

NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO. In this note, we look at its portfolio and...

Sumeet Singh

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52-week Range

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