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/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

<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>We have looked at the past performance in our earlier note. In this note, we talk about valuations.</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.
We have looked at the past performance in our earlier note. In this note, we talk about valuations.


Aequitas: UI Boustead REIT IPO - Thoughts on Valuations

<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

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>As concerns over China persist, Asia Ex-Japan managers are becoming more constructive on the ASEAN Region and appear amenable to increasing allocations.</li>
<li>Indonesia and Singapore are the largest country allocations, Indonesia/Vietnam the key overweights and Malaysia/Thailand the key underweights. Only 20.4% of managers have any Malaysia exposure at all.</li>
<li>Sea Ltd and Bank Central Asia are the key overweights in the region.  Recent activity has favoured Cisarua Mountain Dairy, Central Pattana Pub and Telekomunikasi Indonesia.</li>
</ul>


As concerns over China persist, Asia Ex-Japan managers are becoming more constructive on the ASEAN Region and appear amenable to increasing allocations.
Indonesia and Singapore are the largest country allocations, Indonesia/Vietnam the key overweights and Malaysia/Thailand the key underweights. Only 20.4% of managers have any Malaysia exposure at all.
Sea Ltd and Bank Central Asia are the key overweights in the region.  Recent activity has favoured Cisarua Mountain Dairy, Central Pattana Pub and Telekomunikasi Indonesia.


ASEAN Reversal.  Asia Ex-Japan Managers Raise Allocations

Thematic (Sector/Industry)

<ul>
<li>There are signs that a base has been building in Real Estate allocations, and that sentiment is starting to stabilise.</li>
<li>Average weights in the Real Estate sector ticked higher by 0.25% and 5.43% of managers moved to overweight, closing the net underweight by 0.22%.</li>
<li>Central Pattana Pub (CPN TB), China Resources Mixc Lifestyle Services (1209 HK) and Capitaland (CAPL SP) were beneficiaries of recent inflows</li>
</ul>


There are signs that a base has been building in Real Estate allocations, and that sentiment is starting to stabilise.
Average weights in the Real Estate sector ticked higher by 0.25% and 5.43% of managers moved to overweight, closing the net underweight by 0.22%.
Central Pattana Pub (CPN TB), China Resources Mixc Lifestyle Services (1209 HK) and Capitaland (CAPL SP) were beneficiaries of recent inflows


Singapore

CapitaLand is a global real estate investment manager that focuses on the investment, development, and management of a diversified portfolio including retail, office, lodging, industrial, logistics, business parks, and data centers. The company also provides lodging management and manages real estate investment vehicles. Headquartered in Singapore, it was founded in 2000.

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CapitaLand (CAPL SP)

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Aequitas: UI Boustead REIT IPO - Thoughts on Valuations

UI Boustead REIT (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO. In this note, we talk...

Sumeet Singh

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

ASEAN Reversal. Asia Ex-Japan Managers Raise Allocations

As concerns over China persist, Asia Ex-Japan managers are becoming more constructive on the ASEAN Region and appear amenable to increasing...

Steven Holden

Asia Real Estate: Early Stage Recovery

There are signs that a base has been building in Real Estate allocations, and that sentiment is starting to stabilise among active Asia Ex-Japan...

Steven Holden

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