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>In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan &amp; Korea, after having looked at Hong Kong and India earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan &amp; Korea, after having looked at Hong Kong and India earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - Japan & Korea

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>MUFG Bank and Mitsubishi UFJ Trust and Banking are looking to raise around US$425m from selling their respective stakes in <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>.</li>
<li>Given the strong momentum on the stock, combined with the wave of shareholders ending their cross-shareholdings in Japan, we would argue that the deal is somewhat expected.</li>
<li>Despite the remaining overhang on the stock, the deal would be easily digested by the market as well, representing just 0.14 days of the firm’s three month ADV.</li>
</ul>


MUFG Bank and Mitsubishi UFJ Trust and Banking are looking to raise around US$425m from selling their respective stakes in Lasertec Corp (6920 JP).
Given the strong momentum on the stock, combined with the wave of shareholders ending their cross-shareholdings in Japan, we would argue that the deal is somewhat expected.
Despite the remaining overhang on the stock, the deal would be easily digested by the market as well, representing just 0.14 days of the firm’s three month ADV.


Lasertec Placement - Opportunistic Selldown Will Be Easily Digested by the Market

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>Toyota's sale of Denso shares is believed to be aimed at securing cash for full-scale EV production, and it's premature to expect "governance improvement through the sale of cross-held shares."</li>
<li>Since Toyota intends to maintain a 20% equity stake in Denso, which is an equity method affiliate, there will be no change in the influence on Denso for a while.</li>
<li>While intercompany shareholdings and board reciprocity based on business relationships were one of Toyota's strengths, the interests of minority shareholders were at risk of being left behind.</li>
</ul>


Toyota's sale of Denso shares is believed to be aimed at securing cash for full-scale EV production, and it's premature to expect "governance improvement through the sale of cross-held shares."
Since Toyota intends to maintain a 20% equity stake in Denso, which is an equity method affiliate, there will be no change in the influence on Denso for a while.
While intercompany shareholdings and board reciprocity based on business relationships were one of Toyota's strengths, the interests of minority shareholders were at risk of being left behind.


Necessary to Dissolve Cross Shareholdings While Simultaneously Ensuring the Independence of BoD

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (1998104D CH)</a> IPO and <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>'s US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - REPT BATTERO Energy (1998104D CH) IPO and Denso Corp (6902 JP)'s US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback.
Event-Driven developments - Benefit One Inc (2412 JP), Shinko Electric Industries (6967 JP), Toyo Construction (1890 JP), CPMC Holdings (906 HK), Vinda International (3331 HK), Hollysys Automation Technologies (HOLI US). 


Weekly Deals Digest (17 Dec) - Benefit One, Shinko Electric, Toyo, CPMC, Vinda, Hollysys, Rept

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>A few large placements in India, along with <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> pricing, kept the market ticking this week.</li>
<li>In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
A few large placements in India, along with Denso Corp (6902 JP) pricing, kept the market ticking this week.
In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.


ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Japan

DENSO CORPORATION manufactures electronic parts for automobiles.  The Company's products include automobile air conditioners, air bags, ignition systems, generators, power steering systems, and spark plugs with iridium electrode. The Company also produces communication equipment for mobile navigation system.

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Denso Corp (6902 JP)

Aequitas 2024 Asia IPO Pipeline - Japan & Korea

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with Japan & Korea, after having looked at Hong Kong and India...

Sumeet Singh

Lasertec Placement - Opportunistic Selldown Will Be Easily Digested by the Market

MUFG Bank and Mitsubishi UFJ Trust and Banking are looking to raise around US$425m from selling their respective stakes in Lasertec Corp (6920 JP).

Clarence Chu

Necessary to Dissolve Cross Shareholdings While Simultaneously Ensuring the Independence of BoD

I would like to discuss the issues on the November 29 Nikkei article, "Toyota to Give Priority to EV Investment Over Cross-Holding of Denso Shares."

Metrical Inc

Weekly Deals Digest (17 Dec) - Benefit One, Shinko Electric, Toyo, CPMC, Vinda, Hollysys, Rept

Last week, notable developments occurred in Event-Driven (Benefit One, Shinko Electric, Toyo Construction, CPMC, Vinda, Hollysys, Costa, Volpara)...

Arun George

ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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