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.

Event-Driven

<ul>
<li>SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The IPO barely made it through and was priced at the bottom of its IPO price range.</li>
<li>STG is a leading AI software company. STG was the largest AI software company in Asia in terms of 2020 revenue, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The IPO barely made it through and was priced at the bottom of its IPO price range.
STG is a leading AI software company. STG was the largest AI software company in Asia in terms of 2020 revenue, as per Frost &amp; Sullivan (F&amp;S).
In this note, we will talk about the lock-up dynamics and updates since our last note.


SenseTime Lock-Up -Investment Blacklist Will Further Pressurize the Upcoming US$18bn Lock-Up Release

Equity Capital Markets

<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>IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.</li>
<li>Given the recent market volatility, there were no large placements this week.</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.
IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.
Given the recent market volatility, there were no large placements this week.


ECM Weekly (19th June 2022) - Tianqi, GoAir, China United, Hongjiu Fruit, Airtel/Singtel, ExaWizards

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/exawizards-inc" target="_blank" data-smartkarma-citation="entities:35212:1" rel="noopener">ExaWizards (4259 JP)</a> raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.</li>
<li>ExaWizards is an AI service provider in Japan, it develops and delivers AI products with the aim of addressing industry and social issues.</li>
<li>While in our view, we would not expect a large block to come from this lockup expiry, we could expect some scattered selling across the shareholders.</li>
</ul>



ExaWizards (4259 JP) raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.
ExaWizards is an AI service provider in Japan, it develops and delivers AI products with the aim of addressing industry and social issues.
While in our view, we would not expect a large block to come from this lockup expiry, we could expect some scattered selling across the shareholders.


ExaWizards IPO Lock-Up - PE/Investment Funds Coming off Lockup, Could See Some Scattered Selling

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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>ExaWizards had a surprisingly weak opening, 10.4% lower than its IPO price, mirroring initial weakness in Renewable Japan yesterday. </li>
<li>Given the strong growth prospects for the stock and general anticipation for the listing this suggests weakening market sentiment overall. </li>
<li>Despite valuations that could look expensive from some perspectives we remain long-term positive here.</li>
</ul>


ExaWizards had a surprisingly weak opening, 10.4% lower than its IPO price, mirroring initial weakness in Renewable Japan yesterday. 
Given the strong growth prospects for the stock and general anticipation for the listing this suggests weakening market sentiment overall. 
Despite valuations that could look expensive from some perspectives we remain long-term positive here.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/exawizards-inc" target="_blank" data-smartkarma-citation="entities:35212:1" rel="noopener">ExaWizards (4259 JP)</a> (EXW) raised US$302m at JPY1,150 per share, the top end of its IPO price range. </li>
<li>Sentiment hasn't been great. Some of the local peers have traded lower since IPO bookbuild.</li>
<li>Compared to overall peer average, there is still decent upside. </li>
</ul>



ExaWizards (4259 JP) (EXW) raised US$302m at JPY1,150 per share, the top end of its IPO price range. 
Sentiment hasn't been great. Some of the local peers have traded lower since IPO bookbuild.
Compared to overall peer average, there is still decent upside. 


ExaWizards IPO Trading - Local Peers Have Traded Lower Since Bookbuild

Japan

ExaWizards Inc. operates as a cutting edge innovation creation company. The Company provides artificial intelligence planning, artificial intelligence designing, artificial intelligence development, and other services. ExaWizards offers services for industrial innovation and social problems solutions.

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ExaWizards (4259 JP)

SenseTime Lock-Up -Investment Blacklist Will Further Pressurize the Upcoming US$18bn Lock-Up Release

SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The lockup on the pre-IPO and cornerstone investors will expire later this month.

Sumeet Singh

ECM Weekly (19th June 2022) - Tianqi, GoAir, China United, Hongjiu Fruit, Airtel/Singtel, ExaWizards

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

ExaWizards IPO Lock-Up - PE/Investment Funds Coming off Lockup, Could See Some Scattered Selling

ExaWizards (4259 JP) raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.

Clarence Chu

ExaWizards IPO – First Day Trading

ExaWizards had a surprisingly weak opening, 10.4% lower than its IPO price. Despite valuations that could look expensive from some perspectives we...

Mio Kato

ExaWizards IPO Trading - Local Peers Have Traded Lower Since Bookbuild

ExaWizards (4259 JP) (EXW) raised US$302m at JPY1,150 per share, the top end of its IPO price range. Sentiment hasn't been great. Some of the local...

Sumeet Singh

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