APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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/fs-com-limited" target="_blank" data-smartkarma-citation="entities:45240:1" rel="noopener">FS.COM (FSCOM HK)</a> raised US$212m in its Hong Kong IPO.</li>
<li>FS.com Limited (FS) is a globally leading provider of enterprise-grade networking solutions, empowering businesses globally to achieve efficient digital transformations.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



FS.COM (FSCOM HK) raised US$212m in its Hong Kong IPO.
FS.com Limited (FS) is a globally leading provider of enterprise-grade networking solutions, empowering businesses globally to achieve efficient digital transformations.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: FS.COM Trading - Decent Insti and Strong Retail Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fs-com-limited" target="_blank" data-smartkarma-citation="entities:45240:1" rel="noopener">FS.COM (FSCOM HK)</a> is looking to raise US$212m in its Hong Kong IPO.</li>
<li>FS.com Limited (FS) is a globally leading provider of enterprise-grade networking solutions, empowering businesses globally to achieve efficient digital transformations.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



FS.COM (FSCOM HK) is looking to raise US$212m in its Hong Kong IPO.
FS.com Limited (FS) is a globally leading provider of enterprise-grade networking solutions, empowering businesses globally to achieve efficient digital transformations.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Aequitas: FS.com IPO - Stronger Margin Profile, Priced Almost In Line With Peer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fs-com-limited" target="_blank" data-smartkarma-citation="entities:45240:1" rel="noopener">FS.COM (FSCOM HK)</a> is looking to raise US$250m in its upcoming Hong Kong IPO.</li>
<li>FS.COM Limited (FS) is a globally leading provider of enterprise-grade networking solutions, empowering businesses globally to achieve efficient digital transformations.</li>
<li>In this note, we look at the firm's PHIP updates.</li>
</ul>



FS.COM (FSCOM HK) is looking to raise US$250m in its upcoming Hong Kong IPO.
FS.COM Limited (FS) is a globally leading provider of enterprise-grade networking solutions, empowering businesses globally to achieve efficient digital transformations.
In this note, we look at the firm's PHIP updates.


Aequitas: FS.COM Limited PHIP Updates - Decent Topline Growth, Though Margins Are Volatile

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.</li>
<li>FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.</li>
<li>Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.</li>
</ul>


The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.
FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.
Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.


Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, three mid-cap companies are set to list later today in Hong Kong.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, three mid-cap companies are set to list later today in Hong Kong.
On the placement front, there weren't many large deals given the ongoing market volatility.


Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

FS.COM (FSCOM HK)

Aequitas: FS.COM Trading - Decent Insti and Strong Retail Demand

FS.COM (FSCOM HK) raised US$212m in Hong Kong IPO, a globally leading provider of networking solutions enabling efficient digital transformations....

Hong Jie Seow

Aequitas: FS.com IPO - Stronger Margin Profile, Priced Almost In Line With Peer

FS.COM (FSCOM HK) is set to raise US$212m in Hong Kong IPO, a leading provider of networking solutions for efficient digital transformations with...

Hong Jie Seow

Aequitas: FS.COM Limited PHIP Updates - Decent Topline Growth, Though Margins Are Volatile

FS.COM (FSCOM HK) is set to raise US$250m in Hong Kong IPO, a global leader in networking solutions driving digital transformations. #FS #IPO...

Hong Jie Seow

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Xinyao (Criss) Wang

Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: FS.COM Trading - Decent Insti and Strong Retail Demand

​FS.COM (FSCOM HK) raised US$212m in Hong Kong IPO, a globally leading provider of networking solutions enabling efficient digital transformations....

Hong Jie Seow

Aequitas: FS.com IPO - Stronger Margin Profile, Priced Almost In Line With Peer

​FS.COM (FSCOM HK) is set to raise US$212m in Hong Kong IPO, a leading provider of networking solutions for efficient digital transformations with...

Hong Jie Seow

Aequitas: FS.COM Limited PHIP Updates - Decent Topline Growth, Though Margins Are Volatile

​FS.COM (FSCOM HK) is set to raise US$250m in Hong Kong IPO, a global leader in networking solutions driving digital transformations. #FS #IPO...

Hong Jie Seow

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

​FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Xinyao (Criss) Wang

Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

FS.COM (FSCOM HK) raised US$212m in Hong Kong IPO, a globally leading provider of networking solutions enabling efficient digital transformations....

FS.COM (FSCOM HK) is set to raise US$212m in Hong Kong IPO, a leading provider of networking solutions for efficient digital transformations with...

FS.COM (FSCOM HK) is set to raise US$250m in Hong Kong IPO, a global leader in networking solutions driving digital transformations. #FS #IPO...

FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...