APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

GMO Internet Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> is looking to raise up to US$273m via a large secondary offering in shares of <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> .</li>
<li>Along with the secondary offering, <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> is also looking to conduct a primary offering, to raise an additional US$134m.</li>
<li>In this note, we will talk about the deal dynamics as well as updates on the company’s financial performance.</li>
</ul>



GMO Internet Group (9449 JP) is looking to raise up to US$273m via a large secondary offering in shares of GMO Internet (4784 JP) .
Along with the secondary offering, GMO Internet (4784 JP) is also looking to conduct a primary offering, to raise an additional US$134m.
In this note, we will talk about the deal dynamics as well as updates on the company’s financial performance.


Aequitas: GMO Internet Placement - Attempting a Secondary Sale Again for Prime Listing Requirements

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> ports.</li>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> needs to sell shares in <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. </li>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> has been selling <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>.</li>
</ul>


Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for CK Hutchison Holdings (1 HK) ports.

GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP)to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. 

Prosus NV (PRX NA) has been selling Tencent (700 HK), then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in Meituan (3690 HK).


Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> needs to sell shares in <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. </li>
<li>Preceding my comments on the GMO group - and <a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a>/ <a href="https://www.smartkarma.com/entities/united-overseas-bank-ltd" target="_blank" data-smartkarma-citation="entities:113:1" rel="noopener">UOB (UOB SP)</a> - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP) to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. 
Preceding my comments on the GMO group - and Haw Par Corp (HPAR SP)/ UOB (UOB SP) - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched

Travis Lundy

<ul>
<li>I have harped on the fact that <a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> has to sell <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> shares with the goal to get 35% tradable shares by end-2025.</li>
<li>I have written about it <a href="https://www.smartkarma.com/insights/gmo-internet-4784-dropdown-holdco-gone-ballistic-squeezed-on-truly-tiny-float" target="_blank" rel="noopener">here</a>, <a href="https://www.smartkarma.com/insights/gmo-internet-4784-offering-this-is-a-ginormous-re-ipo-avoid-like-the-plague" target="_blank" rel="noopener">here</a>, <a href="https://www.smartkarma.com/insights/gmo-internet-4784-squeeze-able-so-squeezing-offering-likely-gets-pulled-avoid-like-the-plague" target="_blank" rel="noopener">here</a>, and <a href="https://www.smartkarma.com/insights/gmo-internet-4784-shares-appear-manipulated-squeezed-again-but-parentco-must-sell" target="_blank" rel="noopener">here</a>. The price needs to be lower so the parent can launch a HUGE block. The stock must be less squeeze-able.</li>
<li>It turns out the parent started selling in the market the day after the Offering was cancelled. The setup is delicious now.</li>
</ul>


I have harped on the fact that GMO Internet Group (9449 JP) has to sell GMO Internet (4784 JP) shares with the goal to get 35% tradable shares by end-2025.
I have written about it here, here, here, and here. The price needs to be lower so the parent can launch a HUGE block. The stock must be less squeeze-able.
It turns out the parent started selling in the market the day after the Offering was cancelled. The setup is delicious now.


GMO Internet (4784) - GMO Internet Parent Has Been SELLING In The Market

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> walks away from <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.</li>
<li>Buy <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.</li>
<li>If you have borrow on <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>, use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. </li>
</ul>



Alimentation Couche-Tard (ATD CN) walks away from Seven &amp; I Holdings (3382 JP), and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.
Buy Krungthai Card (KTC TB) with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.
If you have borrow on GMO Internet (4784 JP), use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. 


Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

Japan

GMO Internet, Inc. offers marketing services. The Company offers internet advertising, mobile advertising, search engine marketing, and other services to medium sized advertising agencies. GMO Internet conducts businesses throughout Japan.

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GMO Internet (4784 JP)

Aequitas: GMO Internet Placement - Attempting a Secondary Sale Again for Prime Listing Requirements

GMO Internet Group is looking to raise up to US$273M via a large secondary offering in shares of GMO Internet. In this note, we will talk about the...

Nicholas Tan

Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched

GMO Internet (9449 JP) needs to sell GMO Internet (4784), and it is doing so. If you can take down borrow on 4784, stay short. It could get bumpy....

David Blennerhassett

GMO Internet (4784) - GMO Internet Parent Has Been SELLING In The Market

GMO backdoor-listed their ISP/portal biz into GMO Ad Partners (now GMO Internet). Then got a TOPIX listing with 1.2% float. So SQUEEZE. In 9 weeks,...

Travis Lundy

Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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