APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.<div class="content-highlight">
It has been another great week for the ECM space. We saw <a href="https://www.smartkarma.com/entities/23679" target="_blank" data-smartkarma-citation="entities:23679:1">WuXi Biologics (Cayman) Inc. (2269 HK)</a> making a strong debut, holding at 36.9% above IPO price and <a href="https://www.smartkarma.com/entities/15933" target="_blank" data-smartkarma-citation="entities:15933:1">Renesas Electronics Corp (6723 JP)</a> holding 17.3% above deal price. 
On Friday, <a href="https://www.smartkarma.com/entities/24158" target="_blank" data-smartkarma-citation="entities:24158:1">HRnetgroup Limited (HRN SP)</a> made a tepid debut but has traded 17.4 million shares on the first day out of the 90 million that were available…
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The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.
It has been another great week for the ECM space. We saw WuXi Biologics (Cayman) Inc. (2269 HK) making a strong debut, holding at 36.9% above IPO price and Renesas Electronics Corp (6723 JP) holding 17.3% above deal price. 
On Friday, HRnetgroup Limited (HRN SP) made a tepid debut but has traded 17.4 million shares on the first day out of the 90 million that were available…


Smartkarma: ECM Coverage Weekly Update (17 June 2017)

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

With her easy demeanour and ability to build rapport with just about anyone, Adeline Sim is the consummate people person.
"I've been told that I'm all about people, people, people, and it's true," the Executive Director of HRnetGroup Ltd, which makes its trading debut today on SGX, said with a laugh.
Sim enjoys spending with different people - whether it be her pastry chef bestie of more than two decades, her ex-colleagues in legal circles, the "Yummy Mummy" pals she began her parenting journey with, or the 424 people who co-own HRnetGroup with her.
Exerting a positive influence on those who cross your path is important, noted the 36-year-old, who is also big on books and food.

With her easy demeanour and ability to build rapport with just about anyone, Adeline Sim is the consummate people person.
"I've been told that I'm all about people, people, people, and it's true," the Executive Director of HRnetGroup Ltd, which makes its trading debut today on SGX, said with a laugh.
Sim enjoys spending with different people - whether it be her pastry chef bestie of more than two decades, her ex-colleagues in legal circles, the "Yummy Mummy" pals she began her parenting journey with, or the 424 people who co-own HRnetGroup with her.
Exerting a positive influence on those who cross your path is important, noted the 36-year-old, who is also big on books and food.

HRnetGroup Leads in Engaging Talent, Transforming Lives

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

HRnetgroup Limited / Equity Capital Markets

HRnet Group plans to raise up to US$125m in its IPO.  The company has already garnered considerable interest from marquee long only investors with Temasek making a pre-IPO investment and Fidelity and Aberdeen coming in as cornerstones.The headline numbers reported by the company appear good especially in the context of the moribund employment situation in Singapore, which is its primary market. However, revenue growth was non-existent last year and the bottom line has been propped with via an increasing share of government subsidies which have already been cut down in 2017.Moreover, the company has paid our S$159m worth of dividends to shareholders over FY14-16 and still remains net cash, which seems to imply that even though the company is raising fresh money in the listing, the IPO is more about providing liquidity to employees rather than raising cash to acquire new businesses, as is being indicated.Nonetheless, the company generates a lot of cash, as the above dividend payments imply, is asset light, and has a good track record. In addition, after adjusting for its cash holdings post the IPO, it doesn't appear very expensive either.

HRnet Group plans to raise up to US$125m in its IPO.  The company has already garnered considerable interest from marquee long only investors with Temasek making a pre-IPO investment and Fidelity and Aberdeen coming in as cornerstones.The headline numbers reported by the company appear good especially in the context of the moribund employment situation in Singapore, which is its primary market. However, revenue growth was non-existent last year and the bottom line has been propped with via an increasing share of government subsidies which have already been cut down in 2017.Moreover, the company has paid our S$159m worth of dividends to shareholders over FY14-16 and still remains net cash, which seems to imply that even though the company is raising fresh money in the listing, the IPO is more about providing liquidity to employees rather than raising cash to acquire new businesses, as is being indicated.Nonetheless, the company generates a lot of cash, as the above dividend payments imply, is asset light, and has a good track record. In addition, after adjusting for its cash holdings post the IPO, it doesn't appear very expensive either.

HRnet Group IPO - Not Very Exciting but It's Not Very Expensive

Singapore

HRnetgroup Limited provides consultancy services. The Company offers talent acquisition, performance consultancy, soft skills development, and graduate training services. HRnetgroup serves automotive, retail, industrial, technology, finance, and construction sectors worldwide.

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HRnetgroup Limited (HRNET SP)

Smartkarma: ECM Coverage Weekly Update (17 June 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. It has been another...

Zhen Zhou, Toh

HRnetGroup Leads in Engaging Talent, Transforming Lives

With her easy demeanour and ability to build rapport with just about anyone, Adeline Sim is theconsummate people person. "I've been told that I'm...

Singapore Exchange Ltd (SGX)

HRnet Group IPO - Not Very Exciting but It's Not Very Expensive

HRnet Group plans to raise up to US$125m in its IPO. The company has already garnered considerable interest from marquee long only investors with...

Sumeet Singh

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Market Cap (USDm)

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