Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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/human-made-inc" target="_blank" data-smartkarma-citation="entities:45947:1" rel="noopener">Human Made (456A JP)</a> raised US$116m in its Japan IPO.</li>
<li>Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods. </li>
<li>In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Human Made (456A JP) raised US$116m in its Japan IPO.
Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods. 
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Human Made IPO: Making A Fashion Statement With Premium Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/human-made-inc" target="_blank" data-smartkarma-citation="entities:45947:1" rel="noopener">Human Made (456A JP)</a> aims to raise around US$116m in its Japan IPO.</li>
<li>Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.</li>
<li>In our previous note, we looked at its past performance. In this note, we will talk about valuations.</li>
</ul>



Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
In our previous note, we looked at its past performance. In this note, we will talk about valuations.


Human Made IPO: Outstanding Growth and Margins May Justify Premium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/human-made-inc" target="_blank" data-smartkarma-citation="entities:45947:1" rel="noopener">Human Made (456A JP)</a> aims to raise around US$116m in its Japan IPO.</li>
<li>Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>



Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
In this note, we look at the company's past performance.


Human Made Pre-IPO: A Bathing Ape, Reborn

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>A Bathing Ape was a major success in the eyes of customers, but behind the scenes, founder Nigo became a victim of this very success. </li>
<li>Human Made is a different story, structured to give the designer full rein creatively but with experts in operations and marketing making the whole project more sustainable.</li>
<li>Sales have risen 10-fold since 2020 and the brand will IPO this month, representative of the huge potential for Japan’s creative talent.</li>
</ul>


A Bathing Ape was a major success in the eyes of customers, but behind the scenes, founder Nigo became a victim of this very success. 
Human Made is a different story, structured to give the designer full rein creatively but with experts in operations and marketing making the whole project more sustainable.
Sales have risen 10-fold since 2020 and the brand will IPO this month, representative of the huge potential for Japan’s creative talent.


[456A JP] Human Made IPO a Testament to Japan's Creative Muscle

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Kioxia Holdings  / Equity Capital Markets

<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, busy season remains on in full swing going into the year end.</li>
<li>On the placements front, there were a few large deals across the region.</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, busy season remains on in full swing going into the year end.
On the placements front, there were a few large deals across the region.


ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

Japan

HUMAN MADE Inc. manufactures apparels. The Company produces and distributes men's clothing, women's garments, children's apparels, and other products. HUMAN MADE markets its products throughout Japan.

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Human Made (456A JP)

Human Made IPO: Making A Fashion Statement With Premium Valuation

Japan-based apparel company Human Made raised $116m in its IPO, focusing on limited-supply high-value goods. Trading dynamics will be discussed in...

Hong Jie Seow

Human Made IPO: Outstanding Growth and Margins May Justify Premium

Japan-based apparel and lifestyle company Human Made plans to raise $116m in its IPO, focusing on high-value, limited-supply goods.

Hong Jie Seow

Human Made Pre-IPO: A Bathing Ape, Reborn

Japan apparel company Human Made plans to raise $116m in its IPO, focusing on limited-supply high-value goods while maintaining brand power and...

Hong Jie Seow

[456A JP] Human Made IPO a Testament to Japan's Creative Muscle

Human Made is fast becoming one of Japan's most successful brands and one of its most profitable too. Japan's creative talent shines as sales soar...

Michael Causton

ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

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)

Human Made IPO: Making A Fashion Statement With Premium Valuation

​Japan-based apparel company Human Made raised $116m in its IPO, focusing on limited-supply high-value goods. Trading dynamics will be discussed in...

Hong Jie Seow

Human Made IPO: Outstanding Growth and Margins May Justify Premium

​Japan-based apparel and lifestyle company Human Made plans to raise $116m in its IPO, focusing on high-value, limited-supply goods.

Hong Jie Seow

Human Made Pre-IPO: A Bathing Ape, Reborn

​Japan apparel company Human Made plans to raise $116m in its IPO, focusing on limited-supply high-value goods while maintaining brand power and...

Hong Jie Seow

[456A JP] Human Made IPO a Testament to Japan's Creative Muscle

Human Made is fast becoming one of Japan's most successful brands and one of its most profitable too. Japan's creative talent shines as sales soar...

Michael Causton

ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

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

Japan-based apparel company Human Made raised $116m in its IPO, focusing on limited-supply high-value goods. Trading dynamics will be discussed in...

Japan-based apparel and lifestyle company Human Made plans to raise $116m in its IPO, focusing on high-value, limited-supply goods.

Japan apparel company Human Made plans to raise $116m in its IPO, focusing on limited-supply high-value goods while maintaining brand power and...