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.

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 IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.</li>
<li>On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.</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 IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.
On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.


ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 1st which has an aggregated holding worth USD507.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,513mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Apr, Korzinc, Samsung Electronics, Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 1st which has an aggregated holding worth USD507.9bn.
We estimate that foreign flows to be outflows of USD1,513mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Apr, Korzinc, Samsung Electronics, Hyundai Motor.


KRX Foreign Holding Weekly (Nov 1st): Apr, Korzinc, Samsung Electronics, Hyundai Motor

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November.</li>
<li>At listing, the combined AUM across the 13 products is KRW 511bn (US$370m). So not a lot of impact on the stocks in the index.</li>
<li>The expectation is that there will be a lot of money that starts to track the index after the ETF listing. Looking at Japan, that is not a success story.</li>
</ul>


12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November.
At listing, the combined AUM across the 13 products is KRW 511bn (US$370m). So not a lot of impact on the stocks in the index.
The expectation is that there will be a lot of money that starts to track the index after the ETF listing. Looking at Japan, that is not a success story.


Korea Value-Up ETFs: Listing on 4 Nov with US$370m AUM

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> is planning to raise around US$1.25bn through its upcoming India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.</li>
</ul>



Swiggy is planning to raise around US$1.25bn through its upcoming India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.


Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies</a> raised around US$514m in its India IPO, with robust demand.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Waaree Energies raised around US$514m in its India IPO, with robust demand.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005387 KS)

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

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

KRX Foreign Holding Weekly (Nov 1st): Apr, Korzinc, Samsung Electronics, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Apr, Korzinc, Samsung Electronics, Hyundai Motor.

Ke Yan, CFA, FRM

Korea Value-Up ETFs: Listing on 4 Nov with US$370m AUM

12 ETFs (9 passive and 3 active) and 1 ETN tracking the Korea Value-Up Index will start trading on the KRX on 4 November. Total assets at launch...

Brian Freitas

Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

Swiggy is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

Waaree Energies raised around US$514m in its India IPO, with robust demand. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)