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

LG Energy Solution / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2023 Asia IPO Pipeline - India, ADRs, Korea, Japan and ASEAN

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Hyundai Oilbank, this year's biggest fish, dropped the IPO. Another big fish, CJ Olive Young, also officially announced that it would give up its listing.</li>
<li>The bookbuilding results of SOCAR turned out to be disastrous, suggesting an increased possibility that a higher-than-typical flow level will likely be seen in WCP and K Bank. </li>
<li>In particular, despite the valuation issues, we should pay attention to the possibility of an unexpected level of local institutional flows flocking to WCP, which has less schedule risk.</li>
</ul>


Hyundai Oilbank, this year's biggest fish, dropped the IPO. Another big fish, CJ Olive Young, also officially announced that it would give up its listing.
The bookbuilding results of SOCAR turned out to be disastrous, suggesting an increased possibility that a higher-than-typical flow level will likely be seen in WCP and K Bank. 
In particular, despite the valuation issues, we should pay attention to the possibility of an unexpected level of local institutional flows flocking to WCP, which has less schedule risk.


Messed up Korea IPO Pipeline and Unexpected Beneficiaries

<ul>
<li>There must be a rationale for car sharing to receive a higher valuation than the traditional rental car business. For this, profit per vehicle must be provided, not sales.</li>
<li>Also, whether SOCAR can justify its valuation built on the relatively high valuation premiums granted to ccOS and FMS companies is still questionable.</li>
<li>Concerning fund flow, it is positive that SOCAR can aim for LG Energy's six-month lockup release. But it is unclear how much flow will be left for SOCAR after WCP.</li>
</ul>


There must be a rationale for car sharing to receive a higher valuation than the traditional rental car business. For this, profit per vehicle must be provided, not sales.
Also, whether SOCAR can justify its valuation built on the relatively high valuation premiums granted to ccOS and FMS companies is still questionable.
Concerning fund flow, it is positive that SOCAR can aim for LG Energy's six-month lockup release. But it is unclear how much flow will be left for SOCAR after WCP.


SOCAR Revised Prospectus: Critical Issues Still Not Addressed

<ul>
<li>It is hard to understand why WCP uses future EBITDA in the peer valuation while all the peers are based on the 1Q22 LTM figures.</li>
<li>Not only that, of the eight valuation peers, only SKIET and Shenzhen Senior Tech are the only ones with sufficient business relevance to WCP.</li>
<li>WCP's intrinsic market cap is ₩2.35T with a price per share of ₩69,141, implying that the bankers' indicative price band is rather at a 15.7-44.6% premium.</li>
</ul>


It is hard to understand why WCP uses future EBITDA in the peer valuation while all the peers are based on the 1Q22 LTM figures.
Not only that, of the eight valuation peers, only SKIET and Shenzhen Senior Tech are the only ones with sufficient business relevance to WCP.
WCP's intrinsic market cap is ₩2.35T with a price per share of ₩69,141, implying that the bankers' indicative price band is rather at a 15.7-44.6% premium.


Hyundai Oilbank Co Ltd / Equity Capital Markets

<ul>
<li>Except for SOCAR, most major ones will be in the fourth quarter, so local IPO funds' lock-up/pricing strategy should inevitably be intense to adjust the fund flow schedule.</li>
<li>Probably, local institutional investors' SOCAR lock-up will be mostly one month. Or even we should expect some of them to skip SOCAR altogether to focus on Hyundai Oilbank.</li>
<li>Among those not yet applied for a preliminary review, the local street still expects Oasis Market, CJ Olive Young, and Kakao Mobility to complete their listing this year.</li>
</ul>


Except for SOCAR, most major ones will be in the fourth quarter, so local IPO funds' lock-up/pricing strategy should inevitably be intense to adjust the fund flow schedule.
Probably, local institutional investors' SOCAR lock-up will be mostly one month. Or even we should expect some of them to skip SOCAR altogether to focus on Hyundai Oilbank.
Among those not yet applied for a preliminary review, the local street still expects Oasis Market, CJ Olive Young, and Kakao Mobility to complete their listing this year.


Korea IPOs for 2022: 1H Review & 2H Schedules for Flow Clash Risk

South Korea

Hyundai Oilbank Co. Ltd. provides oil refining and marketing services. The Company supplies premium gasoline, ultra low sulfur diesel, kerosene, fuel oil, and other products. Hyundai Oilbank offers services throughout South Korea.

Hyundai Oilbank Co Ltd (1082Z KS)

Aequitas 2023 Asia IPO Pipeline - India, ADRs, Korea, Japan and ASEAN

In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, specifically for India, Asia-linked ADRs, Korea, Japan and ASEAN.

Sumeet Singh

Messed up Korea IPO Pipeline and Unexpected Beneficiaries

This post investigates Korea's messed-up IPO pipeline situation and discusses who will be unexpected beneficiaries after the SOCAR bookbuilding...

Sanghyun Park

SOCAR Revised Prospectus: Critical Issues Still Not Addressed

This post investigates SOCAR's revised prospectus, especially the additional information concerning the valuation peer group, and argues why the...

Sanghyun Park

WCP IPO Terms & Valuation Controversies

This post details the WCP IPO, valued at ₩2.7-3.4T by the bankers, and discusses why this valuation causes over-pricing controversies.

Sanghyun Park

Korea IPOs for 2022: 1H Review & 2H Schedules for Flow Clash Risk

This post reviews the first half of Korea's local IPO market and examines the second-half schedule for flow clash possibilities.

Sanghyun Park