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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: China’s Steelmakers Look Abroad as Domestic Pressures Mount</li><li>Another Chinese Insurer Sets Up Fund Manager for Long-Term Equity Investment</li><li>Chinese Firm Pursues Hong Kong IPO Despite Costs Absorbing Nearly All Proceeds</li></ul>

In Depth: China’s Steelmakers Look Abroad as Domestic Pressures MountAnother Chinese Insurer Sets Up Fund Manager for Long-Term Equity InvestmentChinese Firm Pursues Hong Kong IPO Despite Costs Absorbing Nearly All Proceeds

CX Daily: China’s Steelmakers Look Abroad as Domestic Pressures Mount 

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)</a>’s retired Senior Vice President Dr. Wei-Jen Lo has taken a position at Intel.</li>
<li>Trump has been in power for less than a year, and the U.S.’s measures have fully revealed its purpose of confrontation between China and the United States. </li>
<li>TSMC’s Arizona fab profit dropped from NT$4.32 billion in 2Q25 to NT$410 million in 3Q25.</li>
</ul>



TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)’s retired Senior Vice President Dr. Wei-Jen Lo has taken a position at Intel.
Trump has been in power for less than a year, and the U.S.’s measures have fully revealed its purpose of confrontation between China and the United States. 
TSMC’s Arizona fab profit dropped from NT$4.32 billion in 2Q25 to NT$410 million in 3Q25.


TSMC (2330.TT; TSM.US): Retired Sr. VP Joins Intel; U.S. Fab Impact; Arizona Earnings Decline.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

WT Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> (WT Micro) is looking to raise up to US$393m, selling 90m shares(18m GDRs)via a GDR offering. It is also selling a two-year zero-coupon CB to raiseUS$350m.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



WT Microelectronics (3036 TT) (WT Micro) is looking to raise up to US$393m, selling 90m shares(18m GDRs)via a GDR offering. It is also selling a two-year zero-coupon CB to raiseUS$350m.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Intel just announced that SoftBank has agreed to buy $2 billion worth of Intel stock, details here. </li>
<li>The shares are likely newly issued, meaning dilution of existing shareholders. Markets didn't care and shares rose &gt;5% in after hours trading. </li>
<li>$2 billion is a far cry from the $40 billion former CEO Craig Barrett thinks Intel needs. Could this be the first of similar deals with US semiconductor/technology companies?</li>
</ul>


Intel just announced that SoftBank has agreed to buy $2 billion worth of Intel stock, details here. 
The shares are likely newly issued, meaning dilution of existing shareholders. Markets didn't care and shares rose &gt;5% in after hours trading. 
$2 billion is a far cry from the $40 billion former CEO Craig Barrett thinks Intel needs. Could this be the first of similar deals with US semiconductor/technology companies?


Intel Snags $2 Billion From SoftBank. What Now?

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

CX Daily: China’s Steelmakers Look Abroad as Domestic Pressures Mount

TOP STORIES In Depth: China’s Steelmakers Look Abroad as Domestic Pressures Mount It wasn’t the drop in production that alarmed China’s steel...

Caixin Global

TSMC (2330.TT; TSM.US): Retired Sr. VP Joins Intel; U.S. Fab Impact; Arizona Earnings Decline.

TSMC's former SVP joins Intel. US-China tensions escalate, but U.S. actions extended one year for rare earth. TSMC Arizona fab profit plummets.

Patrick Liao

WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

WT Microelectronics (WT Micro) is looking to raise up to US$393m, selling 90m shares (18m GDRs) via a GDR offering. It is also selling a two-year...

Akshat Shah

Intel Snags $2 Billion From SoftBank. What Now?

$2 billion is a far cry from the $40 billion former CEO Craig Barrett thinks Intel needs. Could this be the first of similar deals with US...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

CX Daily: China’s Steelmakers Look Abroad as Domestic Pressures Mount

TOP STORIES In Depth: China’s Steelmakers Look Abroad as Domestic Pressures Mount It wasn’t the drop in production that alarmed China’s steel...

Caixin Global

TSMC (2330.TT; TSM.US): Retired Sr. VP Joins Intel; U.S. Fab Impact; Arizona Earnings Decline.

​TSMC's former SVP joins Intel. US-China tensions escalate, but U.S. actions extended one year for rare earth. TSMC Arizona fab profit plummets.

Patrick Liao

WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

WT Microelectronics (WT Micro) is looking to raise up to US$393m, selling 90m shares (18m GDRs) via a GDR offering. It is also selling a two-year...

Akshat Shah

Intel Snags $2 Billion From SoftBank. What Now?

$2 billion is a far cry from the $40 billion former CEO Craig Barrett thinks Intel needs. Could this be the first of similar deals with US...

William Keating

TSMC's former SVP joins Intel. US-China tensions escalate, but U.S. actions extended one year for rare earth. TSMC Arizona fab profit plummets.