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 puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Momentum appears to be picking up on the IPO front with a few successful listing helping sentiment</li>
<li>On the placement front, GDR flow appears to have resumed.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Momentum appears to be picking up on the IPO front with a few successful listing helping sentiment
On the placement front, GDR flow appears to have resumed.


ECM Weekly (16th Apr 2023) - Rakuten Bank, Harita Nickel, Merdeka Battery, ZJLD, Adicon, Supcon

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/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 11 January, it was announced that Kakao Entertainment (103260 KS) has attracted large scale investments from Saudi Arabia's Sovereign Fund (Public Investment Fund - PIF) and GIC (Singapore).</li>
<li>Maekyung Business Daily reported that PIF and GIC combined invested about 1.1 trillion won to 1.2 trillion won in Kakao Entertainment, valuing the company at about 10 trillion won.</li>
<li>This major investment in Kakao Entertainment by PIF and GIC should have a positive impact on Kakao Corp (035720 KS), the controlling shareholder of the company.</li>
</ul>


On 11 January, it was announced that Kakao Entertainment (103260 KS) has attracted large scale investments from Saudi Arabia's Sovereign Fund (Public Investment Fund - PIF) and GIC (Singapore).
Maekyung Business Daily reported that PIF and GIC combined invested about 1.1 trillion won to 1.2 trillion won in Kakao Entertainment, valuing the company at about 10 trillion won.
This major investment in Kakao Entertainment by PIF and GIC should have a positive impact on Kakao Corp (035720 KS), the controlling shareholder of the company.


PIF and GIC Combined Invest About 1.2 Trillion Won in Kakao Entertainment

Private Capital Markets

SmileGate Holdings / Private Capital Markets

<ul>
<li>Established in 2002, Smilegate Holdings is well known for its globally popular games including Crossfire (a first person shooter game), Lost Ark (MMORPG), and Epic Seven.</li>
<li>In August 2020, Smilegate RPG entered into a partnership with Amazon Games, reaching an exclusive publishing agreement for North America and Europe.</li>
<li>At a P/S valuation of 6-7x using company's 2021 sales of 1.4 trillion won would suggest implied valuations of 8 trillion won to 10 trillion won for Smilegate Holdings.</li>
</ul>


Established in 2002, Smilegate Holdings is well known for its globally popular games including Crossfire (a first person shooter game), Lost Ark (MMORPG), and Epic Seven.
In August 2020, Smilegate RPG entered into a partnership with Amazon Games, reaching an exclusive publishing agreement for North America and Europe.
At a P/S valuation of 6-7x using company's 2021 sales of 1.4 trillion won would suggest implied valuations of 8 trillion won to 10 trillion won for Smilegate Holdings.


Smilegate Holdings: A Giant Korean Game Company in Partnership with Amazon Games

Equity Bottom-Up

<ul>
<li>On 15 December, it was announced that Korea's FTC decided to refer K Cube Holdings (KCH) to the prosecution over alleged illegal execution of voting rights to Kakao companies.</li>
<li>This could signal that the financial regulators may become more forceful in enforcing numerous other regulatory pressures on Kakao Corp and its affiliated companies to reduce their monopolistic business practices</li>
<li>Our NAV valuation of Kakao Corp suggests NAV per share of 45,942 won, which is 17% lower than current price.</li>
</ul>


On 15 December, it was announced that Korea's FTC decided to refer K Cube Holdings (KCH) to the prosecution over alleged illegal execution of voting rights to Kakao companies.
This could signal that the financial regulators may become more forceful in enforcing numerous other regulatory pressures on Kakao Corp and its affiliated companies to reduce their monopolistic business practices
Our NAV valuation of Kakao Corp suggests NAV per share of 45,942 won, which is 17% lower than current price.


Kakao Corp: FTC Going After Chairman Kim Beom-Su's K Cube Holdings

South Korea

Kakao Games Corp. operates as a multiply platform gaming company. The Company provides mobile games, computer games, virtual reality games, and other related products. Kakao Games markets its products worldwide.

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Kakao Games (293490 KS)

ECM Weekly (16th Apr 2023) - Rakuten Bank, Harita Nickel, Merdeka Battery, ZJLD, Adicon, Supcon

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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

PIF and GIC Combined Invest About 1.2 Trillion Won in Kakao Entertainment

Maekyung Business Daily reported on 11 January that PIF (Saudi Arabia) and GIC combined invested about 1.2 trillion won in Kakao Entertainment,...

Douglas Kim

Smilegate Holdings: A Giant Korean Game Company in Partnership with Amazon Games

Established in 2002, Smilegate Holdings is well known for its globally popular games including Crossfire (a first person shooter game), Lost Ark...

Douglas Kim

Kakao Corp: FTC Going After Chairman Kim Beom-Su's K Cube Holdings

On 15 December, it was announced that Korea's FTC decided to refer K Cube Holdings (KCH) to the prosecution over alleged illegal execution of...

Douglas Kim

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