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

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

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.</li>
<li>Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.</li>
<li>Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.</li>
</ul>


Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.
Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.
Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.


KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation

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>Bain Capital is looking to place 36m shares of <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> to overseas investors at a 7-9% discount to the last close of the stock.</li>
<li>The stock has run up a lot since its IPO with the last leg driven by inclusion in a global index that took place at the close on Friday.</li>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> had already been selling stock, and the Bain selling could take the stock lower, especially with limited passive buying in the short-term to support the big runup.</li>
</ul>


Bain Capital is looking to place 36m shares of Kioxia Holdings (285A JP) to overseas investors at a 7-9% discount to the last close of the stock.
The stock has run up a lot since its IPO with the last leg driven by inclusion in a global index that took place at the close on Friday.

Toshiba (6502 JP) had already been selling stock, and the Bain selling could take the stock lower, especially with limited passive buying in the short-term to support the big runup.


Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of <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> in an overnight block. It trades tomorrow.</li>
<li>This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.</li>
<li>That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.</li>
</ul>


After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of Kioxia Holdings (285A JP) in an overnight block. It trades tomorrow.
This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.
That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.


[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Bloomberg reports that Bain Capital is selling 36.0 million <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> shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).</li>
<li>The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.</li>
<li>Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges. </li>
</ul>


Bloomberg reports that Bain Capital is selling 36.0 million Kioxia Holdings (285A JP) shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).
The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.
Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges. 


Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

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

KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation

Q2 earnings show growth in enterprise SSD demand and smartphone NAND volumes, with Q3 guidance pointing to record revenue and margin expansion...

Rahul Jain

Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside

Toshiba unloaded a lot of Kioxia shares in Sep/Oct. Now Bain is selling US$2bn+ of stock and there could be more next year. The recent results...

Brian Freitas

[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?

After Toshiba/Hoya sold down 11.6% from Q2 thru mid-October, Bain is now selling 6.7% of shares out in an overnight block. This helps the case for...

Travis Lundy

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

The offering is unsurprising given the shares are up around 7x since the IPO and easily digestible as it represents 2.7 days of the average ADV...

Arun George

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation

​Q2 earnings show growth in enterprise SSD demand and smartphone NAND volumes, with Q3 guidance pointing to record revenue and margin expansion...

Rahul Jain

Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside

Toshiba unloaded a lot of Kioxia shares in Sep/Oct. Now Bain is selling US$2bn+ of stock and there could be more next year. The recent results...

Brian Freitas

[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?

After Toshiba/Hoya sold down 11.6% from Q2 thru mid-October, Bain is now selling 6.7% of shares out in an overnight block. This helps the case for...

Travis Lundy

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

The offering is unsurprising given the shares are up around 7x since the IPO and easily digestible as it represents 2.7 days of the average ADV...

Arun George

Q2 earnings show growth in enterprise SSD demand and smartphone NAND volumes, with Q3 guidance pointing to record revenue and margin expansion...