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>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> is forecasted to fail the market cap and float cap threshold of Global-F SmallCap even with the full exercise of the greenshoe.</li>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> is expected to come close but miss the float cap threshold of Global-M SmallCap.</li>
<li>The full exercise of the greenshoe increases the probability of inclusion in Global-M SmallCap at the November 2025 review.</li>
</ul>



Kitazato (368A JP) is forecasted to fail the market cap and float cap threshold of Global-F SmallCap even with the full exercise of the greenshoe.

Kitazato (368A JP) is expected to come close but miss the float cap threshold of Global-M SmallCap.
The full exercise of the greenshoe increases the probability of inclusion in Global-M SmallCap at the November 2025 review.


Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.</li>
<li>Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.</li>
<li>With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.</li>
</ul>



Kitazato (368A JP) will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.
Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.
With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.


Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.</li>
<li>In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.


Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Kitazato Pre-IPO - Past Sales Have Been Steady but Slowing

Japan

Kitazato Corporation manufactures and distributes medical equipment. The Company produces infertility treatment equipment. Kitazato also sells reagent products.

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Kitazato (368A JP)

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains

Kitazato (368A JP) currently falls short of the float cap thresholds for Global indices, but with full greenshoe exercise, it stands a chance of...

Dimitris Ioannidis

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

Kitazato's domestic operation is challenged by structural changes in Japan with falling birth rates and an ageing population. Kitazato's overseas...

Shifara Samsudeen, FCMA, CGMA

Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.

Sumeet Singh

Kitazato Pre-IPO - Past Sales Have Been Steady but Slowing

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains

Kitazato (368A JP) currently falls short of the float cap thresholds for Global indices, but with full greenshoe exercise, it stands a chance of...

Dimitris Ioannidis

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

​Kitazato's domestic operation is challenged by structural changes in Japan with falling birth rates and an ageing population. Kitazato's overseas...

Shifara Samsudeen, FCMA, CGMA

Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.

Sumeet Singh

Kitazato Pre-IPO - Past Sales Have Been Steady but Slowing

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.

Sumeet Singh

Kitazato's domestic operation is challenged by structural changes in Japan with falling birth rates and an ageing population. Kitazato's overseas...