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

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We have looked at past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we talk about valuations.


SBI Shinsei Bank Pre-IPO - Thoughts on Valuations

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Bain aims to raise around US$2bn via selling around 6% of its stake in <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>. The IPO linked lockup on its shareholding had expired in Jun 2025.</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 deal dynamics and run the deal through our ECM framework.</li>
</ul>


Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
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 deal dynamics and run the deal through our ECM framework.


Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison


SBI Shinsei Bank Pre-IPO - Peer Comparison

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Pan Pacific International Holdings / Index Rebalance

<ul>
<li>The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago. </li>
<li>As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.</li>
<li>That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> and <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> are not far behind.</li>
</ul>


The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago. 
As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.
That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, JX Advanced Metals (5016 JP) and Kokusai Electric (6525 JP) are not far behind.


[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

Japan

Kokusai Electric Corporation manufactures and distributes semiconductor manufacturing systems. The Company produces batch processing systems, single wafer processing systems, and other systems. Kokusai Electric also operates advanced thermal process technology development, training, and other businesses.

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Kokusai Electric (6525 JP)

SBI Shinsei Bank Pre-IPO - Thoughts on Valuations

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing. In this note, we talk about...

Sumeet Singh

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

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

SBI Shinsei Bank Pre-IPO - Peer Comparison

SBI Shinsei Bank (8303 JP), aims to raise around US$2bn in its Japan listing. We have looked at past performance in our earlier notes. In this...

Sumeet Singh

[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

The Nikkei 225 Mar-26 rebalance is shaping up to be something different than one might have predicted just a month ago. High volume has trumped the...

Travis Lundy

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