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

LG Energy Solution / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> (LGES) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of  the IPO price range .</li>
<li>LGES is the EV battery unit of LG Chem and it was spun off in December last year. The company is a major supplier to customers including Tesla and GM.</li>
<li>LGES will be included into MSCI and KOSPI. But MSCI’s fast entry could likely be scheduled with February’s quarterly review which will be effective only on 1st of March.</li>
</ul>



LG Energy Solution (373220 KS) (LGES) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of  the IPO price range .
LGES is the EV battery unit of LG Chem and it was spun off in December last year. The company is a major supplier to customers including Tesla and GM.
LGES will be included into MSCI and KOSPI. But MSCI’s fast entry could likely be scheduled with February’s quarterly review which will be effective only on 1st of March.


LG Energy IPO Trading - Allocations, Index, and Updates

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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>LG Energy Solutions priced its IPO at the top of the range amid massive oversubscription numbers. </li>
<li>If anything it was slightly surprising that pricing was not raised above the range. </li>
<li>Nevertheless, we feel prospects here are mixed even if slightly tilted positive.</li>
</ul>


LG Energy Solutions priced its IPO at the top of the range amid massive oversubscription numbers. 
If anything it was slightly surprising that pricing was not raised above the range. 
Nevertheless, we feel prospects here are mixed even if slightly tilted positive.


LG Energy IPO – What to Watch Leading Into Listing Day

<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>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> saw strong retail demand for its mega US$10bn+ IPO.</li>
<li>Other IPO markets (ex-Korea) are starting to show signs of life. There were no major placements this week.</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.

LG Energy Solution (373220 KS) saw strong retail demand for its mega US$10bn+ IPO.
Other IPO markets (ex-Korea) are starting to show signs of life. There were no major placements this week.


ECM Weekly (23rd Jan 2022) - Hyundai Engineering, KakaoBank, Wanda, AInnovation, Cloudr, LG Energy

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>LG Energy Solution provided the confirmed IPO allocations and lock-up periods for institutional investors today. </li>
<li>The final tally for the locked-up shares is 13.6 million shares, representing 58.3% of total shares allocated for the institutional investors.</li>
<li>The immediate free float on the first day of trading will be 20.7 million shares (8.9% of total outstanding shares). </li>
</ul>


LG Energy Solution provided the confirmed IPO allocations and lock-up periods for institutional investors today. 
The final tally for the locked-up shares is 13.6 million shares, representing 58.3% of total shares allocated for the institutional investors.
The immediate free float on the first day of trading will be 20.7 million shares (8.9% of total outstanding shares). 


LG Energy Solution: Confirmed Allocations, Float, & Lock-Up Periods

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Foreign institutions received 60% of the total institutional allocation. They only accounted for 0.58% of the orders applied. Many of these are large foreign institutions with long-term holding tendencies.</li>
<li>The fact that they rarely make lockup pledges due to internal policies is in line with LG Energy's need for an immediate float rate of 10% while having long-term investors.</li>
<li>As a result, the nominal float rate is 8.85%. quite exquisite results as it is just enough to satisfy KOSPI 200's 10% minimum float rate rule.</li>
</ul>


Foreign institutions received 60% of the total institutional allocation. They only accounted for 0.58% of the orders applied. Many of these are large foreign institutions with long-term holding tendencies.
The fact that they rarely make lockup pledges due to internal policies is in line with LG Energy's need for an immediate float rate of 10% while having long-term investors.
As a result, the nominal float rate is 8.85%. quite exquisite results as it is just enough to satisfy KOSPI 200's 10% minimum float rate rule.


LG Energy Allocation Results: Immediate Float Confirmed at 8.8%

South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

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LG Energy Solution (373220 KS)

LG Energy IPO Trading - Allocations, Index, and Updates

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of the IPO price range. LGES will be included into...

Sumeet Singh

LG Energy IPO – What to Watch Leading Into Listing Day

LG Energy Solutions priced its IPO at the top of the range amid massive oversubscription numbers. Nevertheless, we feel prospects here are mixed...

Mio Kato

ECM Weekly (23rd Jan 2022) - Hyundai Engineering, KakaoBank, Wanda, AInnovation, Cloudr, LG Energy

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

LG Energy Solution: Confirmed Allocations, Float, & Lock-Up Periods

The final tally for the locked-up shares of LG Energy Solution IPO is 13.6 million shares, representing 58.3% of total shares allocated for the...

Douglas Kim

LG Energy Allocation Results: Immediate Float Confirmed at 8.8%

LG Energy's immediate float rate (on the listing day) and allocation results are officially out. This post details the results and explains what...

Sanghyun Park

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