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>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 very strong demand for its mega US$10bn+ IPO.</li>
<li>While other IPO markets were in torpor, a number of placements continued to flow in.</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 very strong demand for its mega US$10bn+ IPO.
While other IPO markets were in torpor, a number of placements continued to flow in.


ECM Weekly (16th Jan 2022) - LG Energy, Hyundai Engineering, Nippon Paint, Sunac, JL Mag, JREITs

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>
 This IPO led to unusually high interest from local active funds. This is evidenced by the order volume</li>
<li>
 Nevertheless, many local institutions must have felt burdened with LG Energy's valuation, so they wanted to avoid setting the offering price above the upper end.</li>
<li>
As for the relatively poor lockup result, the issuer's refusal to incentivize lockup to set the float rate to around 10% may also have played a part.</li>
</ul>



 This IPO led to unusually high interest from local active funds. This is evidenced by the order volume

 Nevertheless, many local institutions must have felt burdened with LG Energy's valuation, so they wanted to avoid setting the offering price above the upper end.

As for the relatively poor lockup result, the issuer's refusal to incentivize lockup to set the float rate to around 10% may also have played a part.


Index Rebalance

<ul>
<li>These indices use the GICS for classification. Bio and Internet are very straightforward. But qualitative judgment may be involved in Battery and Game.
</li>
<li>The passive impact of SoulBrain is estimated to be the largest, and LG Chem wouldn't be negligible either.</li>
<li>If AfreecaTV and Douzon Bizon are swapped, they will experience an impact of +2.0x ADTV and -5.0x ADTV. So they will shine the most if the swap takes place.</li>
</ul>


These indices use the GICS for classification. Bio and Internet are very straightforward. But qualitative judgment may be involved in Battery and Game.

The passive impact of SoulBrain is estimated to be the largest, and LG Chem wouldn't be negligible either.
If AfreecaTV and Douzon Bizon are swapped, they will experience an impact of +2.0x ADTV and -5.0x ADTV. So they will shine the most if the swap takes place.


KRX K-New Deal Index Rebalancing: Detailed Methodology & Changes Preview

JL Mag Rare-Earth   / Equity Capital Markets

<ul>
<li>JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. </li>
<li>JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.</li>
<li>In this note, we look at the allocation results and trading dynamics.</li>
</ul>


JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. 
JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.
In this note, we look at the allocation results and trading dynamics.


JL Mag Rare Earth A/H Trading - Set for a Tepid Debut

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Numerous local media have mentioned that the institutional book building of LG Energy Solution IPO has been a big success. </li>
<li>It is estimated that the demand ratio of this IPO was more than 1,500 to 1. The IPO price has been mostly confirmed at 300,000 won per share. </li>
<li>Our base case valuation of LG Energy Solution is implied market cap of 99.2 trillion won and implied price per share of 424,093 won.</li>
</ul>


Numerous local media have mentioned that the institutional book building of LG Energy Solution IPO has been a big success. 
It is estimated that the demand ratio of this IPO was more than 1,500 to 1. The IPO price has been mostly confirmed at 300,000 won per share. 
Our base case valuation of LG Energy Solution is implied market cap of 99.2 trillion won and implied price per share of 424,093 won.


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)

ECM Weekly (16th Jan 2022) - LG Energy, Hyundai Engineering, Nippon Paint, Sunac, JL Mag, JREITs

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 Bookbuilding: Detailed Results

This post details the bookbuilding results of LG Energy IPO and discusses noteworthy aspects shown by local institutions.

Sanghyun Park

KRX K-New Deal Index Rebalancing: Detailed Methodology & Changes Preview

This post details the full methodology of the KRX K-New Deal Index Rebalancing and previews likely changes in the upcoming rebalancing.

Sanghyun Park

JL Mag Rare Earth A/H Trading - Set for a Tepid Debut

JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. In this note, we talk about the trading dynamics.

Sumeet Singh

LG Energy Solution Bookbuilding Results

The book building of LG Energy Solution IPO has been a big success. The demand ratio of this IPO was more than 1,500 to 1. The IPO price has been...

Douglas Kim

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