APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

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<li>
<a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

AP Memory Technology / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/ap-memory-technology-corporation" target="_blank" data-smartkarma-citation="entities:35694:1" rel="noopener">AP Memory Technology (6531 TT, APMT)</a> is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 24th July 2026, APMT announced that it had received its board’s approval to sell around 15m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



AP Memory Technology (6531 TT, APMT) is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.
On 24th July 2026, APMT announced that it had received its board’s approval to sell around 15m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: AP Memory Technology GDR Early Look - US$450m Offering, Slightly Smaller Than Recent Deals

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<li>
<a href="https://www.smartkarma.com/entities/chroma-ate-inc" target="_blank" data-smartkarma-citation="entities:7731:1" rel="noopener">Chroma Ate Inc (2360 TT, CA)</a> is looking to raise up to US$850m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 25th Aug 2026, CA announced that it had received its board’s approval to sell around 13.6m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Chroma Ate Inc (2360 TT, CA) is looking to raise up to US$850m in its upcoming global depository receipts (GDRs) offering.
On 25th Aug 2026, CA announced that it had received its board’s approval to sell around 13.6m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Chroma ATE GDR Early Look - US$850m GDR Offering, Shares up 2.5x YTD

WT Microelectronics / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> is looking to raise up to US$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another US$500m via convertible bonds.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



WT Microelectronics (3036 TT) is looking to raise up to US$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: WT Micro Offering - Well Flagged US$942 GDR+CB Combo; Shares Have Traced Back Recently

Gigabyte Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigabyte-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17486:1" rel="noopener">Gigabyte Technology (2376 TT)</a> is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 14th Aug 2026, Gigabyte announced of receipt of board’s approval to sell around 40-50m common shares via a GDR offering, with proceeds to be used to purchase overseas materials.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Gigabyte Technology (2376 TT) is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.
On 14th Aug 2026, Gigabyte announced of receipt of board’s approval to sell around 40-50m common shares via a GDR offering, with proceeds to be used to purchase overseas materials.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Gigabyte GDR Early Look - US$500m+ GDR Offering, Well Flagged After a Year

Taiwan

Luxnet Corporation designs, develops and manufactures optical semiconductor devices with in-house epi-layer design. These products used in high speed voice video, data communication, storage and cable TV.

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Luxnet Corp (4979 TT)

Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. In this note, we run the deal through our ECM framework...

Akshat Shah

Aequitas: AP Memory Technology GDR Early Look - US$450m Offering, Slightly Smaller Than Recent Deals

AP Memory Technology Corporation (6531 TT, APMT) is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: Chroma ATE GDR Early Look - US$850m GDR Offering, Shares up 2.5x YTD

Chroma ATE (2360 TT) is looking to raise up to US$850m in its upcoming GDR offering, with proceeds to be used to purchase overseas materials and...

Akshat Shah

Aequitas: WT Micro Offering - Well Flagged US$942 GDR+CB Combo; Shares Have Traced Back Recently

WT Microelectronics (3036 TT) is looking to raise up to US$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another...

Akshat Shah

Aequitas: Gigabyte GDR Early Look - US$500m+ GDR Offering, Well Flagged After a Year

Gigabyte Technology (2376 TT, Gigabyte) is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

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