APAC IPOs & Placements

Zhen Zhou, Toh

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

Maoyan Entertainment / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
Happy Lunar New Year to everyone from Aequitas Research!
It has been a fairly quiet week leading up to Chinese New Year but it is not stopping Maoyan Entertainment (1896 HK) from listing on Monday. The IPO was priced at the bottom end of its offering range. The last we checked, it traded up 3% in the grey market on Friday. Ke Yan, CFA, FRM will follow up with a short note of his thoughts on post-IPO trading dynamics and bookbuild subscription levels.
Other updates on IPO in Hong Kong include Sinochem Energy allowing its IPO application to lapse while Koolearn (1373356D HK) and Shangde Qizhi Education re-filed for IPO. Edvantage, another new education IPO (and likely to be borderline US$100m deal size) filed for Hong Kong listing this week as well.
China Tower (788 HK)'s lock-up will be expiring on the 8th of February and Ke Yan, CFA, FRM mentioned in his insight that any potential placement will be a good opportunity to accumulate the stock. Placements from cornerstone investors will likely be a liquidity event.
In India, Chalet Hotels Limited (CHALET IN) closed its bookbuild with a tepid overall demand of 1.57x. The silver lining for the IPO is that the institutional tranche saw a healthy 4.6x demand, similar to that of Lemon Tree Hotels (LEMONTRE IN) in terms of weak overall but strong institutional demand, which ended up performing well in its IPO.
Other upcoming India IPOs include Mazagon Dock Shipbuilders Ltd (9155507Z IN) and  Embassy REIT which were said to be seeking listing towards the end of February. Sterling and Wilson is also looking to file its INR50bn IPO with the Sebi soon. In Japan, Wingarc1st announced its IPO bookbuild to start on the 25th of February and will be listing in March. It is estimated to be raising about US$380m. 
Accuracy Rate:Our overall accuracy rate is 72% for IPOs and 63.8% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings  
Edvantage Group (Hong Kong, ~US$100m)
Koolearn (Hong Kong, re-filed)

Shangde Qizhi Education Group (Hong Kong, re-filed)

Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: Aequitas Research, SmartkarmaNews on Upcoming IPOs  
China's Sinochem Energy lets Hong Kong IPO application lapse
India's Cleartrip eyes IPO as it plans Gulf expansion
Blackstone set to IPO inaugural $1 billion Reit before March
Bursa Malaysia’s outgoing CEO says IPO pipeline for 2019 looks strong
China to Scrap Price, Debut Gain Limits to Entice Tech IPOs
Smartkarma Community's this week Analysis on Upcoming IPO  
Ebang IPO Preview: Balance Sheet Indicators Point to a Significant Slowdown
Chalet Hotels IPO Review - Backed up into a Corner
CStone Pharma IPO Preview: Mixed Prospects of Late-Stage Clinical Drug Candidates
IPO Radar: KTB Securities, the Only Korean Broker in Thailand
Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio
Dreamtech: Trying for an IPO Again at a Lower Price
Bharat Hotels Pre-IPO - Catching up with Peers
China Tower Corp: Trading Idea Before Lock-Up Expiry
Dexin China (德信中国) Pre-IPO - Related Party Transactions and Partial Asset Listing
List of pre-IPO Coverage on Smartkarma

Name
Insight

Hong Kong

Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


Bitmain
Bitmain IPO Preview: The Last Hurrah Before Reality Bites


Bitmain
Bitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking


Bitmain
Bitmain: A Counter Thesis


Bitmain
Bitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)


Bitmain
Bitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)


Bitmain
Bitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)


Bitmain
Bitmain (比特大陆) IPO: Intense Competition in the 7nm Mining ASIC Market (Part 4)


CStone
CStone Pharma (基石药业) IPO: Strong Assembly and Backing (Part 1)


China East Edu
China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School


China Tobac
China Tobacco International (IPO): The Monopolist Will Not Recover


China Tobac
China Tobacco International IPO: Heavy Regulation, Declining Margins – A Bit Late to IPO Party


Ebang
Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.


Ebang
Ebang IPO Preview (Part 2): Tough Competition from Bitmain and Canaan


Ebang
Ebang IPO Preview: Balance Sheet Indicators Point to a Significant Slowdown


Dexin
Dexin China (德信中国) Pre-IPO - Related Party Transactions and Partial Asset Listing 


Frontage
Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect


Hujiang Edu
Hujiang Education (沪江教育) Pre-IPO - Spending More than It Earns


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 


Stealth Bio
Stealth Biotherapeutics IPO: Cure the Symptoms but Not the Cause (Part 1)


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


Viva Bio
Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor


WeLab
WeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List

South Korea

Asiana
Asiana IDT IPO Preview (Part 1)


Asiana
Asiana IDT IPO Preview (Part 2) - Valuation Analysis


Chunbo
Chunbo Co. IPO Preview


Chunbo
Chunbo Co. IPO Preview: Valuation Analysis


Dreamtech
Dreamtech IPO Preview (Part 1)


Dreamtech
Dreamtech: Trying for an IPO Again at a Lower Price


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Plakor
Plakor IPO Preview (Part 1)


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotels
Bharat Hotels Pre-IPO - Catching up with Peers 


CMS Info
CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon Dock
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult


Polycab
Polycab India Limited Pre-IPO - Market Leader with Steady Growth but with a Few Unanswered Question

The U.S.

Futu
Futu Holdings IPO Preview: Running Out of Steam


Futu
Futu Holdings Pre-IPO - Great Metrics but in a Commoditised Industry

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food



ECM Weekly (2 February 2019) - Maoyan, China Tower, Dexin, Chalet Hotels, Bharat Hotels, Wingarc1st

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Mazagon Dock Shipbuilders  / Equity Capital Markets

Mazagon Dock, a leading India state-owned defence shipyard, is said to raise USD 230 million to list. We have covered its peer, Cochin Shipyard's listing previously (link to insight <a href="https://www.smartkarma.com/insights/cochin-shipyard-ipo-defence-contracts-make-it-defensive" target="_blank">here</a>). In this insight, we will explore the following topics:- What does the company do? What is the difference between Mazagon and its shipbuilding peers?- What are the issues and challenges with India shipbuilding industry?- How does the company benefit from India's defence spending and what is the upside to the company?- Where are the peer India defence stocks trading and what do we think is the fair value of the company?

Mazagon Dock, a leading India state-owned defence shipyard, is said to raise USD 230 million to list. We have covered its peer, Cochin Shipyard's listing previously (link to insight here). In this insight, we will explore the following topics:- What does the company do? What is the difference between Mazagon and its shipbuilding peers?- What are the issues and challenges with India shipbuilding industry?- How does the company benefit from India's defence spending and what is the upside to the company?- Where are the peer India defence stocks trading and what do we think is the fair value of the company?

Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending

India

Mazagon Dock Shipbuilders Limited operates as a ship building company. The Company provides builds and repairs ships, barges, and off-shore drilling rigs, as well as offers submarines. Mazagon Dock Shipbuilders serves customers in India.

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Mazagon Dock Shipbuilders (MAZDOCKS IN)

ECM Weekly (2 February 2019) - Maoyan, China Tower, Dexin, Chalet Hotels, Bharat Hotels, Wingarc1st

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending

Mazagon Dock, a leading India state-owned defence shipyard, is said to raise USD 230 million to list. We have covered its peer, Cochin Shipyard's...

Ke Yan, CFA, FRM

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