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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zensho-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4586:1" rel="noopener">Zensho Holdings (7550 JP)</a> aims to raise around US$300m via a public offering.</li>
<li>As per the company it will use the proceeds from the deal for potential M&amp;A transactions.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering.
As per the company it will use the proceeds from the deal for potential M&amp;A transactions.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Zensho Placement - Good Price to Raise At, at Least for the Company

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>Since my last insight, <a href="https://www.smartkarma.com/entities/cellsource-co-ltd" target="_blank" data-smartkarma-citation="entities:40144:1" rel="noopener">CellSource (4880 JP)</a> and <a href="https://www.smartkarma.com/entities/kasumigaseki-capital-co-ltd" target="_blank" data-smartkarma-citation="entities:40162:1" rel="noopener">Kasumigaseki Capital (3498 JP)</a> have confirmed they will move to TSE Prime which means they will be included in TOPIX at end-November.</li>
<li>
<a href="https://www.smartkarma.com/entities/fp-partner-inc" target="_blank" data-smartkarma-citation="entities:40040:1" rel="noopener">FP Partner (7388 JP)</a> and <a href="https://www.smartkarma.com/entities/i-ne-co-ltd" target="_blank" data-smartkarma-citation="entities:40117:1" rel="noopener">I-NE (4933 JP)</a> will get included in TOPIX at the end of October.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
Since my last insight, CellSource (4880 JP) and Kasumigaseki Capital (3498 JP) have confirmed they will move to TSE Prime which means they will be included in TOPIX at end-November.

FP Partner (7388 JP) and I-NE (4933 JP) will get included in TOPIX at the end of October.


TOPIX Inclusions: Who Is Ready (Oct 2023)

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>Since my last insight, three new TOPIX Inclusion events have been confirmed: <a href="https://www.smartkarma.com/entities/m-a-research-institute-inc" target="_blank" data-smartkarma-citation="entities:36749:1" rel="noopener">M&amp;A Research Institute (9552 JP)</a>, <a href="https://www.smartkarma.com/entities/fp-partner-inc" target="_blank" data-smartkarma-citation="entities:40040:1" rel="noopener">FP Partner (7388 JP)</a>, and <a href="https://www.smartkarma.com/entities/i-ne-co-ltd" target="_blank" data-smartkarma-citation="entities:40117:1" rel="noopener">I-NE (4933 JP)</a> </li>
<li>Separately, <a href="https://www.smartkarma.com/entities/core-concept-technologies-inc" target="_blank" data-smartkarma-citation="entities:34323:1" rel="noopener">Core Concept Technologies Inc (4371 JP)</a> has announced it intends to work towards a Prime Market move in the future.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
Since my last insight, three new TOPIX Inclusion events have been confirmed: M&amp;A Research Institute (9552 JP), FP Partner (7388 JP), and I-NE (4933 JP) 
Separately, Core Concept Technologies Inc (4371 JP) has announced it intends to work towards a Prime Market move in the future.


TOPIX Inclusions: Who Is Ready (Sep 2023)

<ul>
<li>Quiddity's <strong>"Who is Ready"</strong> series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/plus-alpha-consulting-co-ltd" target="_blank" data-smartkarma-citation="entities:33441:1" rel="noopener">Plus Alpha Consulting (4071 JP)</a> will be included in TOPIX at the end of August 2023 and so far the stock has performed negatively as expected (see <a href="https://www.smartkarma.com/insights/plus-alpha-consulting-4071-jp-30bn-offer-leads-to-5bn-topix-inclusion" target="_blank" rel="noopener">link</a>).</li>
<li>Our long-term TOPIX pre-event name <a href="https://www.smartkarma.com/entities/celsys-inc" target="_blank" data-smartkarma-citation="entities:20774:1" rel="noopener">CELSYS (3663 JP)</a> has seen its share price decline sharply in the last few weeks which raises some important questions.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Plus Alpha Consulting (4071 JP) will be included in TOPIX at the end of August 2023 and so far the stock has performed negatively as expected (see link).
Our long-term TOPIX pre-event name CELSYS (3663 JP) has seen its share price decline sharply in the last few weeks which raises some important questions.


TOPIX Inclusions: Who Is Ready (Aug 2023)

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a> and <a href="https://www.smartkarma.com/entities/lifedrink-co-inc" target="_blank" data-smartkarma-citation="entities:39842:1" rel="noopener">Lifedrink (2585 JP)</a> have already confirmed their moves to the Prime Market and are expected to have TOPIX Inclusion Events at the end of July 2023.</li>
<li>More recently, <a href="https://www.smartkarma.com/entities/plus-alpha-consulting-co-ltd" target="_blank" data-smartkarma-citation="entities:33441:1" rel="noopener">Plus Alpha Consulting (4071 JP)</a> announced their move to the Prime Market and are likely to have a TOPIX Inclusion Event at the end of August 2023.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Anycolor (5032 JP) and Lifedrink (2585 JP) have already confirmed their moves to the Prime Market and are expected to have TOPIX Inclusion Events at the end of July 2023.
More recently, Plus Alpha Consulting (4071 JP) announced their move to the Prime Market and are likely to have a TOPIX Inclusion Event at the end of August 2023.


TOPIX Inclusions: Who Is Ready (Jul 2023)

Japan

McDonald's Holdings Company (Japan), Ltd. operates a hamburger fast food restaurant chain throughout Japan.  The Company operates its own stores and franchise stores.

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Mcdonald's Japan (2702 JP)

Zensho Placement - Good Price to Raise At, at Least for the Company

Zensho Holdings (7550 JP) aims to raise around US$300m via a public offering. In this note, we talk about the deal dynamics and run the deal...

Sumeet Singh

TOPIX Inclusions: Who Is Ready (Oct 2023)

There are currently 67 names that satisfy all 6 key Segment Transfer requirements based on current data. Celsys (3663 JP) continues to be the top...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Sep 2023)

The Offer Price for I-NE (4933 JP)'s secondary sale of shares was decided today. Our estimates show the Offer Quantity could exceed the demand from...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Aug 2023)

I am Bullish on CELSYS at the current price level (JPY 672). The share price has to increase to slightly for the company to meet the Section...

Janaghan Jeyakumar, CFA

TOPIX Inclusions: Who Is Ready (Jul 2023)

There could be 11 days of volume to buy in Plus Alpha Consulting at the end of August but the secondary offering could create a large overhang...

Janaghan Jeyakumar, CFA

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