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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.</li>
<li>On the placements front, deals continue to flow through as the market remains receptive. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
On the placements front, deals continue to flow through as the market remains receptive. 


ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> is looking to raise around US$1bn from a primary placement.</li>
<li>The deal is a relatively small one, representing 4.8 days of the stock’s three month ADV, despite being 22.8% of total shares outstanding.</li>
<li>In this note, we look at Metaplanet and its peers.</li>
</ul>



Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
The deal is a relatively small one, representing 4.8 days of the stock’s three month ADV, despite being 22.8% of total shares outstanding.
In this note, we look at Metaplanet and its peers.


Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Metaplanet launches international equity raise of up to 555m shares, potentially almost doubling share count, targeting approximately ¥130b in proceeds subject to pricing and demand.</li>
<li>Proceeds earmarked primarily for Bitcoin purchases, potentially adding 4,800–26,800 BTC to treasury holdings, accelerating NAV growth and reinforcing positioning as a Bitcoin balance sheet company.</li>
<li>Suspension of 20th–22nd series stock acquisition rights through September ensures offering stability and clears path for subsequent preferred share issuance capacity.</li>
</ul>


Metaplanet launches international equity raise of up to 555m shares, potentially almost doubling share count, targeting approximately ¥130b in proceeds subject to pricing and demand.
Proceeds earmarked primarily for Bitcoin purchases, potentially adding 4,800–26,800 BTC to treasury holdings, accelerating NAV growth and reinforcing positioning as a Bitcoin balance sheet company.
Suspension of 20th–22nd series stock acquisition rights through September ensures offering stability and clears path for subsequent preferred share issuance capacity.


Metaplanet Offering: 555m New Shares to Accelerate BTC Treasury Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> is looking to raise around US$1bn from a primary placement.</li>
<li>The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

<ul>
<li>Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.</li>
<li>Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.</li>
<li>September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.</li>
</ul>


Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.
Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.
September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.


Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

Japan

Metaplanet Inc. operates as a Bitcoin treasury company. The Company strategically acquires and manages Bitcoin as a core corporate asset, leveraging capital markets to enhance shareholder value. Metaplanet also manages a hotel in Tokyo and holds the exclusive license for Bitcoin magazine in Japan.

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Metaplanet (3350 JP)

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance

Metaplanet is looking to raise around US$1bn from a primary placement. In this note, we look at Metaplanet and its peers.

Nicholas Tan

Metaplanet Offering: 555m New Shares to Accelerate BTC Treasury Growth

Metaplanet plans to raise up to 555m shares to fund Bitcoin purchases, potentially doubling share count and accelerating NAV growth.

Mark Chadwick

Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Metaplanet is looking to raise around US$1bn from a primary placement to purchase bitcoin. In this note, we will talk about the placement and run...

Nicholas Tan

Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

Metaplanet's equity dropped, slowing bitcoin accumulation, but new funding sources could help reach 30,000 BTC target. U.S. listing may signal...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance

Metaplanet is looking to raise around US$1bn from a primary placement. In this note, we look at Metaplanet and its peers.

Nicholas Tan

Metaplanet Offering: 555m New Shares to Accelerate BTC Treasury Growth

​Metaplanet plans to raise up to 555m shares to fund Bitcoin purchases, potentially doubling share count and accelerating NAV growth.

Mark Chadwick

Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Metaplanet is looking to raise around US$1bn from a primary placement to purchase bitcoin. In this note, we will talk about the placement and run...

Nicholas Tan

Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

​Metaplanet's equity dropped, slowing bitcoin accumulation, but new funding sources could help reach 30,000 BTC target. U.S. listing may signal...

Mark Chadwick

Metaplanet plans to raise up to 555m shares to fund Bitcoin purchases, potentially doubling share count and accelerating NAV growth.

Metaplanet's equity dropped, slowing bitcoin accumulation, but new funding sources could help reach 30,000 BTC target. U.S. listing may signal...