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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Bain aims to raise around US$2bn via selling around 6% of its stake in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a>. The IPO linked lockup on its shareholding had expired in Jun 2025.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about deal dynamics and run the deal through our ECM framework.</li>
</ul>


Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.


Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Writing about Companies with an Unfair Advantage, Unfair Advantage

Unfair Advantage

Writing about Companies with an Unfair Advantage

I write about companies that have an unfair advantage. I might invest in them as well.

Thematic (Sector/Industry)

<ul><li>Much has been written these days on the bloating AI capex spends across the tech majors.</li><li>A JP Morgan report said we need to create a stratospheric revenue number of $650B to justify a 10% IRR, given current AI capex levels.</li><li>Yet everyone agrees AI is a fundamental shift that is redefining business models across industries.</li></ul>

Much has been written these days on the bloating AI capex spends across the tech majors.A JP Morgan report said we need to create a stratospheric revenue number of $650B to justify a 10% IRR, given current AI capex levels.Yet everyone agrees AI is a fundamental shift that is redefining business models across industries.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO's assertion that a potential federal bailout was on her agenda.</li>
<li>One of Mr. Altman's revenue generating ideas is to lease AI compute directly to others. Of course, that's compute capacity he can't afford to purchase in the first place. </li>
<li>Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..</li>
</ul>


Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO's assertion that a potential federal bailout was on her agenda.
One of Mr. Altman's revenue generating ideas is to lease AI compute directly to others. Of course, that's compute capacity he can't afford to purchase in the first place. 
Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..


OpenAI. Is The Narrative Slowly Disintegrating ?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the Busan meeting.</li>
<li>China is formulating its US-style Validated End User (VEU) system for Rare Earth Element (REE) exports, which will restrict shipments for US military use.</li>
<li>The real conflict between the US and China over technology and rare earths is likely to involve many volatile periods in the coming year as both attempt to achieve self-sufficiency.</li>
</ul>


The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the Busan meeting.
China is formulating its US-style Validated End User (VEU) system for Rare Earth Element (REE) exports, which will restrict shipments for US military use.
The real conflict between the US and China over technology and rare earths is likely to involve many volatile periods in the coming year as both attempt to achieve self-sufficiency.


The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).</li>
<li>It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.</li>
<li>Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). </li>
</ul>


The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).
It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.
Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). 


Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

Investor's guide to AI Capex

Much has been written these days on the bloating AI capex spends across the tech majors. A JP Morgan report said we need to create a stratospheric...

Unfair Advantage

OpenAI. Is The Narrative Slowly Disintegrating ?

Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..

William Keating

The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the...

David Mudd

Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4...

Douglas Kim

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