APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Mitsui Fudosan Logistics Park Inc / Equity Capital Markets

Mitsui Fudosan Logistics Park Inc (3471 JP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsui-fudosan-logistics-park-inc" target="_blank" data-smartkarma-citation="entities:24027:1" rel="noopener">Mitsui Fudosan Logistics Park Inc (3471 JP)</a> is looking to raise US$106m in its primary follow-on offering to acquire three properties and two 50% co-ownership interests in two properties. </li>
<li>The deal is a somewhat large one to digest, at 20 days of three month ADV and 5.3% dilution. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Mitsui Fudosan Logistics Park Inc (3471 JP) is looking to raise US$106m in its primary follow-on offering to acquire three properties and two 50% co-ownership interests in two properties. 
The deal is a somewhat large one to digest, at 20 days of three month ADV and 5.3% dilution. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Mitsui Fudosan Logistics Park Placement - Fundamentally Sound but Dilutive

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Japan's largest logistics REIT <a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> ("NPR") announced a US$183mn follow-on equity offering to fund their recent acquisition of a logistics facility.</li>
<li>The primary offer quantity will be 86,851 units out of which 51,090 units and 35,761 units are expected to be allocated for domestic and international investors, respectively. </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Japan's largest logistics REIT Nippon Prologis Reit (3283 JP) ("NPR") announced a US$183mn follow-on equity offering to fund their recent acquisition of a logistics facility.
The primary offer quantity will be 86,851 units out of which 51,090 units and 35,761 units are expected to be allocated for domestic and international investors, respectively. 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Nippon Prologis (3283 JP) Offering: Lower Premium Vs Peers than Last Time

<ul>
<li>On 15th May 2023, large-cap logistics JREIT <a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 209,991 units. In addition, there will also be an over-allotment quantity of 3,200 units. The total size of this offering could be roughly ¥30.6bn (~US$225mn). </li>
<li>In this insight, we take a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


On 15th May 2023, large-cap logistics JREIT GLP J-REIT (3281 JP) ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 209,991 units. In addition, there will also be an over-allotment quantity of 3,200 units. The total size of this offering could be roughly ¥30.6bn (~US$225mn). 
In this insight, we take a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


GLP J-Reit (3281 JP): Cheaper than Peers, Offering Could Be a Catalyst

<ul>
<li>Japan's largest logistics REIT <a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> <strong>("NPR")</strong> announced a US$170mn follow-on equity offering to fund their recent acquisition of three logistics facilities.</li>
<li>The primary offer quantity will be 76,570 units out of which 44,410 units and 32,160 units are expected to be allocated for domestic and international investors, respectively. </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Japan's largest logistics REIT Nippon Prologis Reit (3283 JP) ("NPR") announced a US$170mn follow-on equity offering to fund their recent acquisition of three logistics facilities.
The primary offer quantity will be 76,570 units out of which 44,410 units and 32,160 units are expected to be allocated for domestic and international investors, respectively. 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Nippon Prologis REIT (3283 JP): Offering Could Be a Catalyst for Outperformance Vs Peers

<ul>
<li>Today after the close, large-cap logistics JREIT <a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 215,962 units. In addition, there will also be an over-allotment quantity of 5,809 units. The total size of this offering could be roughly ¥33bn (~US$227mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Today after the close, large-cap logistics JREIT GLP J-REIT (3281 JP) ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 215,962 units. In addition, there will also be an over-allotment quantity of 5,809 units. The total size of this offering could be roughly ¥33bn (~US$227mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


GLP J-Reit (3281 JP): Offering Could Trigger Outperformance Vs Peers

Japan

Mitsui Fudosan Logistics Park Inc. is a real estate investment trust (REIT) that invests in real estate and securitized real estate products. The Company primarily invests in logistics facilities.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mitsui Fudosan Logistics Park Inc (3471 JP)

Mitsui Fudosan Logistics Park Placement - Fundamentally Sound but Dilutive

Mitsui Fudosan Logistics Park Inc (3471 JP) is looking to raise US$106m in its primary follow-on offering to acquire three properties and two 50%...

Ethan Aw

Nippon Prologis (3283 JP) Offering: Lower Premium Vs Peers than Last Time

NPR's premium to peers in terms of PBV and dividend yield is currently below the long term average. This was not the case during their previous...

Janaghan Jeyakumar, CFA

GLP J-Reit (3281 JP): Cheaper than Peers, Offering Could Be a Catalyst

GLP appears to be fundamentally undervalued against peers and this follow-on equity offering could act as a catalyst to trigger outperformance vs...

Janaghan Jeyakumar, CFA

Nippon Prologis REIT (3283 JP): Offering Could Be a Catalyst for Outperformance Vs Peers

NPR's follow-on equity offerings have a very strong track record. I expect NPR to outperform Peers in the weeks following the Pricing Date.

Janaghan Jeyakumar, CFA

GLP J-Reit (3281 JP): Offering Could Trigger Outperformance Vs Peers

Large-cap logistics JREIT GLP launched a US$227mn follow-on equity offering to fund its recently-announced acquisition of six logistics properties....

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)