IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>Since the US$535 million secondary placement announcement, <a href="https://www.smartkarma.com/entities/modec-inc" target="_blank" data-smartkarma-citation="entities:2840:1" rel="noopener">Modec Inc (6269 JP)</a>’s shares are down 15% from the undisturbed price of JPY3,320 per share (14 May).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Modec’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 22 May. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$535 million secondary placement announcement, Modec Inc (6269 JP)’s shares are down 15% from the undisturbed price of JPY3,320 per share (14 May).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Modec’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 22 May. Investors who have participated in previous large Japanese placements tend to secure positive returns.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsui-e-s-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2402:1" rel="noopener">Mitsui E&amp;S Holdings (7003 JP)</a> is looking to raise approximately US$451m through a secondary follow-on offering, via selling approximately 21.9m shares (32% of TSO) of <a href="https://www.smartkarma.com/entities/modec-inc" target="_blank" data-smartkarma-citation="entities:2840:1" rel="noopener">Modec Inc (6269 JP)</a>’s stock. </li>
<li>The deal is a large one to digest at 81 days of three month ADV. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Mitsui E&amp;S Holdings (7003 JP) is looking to raise approximately US$451m through a secondary follow-on offering, via selling approximately 21.9m shares (32% of TSO) of Modec Inc (6269 JP)’s stock. 
The deal is a large one to digest at 81 days of three month ADV. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Modec Placement - Deal Seems a Little Opportunistic but Not Particularly Expensive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

HD Hyundai Heavy Industries  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Indian IPOs continued to do well, we also looked at two upcoming deals in Hong Kong.</li>
<li>On the placement front, last week ended up being one of the busiest ones so far this year with five deals live just on Thursday night alone. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Indian IPOs continued to do well, we also looked at two upcoming deals in Hong Kong.
On the placement front, last week ended up being one of the busiest ones so far this year with five deals live just on Thursday night alone. 


ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/modec-inc" target="_blank" data-smartkarma-citation="entities:2840:1" rel="noopener">Modec Inc (6269 JP)</a>'s  US$535 million secondary offering.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/i-rom-group-co-ltd" target="_blank" data-smartkarma-citation="entities:2686:1" rel="noopener">I'Rom Group (2372 JP)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Modec Inc (6269 JP)'s  US$535 million secondary offering.
Event-Driven developments: ESR Group (1821 HK), L'Occitane (973 HK), CPMC Holdings (906 HK), Malaysia Airports Holdings (MAHB MK), I'Rom Group (2372 JP), Great Eastern Holdings (GE SP). 



Weekly Deals Digest (19 May) - ESR Group, L'Occitane, CPMC, Malaysia Airports, I'Rom, Modec

<ul>
<li>
<a href="https://www.smartkarma.com/entities/modec-inc" target="_blank" data-smartkarma-citation="entities:2840:1" rel="noopener">Modec Inc (6269 JP)</a> has announced a secondary offering of up to 25.2 million shares (including overallotment). The largest shareholder, <a href="https://www.smartkarma.com/entities/mitsui-e-s-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2402:1" rel="noopener">Mitsui E&amp;S Holdings (7003 JP)</a>, is the seller.</li>
<li>MODEC's goal with the secondary offering is to reconfigure its shareholder mix to have a diverse base of shareholders who support its long-term strategies and a better tradable share ratio.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 22 and 28 May (likely 22 May).</li>
</ul>



Modec Inc (6269 JP) has announced a secondary offering of up to 25.2 million shares (including overallotment). The largest shareholder, Mitsui E&amp;S Holdings (7003 JP), is the seller.
MODEC's goal with the secondary offering is to reconfigure its shareholder mix to have a diverse base of shareholders who support its long-term strategies and a better tradable share ratio.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 22 and 28 May (likely 22 May).


MODEC (6296 JP): A US$535 Million Secondary Offering

Japan

MODEC, INC. manufactures petroleum and natural gas production machinery.  The Company specializes in extraction machinery for marine use, including semi-submersible and fixed platform types, and also machinery as on-board equipment on ships.

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Modec Inc (6269 JP)

MODEC (6296 JP): The Current Playbook

The offering will likely be priced on 22 May. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Modec Placement - Deal Seems a Little Opportunistic but Not Particularly Expensive

Books will be closing today (21st May 24) and pricing will be tomorrow (22nd May 24) at the earliest. The stock has fallen by around 15% since we...

Ethan Aw

ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Deals Digest (19 May) - ESR Group, L'Occitane, CPMC, Malaysia Airports, I'Rom, Modec

Last week, notable developments occurred in Event-Driven (ESR, L'Occitane, CPMC, Malaysia Airports, I'Rom, Great Eastern) and ECM (Modec).

Arun George

MODEC (6296 JP): A US$535 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

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