APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise about US$460m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the not so positive aspects of the deal.


Tryt IPO - The Negatives - Margins Have Consistently Narrowed and Gearing Could Cap Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise about US$460m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the positive aspects of the deal.


Tryt IPO - The Positives - Supportive Macro Backdrop and Has Weathered the Pandemic Well

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> priced its IPO at JPY1,400 per share to raise gross proceeds of US$620 million. The shares will start trading on 21 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/rakuten-bank-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:98721" rel="noopener">Rakuten Bank IPO: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/rakuten-bank-vs-sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="insights:98866" rel="noopener">Rakuten Bank Vs SBI Sumishin Net Bank</a> and <a href="https://www.smartkarma.com/insights/rakuten-bank-ipo-new-price-range-is-a-steal" target="_blank" data-smartkarma-citation="insights:99581" rel="noopener">Rakuten Bank IPO: New Price Range Is a Steal</a>. </li>
<li>Peers have re-rated and our valuation analysis points to a fair value of around JPY1,900 per share, 36% above the IPO price. Therefore, the IPO price remains attractive.</li>
</ul>



Rakuten Bank (5838 JP) priced its IPO at JPY1,400 per share to raise gross proceeds of US$620 million. The shares will start trading on 21 April.
We previously discussed the IPO in Rakuten Bank IPO: The Investment Case, Rakuten Bank Vs SBI Sumishin Net Bank and Rakuten Bank IPO: New Price Range Is a Steal. 
Peers have re-rated and our valuation analysis points to a fair value of around JPY1,900 per share, 36% above the IPO price. Therefore, the IPO price remains attractive.


Skymark Airlines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company.</li>
<li>SA began its operations in Japan as a domestic airline and gradually increased the number of routes offered to passengers. However, it has a mired history of bankruptcy.</li>
<li>In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.</li>
</ul>



Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company.
SA began its operations in Japan as a domestic airline and gradually increased the number of routes offered to passengers. However, it has a mired history of bankruptcy.
In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.


Skymark Airlines IPO Trading - Subscription Has Been Strong Despite Asking More than Peers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/net-protections-holdings-inc" target="_blank" data-smartkarma-citation="entities:35162:1" rel="noopener">Net Protections (7383 JP)</a>, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the upcoming lock-up expiry on 9th Dec 2022.</li>
</ul>



Net Protections (7383 JP), a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the upcoming lock-up expiry on 9th Dec 2022.


Net Protections Holding IPO Lock-Up - PE Owner Is Free to Shed Its Remaining Stake

Japan

Net Protections Holdings, Inc. provides payment services. The Company offers business to business payment on credit, business to customer buy now pay later (BNPL) services, consumer data transaction, and more. Net Protections Holdings provides its services throughout Japan.

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Net Protections (7383 JP)

Tryt IPO - The Negatives - Margins Have Consistently Narrowed and Gearing Could Cap Growth

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO. In this note, we will talk about the not so positive aspects of the deal.

Clarence Chu

Tryt IPO - The Positives - Supportive Macro Backdrop and Has Weathered the Pandemic Well

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO. In this note, we will talk about the positive aspects of the deal.

Clarence Chu

Rakuten Bank IPO: Trading Debut

Peers have re-rated and our valuation analysis points to a fair value of around JPY1,900 per share, 36% above the IPO price. Therefore, the IPO...

Arun George

Skymark Airlines IPO Trading - Subscription Has Been Strong Despite Asking More than Peers

Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic...

Clarence Chu

Net Protections Holding IPO Lock-Up - PE Owner Is Free to Shed Its Remaining Stake

Net Protections, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in...

Sumeet Singh

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