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

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<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.


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.

Skymark Airlines / Equity Capital Markets

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<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

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<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

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<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> raised around US$463m in its Japan IPO. The IPO consisted of 100% secondary shares.</li>
<li>Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.  </li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Socionext (6526 JP) raised around US$463m in its Japan IPO. The IPO consisted of 100% secondary shares.
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.  
In this note we will talk about the trading dynamics.


Socionext IPO Trading - Upsized IPO with Strong Demand. Peers Inched Downwards, but Upside Remains

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<li>
<a href="https://www.smartkarma.com/entities/exawizards-inc" target="_blank" data-smartkarma-citation="entities:35212:1" rel="noopener">ExaWizards (4259 JP)</a> raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.</li>
<li>ExaWizards is an AI service provider in Japan, it develops and delivers AI products with the aim of addressing industry and social issues.</li>
<li>While in our view, we would not expect a large block to come from this lockup expiry, we could expect some scattered selling across the shareholders.</li>
</ul>



ExaWizards (4259 JP) raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.
ExaWizards is an AI service provider in Japan, it develops and delivers AI products with the aim of addressing industry and social issues.
While in our view, we would not expect a large block to come from this lockup expiry, we could expect some scattered selling across the shareholders.


ExaWizards IPO Lock-Up - PE/Investment Funds Coming off Lockup, Could See Some Scattered Selling

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)

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

Socionext IPO Trading - Upsized IPO with Strong Demand. Peers Inched Downwards, but Upside Remains

Socionext (6526 JP) raised around US$463m in its Japan IPO. The IPO consisted of 100% secondary shares. In this note we will talk about the trading...

Clarence Chu

ExaWizards IPO Lock-Up - PE/Investment Funds Coming off Lockup, Could See Some Scattered Selling

ExaWizards (4259 JP) raised around US$300m in its Japan IPO in Dec 2021, where its IPO had been priced at the top end of its indicative price range.

Clarence Chu

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