APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Northern Star Resources / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a> is looking to raise around US$725m in a secondary placement.</li>
<li>The proceeds will be used to pay down Gold Fields.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Northern Star Resources (NST AU) is looking to raise around US$725m in a secondary placement.
The proceeds will be used to pay down Gold Fields.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Northern Star Placement: Secondary Sell Down by Gold Fields; Tight Discount

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.</li>
<li>We expect one change for ASX 50, one change for ASX 100, and four changes for ASX 200. </li>
<li>The official index changes will be announced after the close on Friday 5th December 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
We expect one change for ASX 50, one change for ASX 100, and four changes for ASX 200. 
The official index changes will be announced after the close on Friday 5th December 2025.


Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Zijin Gold International / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> ’s US$3.2 billion IPO closes tomorrow, Wednesday, September 29.</li>
<li>The pure-play gold miner, backed by Zijin Mining, is priced at an EV/Reserves multiple in the top quartile of global peers.</li>
<li>With high sensitivity to gold price movements, Zijin Gold offers amplified upside potential — and downside risk — versus bullion itself.</li>
</ul>



Zijin Gold (2259 HK) ’s US$3.2 billion IPO closes tomorrow, Wednesday, September 29.
The pure-play gold miner, backed by Zijin Mining, is priced at an EV/Reserves multiple in the top quartile of global peers.
With high sensitivity to gold price movements, Zijin Gold offers amplified upside potential — and downside risk — versus bullion itself.


Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

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/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is a global leading gold mining company and the overseas gold segment of <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a>. It has launched an HKEx IPO to raise US$3.2bn.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-phip-updates-support-the-investment-thesis" target="_blank" data-smartkarma-citation="insights:201970" rel="noopener">Zijin Gold IPO: PHIP Updates Support the Investment Thesis</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It has launched an HKEx IPO to raise US$3.2bn.
I previously discussed the IPO in Zijin Gold IPO: The Investment Case and Zijin Gold IPO: PHIP Updates Support the Investment Thesis.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.


Zijin Gold IPO (2259 HK): Valuation Insights

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Bumi Resources Minerals / Equity Bottom-Up

<ul>
<li>Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.</li>
<li>Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.</li>
<li>Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.</li>
</ul>


Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.
Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.
Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.


BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

Australia

Northern Star Resources Ltd manufactures precious metals. The Company provides mining and production of gold. Northern Star Resources serves customers in Australia and North America.

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

Northern Star Resources (NST AU)

Northern Star Placement: Secondary Sell Down by Gold Fields; Tight Discount

Northern Star Resources is looking to raise around US$725m in a secondary placement. In this note, we will talk about the deal dynamics and run the...

Nicholas Tan

Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

There are clear signs of positioning among some of the high-impact expected ADDs/DELs and staying away from such overcrowded bets might be a good...

Janaghan Jeyakumar, CFA

Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

Zijin Gold's IPO is priced at premium valuations. It's high gold price sensitivity offer investors amplified upside if the gold rally continues —...

Devi Subhakesan

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northern Star Placement: Secondary Sell Down by Gold Fields; Tight Discount

Northern Star Resources is looking to raise around US$725m in a secondary placement. In this note, we will talk about the deal dynamics and run the...

Nicholas Tan

Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

There are clear signs of positioning among some of the high-impact expected ADDs/DELs and staying away from such overcrowded bets might be a good...

Janaghan Jeyakumar, CFA

Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

Zijin Gold's IPO is priced at premium valuations. It's high gold price sensitivity offer investors amplified upside if the gold rally continues —...

Devi Subhakesan

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer

​BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.

Rahul Jain

BRMS sees explosive growth with strong margins, plans for expansion in 2025 and 2027, but current valuations already reflect high expectations.