APAC IPOs & Placements, Aequitas Research

Akshat Shah

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/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP) </a>(NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.</li>
<li>In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.


NS Group IPO - Deal Downsized; Pricing Looks Digestible Now

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.


NS Group IPO - Peer Comp and Thoughts on Valuation

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/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   </li>
<li>The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   </li>
<li>The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. </li>
</ul>



NS Group (471A JP) is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   
The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   
The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies. </li>
<li>NSG aims to raise around US$260m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies. 
NSG aims to raise around US$260m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


NS Group Pre-IPO - Stable Growth in a Structurally Essential Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, busy season remains on in full swing going into the year end.</li>
<li>On the placements front, there were a few large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, busy season remains on in full swing going into the year end.
On the placements front, there were a few large deals across the region.


ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

Japan

NS Group, Inc. offers financial services. The Company provides rent debt guarantee, collection agency, and other services. NS Group conducts businesses throughout Japan.

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NS Group (471A JP)

NS Group IPO - Deal Downsized; Pricing Looks Digestible Now

NS Group aims to raise around US$220m in its Japan IPO via an entirely secondary offering. In this note, we talk about the pricing updates and IPO...

Akshat Shah

NS Group IPO - Peer Comp and Thoughts on Valuation

NS Group aims to raise around US$256m in its Japan IPO via an entirely secondary offering. In this note, we talk about the peer comparison and IPO...

Akshat Shah

NS Group (471A) IPO: The Investment Case

NS Group, a Japanese property rent guarantee company, is seeking to raise up to US$255 million. In this note, I discuss the investment case.

Arun George

NS Group Pre-IPO - Stable Growth in a Structurally Essential Market

NS Group, one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions, aims to raise up to...

Akshat Shah

ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)