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>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.   </li>
<li>I discussed the listing in <a href="https://www.smartkarma.com/insights/ntt-dc-reit-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:192362" rel="noopener">NTT DC REIT IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/ntt-dc-reit-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:192548" rel="noopener">NTT DC REIT IPO: Valuation Insights</a>. </li>
<li>NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers' multiples and yields.</li>
</ul>



NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.   
I discussed the listing in NTT DC REIT IPO: The Investment Case and NTT DC REIT IPO: Valuation Insights. 
NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers' multiples and yields.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.</li>
<li>Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.</li>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.</li>
</ul>



NTT DC REIT (NTTDCR SP) could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.
Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.

NTT DC REIT (NTTDCR SP) should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.


NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.</li>
<li>I previously discussed the listing in <a href="https://www.smartkarma.com/insights/ntt-dc-reit-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:192362" rel="noopener">NTT DC REIT IPO: The Investment Case</a>. </li>
<li>In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers' multiples and yields. </li>
</ul>



NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
I previously discussed the listing in NTT DC REIT IPO: The Investment Case. 
In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers' multiples and yields. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million. </li>
<li>The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.</li>
<li>NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.</li>
</ul>



NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million. 
The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.
NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.


Singapore

NTT DC REIT is a Singapore real estate investment trust that invests in a diversified portfolio of stabilized income-producing real estate assets globally, primarily used for data center purposes. Its portfolio includes six carrier-neutral, Tier III-equivalent data centers across the United States, Austria, and Singapore. The company was constituted on March 28, 2025, and is headquartered in Singapore.

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NTT DC REIT (NTTDCR SP)

NTT DC REIT IPO: Trading Debut

NTT DC REIT will list on Monday, July 14. NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since...

Arun George

NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker

NTT DC REIT could raise up to US$824m in its IPO. The units could be added to global indices in Nov/Dec. The kicker could be inclusion in a global...

Brian Freitas

Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...

Pranav Rao

NTT DC REIT IPO: Valuation Insights

NTT DC REIT has launched an SGX IPO to raise proceeds up to US$864 million. My valuation analysis suggests that the IPO price is attractive.

Arun George

NTT DC REIT IPO: The Investment Case

NTT DC REIT has launched an SGX IPO to raise proceeds up to US$864 million. The units will be listed on 14 July. In this note, I discuss the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NTT DC REIT IPO: Trading Debut

NTT DC REIT will list on Monday, July 14. NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since...

Arun George

NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker

NTT DC REIT could raise up to US$824m in its IPO. The units could be added to global indices in Nov/Dec. The kicker could be inclusion in a global...

Brian Freitas

Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

​This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...

Pranav Rao

NTT DC REIT IPO: Valuation Insights

NTT DC REIT has launched an SGX IPO to raise proceeds up to US$864 million. My valuation analysis suggests that the IPO price is attractive.

Arun George

NTT DC REIT IPO: The Investment Case

NTT DC REIT has launched an SGX IPO to raise proceeds up to US$864 million. The units will be listed on 14 July. In this note, I discuss the...

Arun George

This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...