Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/japan-business-systems-inc" target="_blank" data-smartkarma-citation="entities:40379:1" rel="noopener">Japan Business Systems (5036 JP)</a> and <a href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries (409A JP)</a> were included in the TOPIX index at the end of October 2025. </li>
<li>
<a href="https://www.smartkarma.com/entities/japan-eyewear-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40217:1" rel="noopener">Japan Eyewear Holdings (5889 JP)</a>, <a href="https://www.smartkarma.com/entities/fit-easy-inc" target="_blank" data-smartkarma-citation="entities:45319:1" rel="noopener">FIT EASY (212A JP)</a>, and <a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> will be included in the TOPIX index at the end of November 2025.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Japan Business Systems (5036 JP) and Orion Breweries (409A JP) were included in the TOPIX index at the end of October 2025. 

Japan Eyewear Holdings (5889 JP), FIT EASY (212A JP), and Tekscend Photomask (429A JP) will be included in the TOPIX index at the end of November 2025.


TOPIX Inclusions: Who Is Ready (Nov 2025)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at HK and India, we talk about Japan and South Korea pipeline.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at HK and India, we talk about Japan and South Korea pipeline.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2026 Asia IPO Pipeline - Japan & South Korea

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>Section-Transfer name <a href="https://www.smartkarma.com/entities/japan-business-systems-inc" target="_blank" data-smartkarma-citation="entities:40379:1" rel="noopener">Japan Business Systems (5036 JP)</a> is expected to be included in the TOPIX index at the end of October 2025.</li>
<li>New listings <a href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries (409A JP)</a> and <a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> are expected to be included in TOPIX at the end of October 2025 and November 2025 respectively.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
Section-Transfer name Japan Business Systems (5036 JP) is expected to be included in the TOPIX index at the end of October 2025.
New listings Orion Breweries (409A JP) and Tekscend Photomask (429A JP) are expected to be included in TOPIX at the end of October 2025 and November 2025 respectively.


TOPIX Inclusions: Who Is Ready (Oct 2025)

Zijin Gold International / 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, this week saw a few good listings across the region while the spotlight will be on <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> in the coming week.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</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, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orion-breweries-ltd" target="_blank" data-smartkarma-citation="entities:45701:1" rel="noopener">Orion Breweries' (409A JP)</a> operations span across alcoholic beverages, tourism and hotel businesses. It raised around US$159m in its Japan IPO.</li>
<li>Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



Orion Breweries' (409A JP) operations span across alcoholic beverages, tourism and hotel businesses. It raised around US$159m in its Japan IPO.
Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


Orion Breweries IPO Trading - Robust Institutional Demand

Japan

Orion Breweries, Ltd. conducts brewery businesses. The Company produces and markets beers. Orion Breweries also offers tourism and hotels development services.

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Orion Breweries (409A JP)

TOPIX Inclusions: Who Is Ready (Nov 2025)

There are currently 140 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 137 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Aequitas 2026 Asia IPO Pipeline - Japan & South Korea

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at HK and India, we talk about Japan and South Korea...

Sumeet Singh

TOPIX Inclusions: Who Is Ready (Oct 2025)

We expect Orion Breweries (409A JP) to outperform Yakult Honsha (2267 JP) until the close of trading on 30th October 2025 due to strong opposing...

Janaghan Jeyakumar, CFA

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

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

Orion Breweries IPO Trading - Robust Institutional Demand

Orion Breweries Limited’s (OBL) operations span across alcoholic beverages, tourism and hotel businesses. It raised around US$159m in its Japan...

Akshat Shah

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