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>PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end.</li>
<li>PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management; Healthcare Services; and Diagnosis/Life Science.</li>
<li>The pre-IPO shareholders will be released from the lockup today on 11th Apr 2022. Its largest shareholder is KKR, who still owns a 39% stake in the company. </li>
</ul>


PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end.
PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management; Healthcare Services; and Diagnosis/Life Science.
The pre-IPO shareholders will be released from the lockup today on 11th Apr 2022. Its largest shareholder is KKR, who still owns a 39% stake in the company. 


PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup will expire on 9th Apr 2023.</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 in 2015.</li>
<li>Coming up for six-month lockup expiry are the Development Bank of Japan, Fujitsu and Panasonic, the trio had each trimmed their respective stakes in the IPO.</li>
</ul>



Socionext (6526 JP) was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup will expire on 9th Apr 2023.
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 2015.
Coming up for six-month lockup expiry are the Development Bank of Japan, Fujitsu and Panasonic, the trio had each trimmed their respective stakes in the IPO.


Socionext Lock-Up - Up 2.67x Since IPO. US$930m Worth of Shares to Be Unlocked

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.

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> priced its IPO at JPY820 per share to raise gross proceeds of US$2.5 billion. The shares will start trading on 19 March.</li>
<li>Relevant notes: <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:176683" rel="noopener">JX Advanced Metals (5016 JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:176843" rel="noopener">JX Advanced Metals (5016 JP) IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-price-range-is-fair" target="_blank" data-smartkarma-citation="insights:178246" rel="noopener">JX Advanced Metals (5016 JP) IPO: Price Range Is Fair</a>.</li>
<li>Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the price is fair.</li>
</ul>



JX Advanced Metals (5016 JP) priced its IPO at JPY820 per share to raise gross proceeds of US$2.5 billion. The shares will start trading on 19 March.
Relevant notes: JX Advanced Metals (5016 JP) IPO: The Bull Case, JX Advanced Metals (5016 JP) IPO: The Bear Case, JX Advanced Metals (5016 JP) IPO: Price Range Is Fair.
Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the price is fair.


JX Advanced Metals (5016 JP) IPO: Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> priced its IPO at JPY1,260 per share to raise gross proceeds of US$856 million. The shares will start trading on 25 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:161041" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:161232" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:161523" rel="noopener">Rigaku Holdings (268A JP) IPO: Valuation Insights</a>.</li>
<li>The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive.</li>
</ul>



Rigaku Holdings (268A JP) priced its IPO at JPY1,260 per share to raise gross proceeds of US$856 million. The shares will start trading on 25 October.
We previously discussed the IPO in Rigaku Holdings (268A JP) IPO: The Bull Case, Rigaku Holdings (268A JP) IPO: The Bear Case, Rigaku Holdings (268A JP) IPO: Valuation Insights.
The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive.


Rigaku Holdings (268A JP) IPO: Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a> priced its IPO at JPY1,200 per share to raise gross proceeds of US$2.3 billion. The shares will start trading on 23 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:160168" rel="noopener">Tokyo Metro (9023 JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:160399" rel="noopener">Tokyo Metro (9023 JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tokyo-metro-9023-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:161071" rel="noopener">Tokyo Metro (9023 JP) IPO: Valuation Insights</a>.</li>
<li>The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive, particularly relating to the implied dividend yield.</li>
</ul>



Tokyo Metro (9023 JP) priced its IPO at JPY1,200 per share to raise gross proceeds of US$2.3 billion. The shares will start trading on 23 October.
We previously discussed the IPO in Tokyo Metro (9023 JP) IPO: The Bull Case, Tokyo Metro (9023 JP) IPO: The Bear Case and Tokyo Metro (9023 JP) IPO: Valuation Insights.
The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive, particularly relating to the implied dividend yield.


Japan

PHC Holdings Corporation designs, develops, manufactures, and distributes medical devices. The Company produces blood glucose systems, diabetes management systems, and other related testing devices. PHC Holdings also offers medical information technology solutions development, life sciences development, and other services.

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PHC Holdings (6523 JP)

PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end. The lock-up on pre-IPO...

Sumeet Singh

Socionext Lock-Up - Up 2.67x Since IPO. US$930m Worth of Shares to Be Unlocked

Socionext just launched a US$2bn secondary extended offering, with the Development Bank of Japan, Fujitsu, and Panasonic looking to selldown their...

Clarence Chu

JX Advanced Metals (5016 JP) IPO: Trading Debut

Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the...

Arun George

Rigaku Holdings (268A JP) IPO: Trading Debut

The shares will start trading on 25 October. The peers have modestly derated since the prospectus was released on 20 September. The IPO price...

Arun George

Tokyo Metro (9023 JP) IPO: Trading Debut

The shares will start trading on 23 October. The IPO price remains attractive, particularly relating to the implied dividend yield.

Arun George

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