APAC IPOs & Placements, Aequitas Research

Clarence Chu

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/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Tryt Inc (9164 JP) raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note we will talk about the trading dynamics.


Tryt IPO Trading - Subscription Rates Mostly Outdid Recent Large Japan Deals

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genda-inc" target="_blank" data-smartkarma-citation="entities:39911:1" rel="noopener">Genda Inc (9166 JP)</a> is looking to raise around US$100m in its Japan IPO.</li>
<li>Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.</li>
<li>In this note, we will undertake a peer comparison, share our earnings assumptions and discuss our thoughts on valuation.</li>
</ul>



Genda Inc (9166 JP) is looking to raise around US$100m in its Japan IPO.
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
In this note, we will undertake a peer comparison, share our earnings assumptions and discuss our thoughts on valuation.


Genda IPO - Has Weathered the Pandemic Better, Although Sector Doesn’t Seem to Be Growing Much

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genda-inc" target="_blank" data-smartkarma-citation="entities:39911:1" rel="noopener">Genda Inc (9166 JP)</a> is looking to raise around US$100m in its Japan IPO.</li>
<li>Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.</li>
<li>As of Apr 23, the firm operated 250 amusement facilities domestically and four facilities in Taiwan. </li>
</ul>



Genda Inc (9166 JP) is looking to raise around US$100m in its Japan IPO.
Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
As of Apr 23, the firm operated 250 amusement facilities domestically and four facilities in Taiwan. 


Genda IPO - Dreams of Reviving the Domestic Arcade Industry with a Roadmap of Doing so as Well

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> is looking to raise up to US$360m in its Japan IPO.</li>
<li>Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.</li>
</ul>



Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.


Tryt IPO - Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

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)

Tryt IPO Trading - Subscription Rates Mostly Outdid Recent Large Japan Deals

Tryt Inc (9164 JP) raised around US$344m in its Japan IPO. The IPO consisted of 100% secondary shares. In this note we will talk about the trading...

Clarence Chu

Genda IPO - Has Weathered the Pandemic Better, Although Sector Doesn’t Seem to Be Growing Much

Genda Inc (9166 JP) is looking to raise around US$100m in its Japan IPO. In this note, we will undertake a peer comparison, share our earnings...

Clarence Chu

Genda IPO - Dreams of Reviving the Domestic Arcade Industry with a Roadmap of Doing so as Well

Genda Inc (9166 JP) is looking to raise around US$100m in its Japan IPO. Genda develops and operates amusement facilities in Japan, primarily...

Clarence Chu

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

Tryt IPO - Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO. In this note, we will revisit our earnings assumptions and share our...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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