APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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/primo-global" target="_blank" data-smartkarma-citation="entities:45246:1" rel="noopener">Primo Global (367A JP) </a>is looking to raise up to $96m in its upcoming Japan IPO</li>
<li>It specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Primo Global (367A JP) is looking to raise up to $96m in its upcoming Japan IPO
It specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/primo-global" target="_blank" data-smartkarma-citation="entities:45246:1" rel="noopener">Primo Global (367A JP)</a> will debut on the Tokyo Stock Exchange’s Standard Market on June 24, offering 6.5m shares, with pricing set after the June 9–13 book-building period.</li>
<li>Despite decades in operation, Primo has shown slow domestic growth and limited international traction, raising doubts about its ability to scale meaningfully in the bridal jewelry market.</li>
<li>With net debt at 50% of assets and over half its balance sheet in goodwill and intangibles, Primo faces material financial risk, especially in a rising interest rate environment.</li>
</ul>



Primo Global (367A JP) will debut on the Tokyo Stock Exchange’s Standard Market on June 24, offering 6.5m shares, with pricing set after the June 9–13 book-building period.
Despite decades in operation, Primo has shown slow domestic growth and limited international traction, raising doubts about its ability to scale meaningfully in the bridal jewelry market.
With net debt at 50% of assets and over half its balance sheet in goodwill and intangibles, Primo faces material financial risk, especially in a rising interest rate environment.


Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/primo-global" target="_blank" data-smartkarma-citation="entities:45246:1" rel="noopener">Primo Global (367A JP)</a>  is looking to raise at least US$104m in its upcoming Japan IPO.</li>
<li>Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Primo Global (367A JP)  is looking to raise at least US$104m in its upcoming Japan IPO.
Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we look at the firm's past performance.


Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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, in a busy listing week, the results from listing were mixed.</li>
<li>On the placements front, there were a number of 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, in a busy listing week, the results from listing were mixed.
On the placements front, there were a number of large deals across the region.


ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine</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>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


Japan

Primo Global Holdings Co., Ltd. conducts jewelry stores. The Company provides bridal jewelry planning and sales services. Primo Global Holdings offers its services throughout Japan.

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Primo Global (367A JP)

Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit

Primo Global is looking to raise up to $96m in its upcoming Japan IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Nicholas Tan

Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance

Primo Global to debut on Tokyo Stock Exchange, but faces challenges with shrinking domestic market, limited international traction, and interest...

Oshadhi Kumarasiri

Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter

Primo Global (PG) is looking to raise at least US$104m in its upcoming Japan IPO. It specializes in merchandising bridal jewelery. In this note, we...

Nicholas Tan

ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

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

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit

Primo Global is looking to raise up to $96m in its upcoming Japan IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Nicholas Tan

Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance

​Primo Global to debut on Tokyo Stock Exchange, but faces challenges with shrinking domestic market, limited international traction, and interest...

Oshadhi Kumarasiri

Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter

Primo Global (PG) is looking to raise at least US$104m in its upcoming Japan IPO. It specializes in merchandising bridal jewelery. In this note, we...

Nicholas Tan

ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

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

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Primo Global to debut on Tokyo Stock Exchange, but faces challenges with shrinking domestic market, limited international traction, and interest...