Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>If you like <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>'s Appraisal Rights case, buy. If a LO investor who held until now and bullish the market, sell now and replace your beta.</li>
<li>Current NAV levels for <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> are somewhat depressed. To a lesser extent, so is the implied stub (netting off the stake in <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>).</li>
<li>China has established itself as the global EVs benchmark. But  expect increased competition, overcapacity, and in turn, profit squeeze. <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a>is trading full ahead of VOYAH's spin-off.</li>
</ul>


If you like Toyota Industries (6201 JP)'s Appraisal Rights case, buy. If a LO investor who held until now and bullish the market, sell now and replace your beta.
Current NAV levels for Prosus NV (PRX NA) are somewhat depressed. To a lesser extent, so is the implied stub (netting off the stake in Tencent (700 HK)).
China has established itself as the global EVs benchmark. But  expect increased competition, overcapacity, and in turn, profit squeeze. Dongfeng Motor (489 HK)is trading full ahead of VOYAH's spin-off.


Last Week In Event SPACE: Toyota Inds., Prosus/Tencent, Dongfeng Motor, WH Group

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

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's 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 Hong Kong earlier, we now talk about India's 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.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Prosus’s €4.1bn all-cash acquisition of Just Eat Takeaway.com is now unconditional, with 98.19% ownership secured. Shares will delist from Euronext Amsterdam on 17 November ahead of statutory squeeze-out.</li>
<li>Early arbitrage entrants earned roughly 9.3% annualized return, late entrants about 3.6%. With settlement complete, the residual spread has closed, leaving no remaining event-driven opportunity.</li>
<li>The transaction cements Prosus as Europe’s largest food delivery platform and the world’s fourth largest globally, following Meituan, DoorDash, and Uber, under CEO Fabricio Bloisi’s expansion strategy.</li>
</ul>


Prosus’s €4.1bn all-cash acquisition of Just Eat Takeaway.com is now unconditional, with 98.19% ownership secured. Shares will delist from Euronext Amsterdam on 17 November ahead of statutory squeeze-out.
Early arbitrage entrants earned roughly 9.3% annualized return, late entrants about 3.6%. With settlement complete, the residual spread has closed, leaving no remaining event-driven opportunity.
The transaction cements Prosus as Europe’s largest food delivery platform and the world’s fourth largest globally, following Meituan, DoorDash, and Uber, under CEO Fabricio Bloisi’s expansion strategy.


Prosus–JET Arbitrage: Offer Unconditional, Squeeze-Out and Delisting Confirmed

<ul>
<li>Trading in <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> with <a href="https://www.smartkarma.com/entities/sony-financial-group-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Group (8729 JP)</a> spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.</li>
<li>
<a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>'s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> outperforms.</li>
<li>The <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed Holdings (412 HK)</a> bubble has finally popped. Now what?</li>
</ul>


Trading in Sony Corp (6758 JP) with Sony Financial Group (8729 JP) spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.

Naspers (NPN SJ)'s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as Prosus NV (PRX NA) outperforms.
The Shandong Hi-Speed Holdings (412 HK) bubble has finally popped. Now what?


Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

China

Prosus N.V. provides internet based services. The Company focuses on investments in internet, digital media, e-commerce retailing, and consumer internet companies. Prosus serves customers worldwide.

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Prosus NV (PRX NA)

Last Week In Event SPACE: Toyota Inds., Prosus/Tencent, Dongfeng Motor, WH Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

Prosus–JET Arbitrage: Offer Unconditional, Squeeze-Out and Delisting Confirmed

Prosus completes €4.1bn JET buyout with 98.19% ownership; delisting set for 17 Nov. Offer unconditional, spread realized—no remaining arbitrage,...

Jesus Rodriguez Aguilar

Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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