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

Samsung Electronics / 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,  a few companies in Hong Kong managed to use the ceasefire window to launch their bookbuilds.</li>
<li>On the placement front, as well there a few large deals along with some upcoming lockups.</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,  a few companies in Hong Kong managed to use the ceasefire window to launch their bookbuilds.
On the placement front, as well there a few large deals along with some upcoming lockups.


Aequitas ECM Weekly (13 April 2026)-Samsung, Victory Giant, Huaqin, Sigenergy, Manycore, Merdeka

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Zenergy Battery Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-zenergy-battery-technologies-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43855:1" rel="noopener">Jiangsu Zenergy Battery Technologies Group(3677 HK)</a> raised US$130m from its HK IPO in April'25. The lockup on its controlling shareholders, pre-IPO investors and other shareholders is set to expire soon.</li>
<li>Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Jiangsu Zenergy Battery Technologies Group(3677 HK) raised US$130m from its HK IPO in April'25. The lockup on its controlling shareholders, pre-IPO investors and other shareholders is set to expire soon.
Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas:Zenergy Battery Technologies IPO Lockup-US$2.7bn Lockup Release but Stock Back to IPO Level

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Junior Gold Miners index represents the performance of small/medium-cap gold and silver mining companies listed around the world.</li>
<li>There will be 27 ADDs and 3 DELs for the March 2026 rebal. We had predicted 12 ADDs (10 were right) and 1 DEL (it was right). A HUGE tail.</li>
<li>We expect a one-way flow of US$1.98bn for the March 2026 rebal on 20 March 2026 at the close. </li>
</ul>


The MV Global Junior Gold Miners index represents the performance of small/medium-cap gold and silver mining companies listed around the world.
There will be 27 ADDs and 3 DELs for the March 2026 rebal. We had predicted 12 ADDs (10 were right) and 1 DEL (it was right). A HUGE tail.
We expect a one-way flow of US$1.98bn for the March 2026 rebal on 20 March 2026 at the close. 


[Quiddity Index] MV Junior Gold Miners Mar26 Results: 27 ADDs and 3 DELs; US$2bn One-Way

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Merdeka Gold Resources / Equity Bottom-Up

<ul>
<li>Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.</li>
<li>Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).</li>
<li>Valuation &amp; Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.</li>
</ul>


Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.
Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).
Valuation &amp; Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.


Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

Indonesia

PT Merdeka Gold Resources Tbk is an Indonesian gold mining company that explores for gold and silver. It develops mines and produces gold-bearing output, which can be sold as doré, concentrate, or other mined products. The company's flagship project is the Pani Gold Mine in Gorontalo Province, Sulawesi Island. Headquartered in Jakarta Selatan, Indonesia, the company was incorporated in 2015.

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Merdeka Gold Resources (EMAS IJ)

Aequitas ECM Weekly (13 April 2026)-Samsung, Victory Giant, Huaqin, Sigenergy, Manycore, Merdeka

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

Aequitas:Zenergy Battery Technologies IPO Lockup-US$2.7bn Lockup Release but Stock Back to IPO Level

Jiangsu Zenergy Battery Technologies raised about US$130m from its HK IPO in April 2025. The lockup on its controlling shareholders, pre-IPO...

Akshat Shah

[Quiddity Index] MV Junior Gold Miners Mar26 Results: 27 ADDs and 3 DELs; US$2bn One-Way

The bottom end of the MV Junior Gold Index has now admitted far more names than we expected. That meant two more get kicked out of the top end....

Travis Lundy