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>
<a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a>, a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>We have looked at its past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



PayPay (PAYP US), a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
We have looked at its past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Aequitas: PayPay IPO Trading - Valuations Digestible, Sentiment Suffering

<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 number of deals are set to list in the coming week.</li>
<li>On the placement front, Nintendo's placement appears to be shaping up fine.</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 number of deals are set to list in the coming week.
On the placement front, Nintendo's placement appears to be shaping up fine.


Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> raised around US$340m in its South Korean IPO, after pricing its offering at the low-end.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>We looked at the past performance and valuations in our previous notes. in this note we talk about the trading dynamics.</li>
</ul>



K Bank (279570 KS) raised around US$340m in its South Korean IPO, after pricing its offering at the low-end.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
We looked at the past performance and valuations in our previous notes. in this note we talk about the trading dynamics.


Aequitas: K Bank IPO Trading - Mediocre Demand but Peers Have Been Rallying

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>We have looked at its past performance and undertaken a peer comparison in our earlier notes. In this note, we provide our thoughts on valuations.</li>
</ul>



PayPay (PAYP US) (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
We have looked at its past performance and undertaken a peer comparison in our earlier notes. In this note, we provide our thoughts on valuations.


Aequitas: PayPay IPO - Thoughts on Valuations

Japan

Rakuten Bank, Ltd. operates as an Internet based bank. The Company provides banking services including deposits, loans, exchange transactions, and other services. Rakuten Bank also provides financial services including investment trusts, securities, credit and cash cards, lottery tickets, and others.

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Rakuten Bank (5838 JP)

Aequitas: PayPay IPO Trading - Valuations Digestible, Sentiment Suffering

PayPay (PAYP US), a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range. In this note, we...

Sumeet Singh

Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

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

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: K Bank IPO Trading - Mediocre Demand but Peers Have Been Rallying

K Bank (279570 KS) raised around US$340m in its South Korean IPO, after pricing its offering at the low-end. In this note, we talk about the...

Sumeet Singh

Aequitas: PayPay IPO - Thoughts on Valuations

PayPay (PAYP US) (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO. In this note, we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)