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>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 href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</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, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

<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 href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> is set to hog the limelight this week with pricing set to be announced on the 4th of June</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</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, SpaceX (SPCX US) is set to hog the limelight this week with pricing set to be announced on the 4th of June
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On 21 April, <a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> announced a business/capital alliance with larger US SPE metrology firm Onto Innovations. For that, Carlyle sold 27% of their 42% holding to Onto.</li>
<li>That left 15% to sell to clean up. Shorts are large-ish. The sale price to Onto was well below. An offering should have been imminent. It was.</li>
<li>On 22 May, they announced a cleanup sale. Rigaku has a big market share in x-ray and growing presence in the booming SPE metrology space. But it's not cheap.</li>
</ul>


On 21 April, Rigaku Holdings (268A JP) announced a business/capital alliance with larger US SPE metrology firm Onto Innovations. For that, Carlyle sold 27% of their 42% holding to Onto.
That left 15% to sell to clean up. Shorts are large-ish. The sale price to Onto was well below. An offering should have been imminent. It was.
On 22 May, they announced a cleanup sale. Rigaku has a big market share in x-ray and growing presence in the booming SPE metrology space. But it's not cheap.


[Japan Offering] Rigaku (268A) PE Firm Cleanup Selldown Smaller Than Expected 3mos Ago

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>Carlyle (via Atom Investment) is looking to sell up to ~29m shares in a secondary offering of <a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a>.</li>
<li>This comes on the heels of Atom doing a block sale to Onto Innovation, whereby Onto acquired 61.1m shares from Atom, on 20th April, 2026. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Carlyle (via Atom Investment) is looking to sell up to ~29m shares in a secondary offering of Rigaku Holdings (268A JP).
This comes on the heels of Atom doing a block sale to Onto Innovation, whereby Onto acquired 61.1m shares from Atom, on 20th April, 2026. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Rigaku Placement - Cleanup Sale by Carlyle; Jap Leader in Niche Xrays for Semis Inspection

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>ASML's numbers failed to lift US semi-caps overnight, with Kospi futures pointing -4.4% lower. A dour tone for SPE.</li>
<li>TSMC will report today, so expect to see semi-cap fluctuations based on their capex commentary.</li>
<li>Mitsubishi Heavy may see interest after news that it is shipping cooling systems to NVDA's DSX.</li>
</ul>


ASML's numbers failed to lift US semi-caps overnight, with Kospi futures pointing -4.4% lower. A dour tone for SPE.
TSMC will report today, so expect to see semi-cap fluctuations based on their capex commentary.
Mitsubishi Heavy may see interest after news that it is shipping cooling systems to NVDA's DSX.


Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

Japan

Rigaku Holdings Corporation engages in the manufacture and sale of scientific equipment. The company offers multipurpose analytical instruments, such as X-ray diffraction equipment and X-ray fluorescence; semiconductor process control equipment, including semiconductor X-ray inspection equipment and X-ray transmission equipment; and product-related warranties, repairs, maintenance, and relocation. Its products are used in life science, academia, semiconductor electronic device, battery, and other applications.

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Rigaku Holdings (268A JP)

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

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 ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

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

[Japan Offering] Rigaku (268A) PE Firm Cleanup Selldown Smaller Than Expected 3mos Ago

Carlyle is selling down the last of their stake in Rigaku Holdings. It is about 50% of current Max Real World Float but what was big overhang as of...

Travis Lundy

Aequitas: Rigaku Placement - Cleanup Sale by Carlyle; Jap Leader in Niche Xrays for Semis Inspection

Carlyle is looking to sell up to ~29m shares in a secondary offering of Rigaku. In this note, we will talk about the placement and run the deal...

Nicholas Tan

Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

SPE names may give back yesterday's gains as ASML's numbers fail to lift US peers. TSMC will report today, so expect to see semi-cap fluctuations...

Andrew Jackson

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