APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">TRYT (9164 JP)</a> was listed on the TSE on 22nd July 2023. The IPO had been a 100% secondary offering. </li>
<li>TRYT offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.</li>
<li>Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake earlier in the IPO.</li>
</ul>



TRYT (9164 JP) was listed on the TSE on 22nd July 2023. The IPO had been a 100% secondary offering. 
TRYT offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake earlier in the IPO.


TRYT Lock-Up - 60% of Outstanding to Be Released, Baring Would Have to Exit Sooner or Later

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The BIG Risk is that <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> sells its stake in <a href="https://www.smartkarma.com/entities/fujitsu-general-ltd" target="_blank" data-smartkarma-citation="entities:2025:1" rel="noopener">Fujitsu General (6755 JP)</a> to someone in a below-market tender offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> may still see more outperformance from its  latest buyback. But it's up ~29% since the company announced it was buying both the As and Bs. </li>
<li>
<a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>'s shares continue to edge up after its founder recently increased its stake. </li>
</ul>


The BIG Risk is that Fujitsu Ltd (6702 JP) sells its stake in Fujitsu General (6755 JP) to someone in a below-market tender offer.

Swire Pacific (A) (19 HK) may still see more outperformance from its  latest buyback. But it's up ~29% since the company announced it was buying both the As and Bs. 

Li Ning (2331 HK)'s shares continue to edge up after its founder recently increased its stake. 


Last Week in Event SPACE: Fujitsu General, Swire Pacific, Li Ning, IJJT

Travis Lundy

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> made an <a href="https://www.sbigroup.co.jp/news/2023/1225_14313.html" target="_blank" rel="noopener">announcement</a> it would buy (up to) 3.0mm shares of <a href="https://www.smartkarma.com/entities/gumi-inc" target="_blank" data-smartkarma-citation="entities:12947:1" rel="noopener">Gumi Inc (3903 JP)</a> shares between tomorrow and end-March 2024.</li>
<li>SBI already owns 8.8mm shares, and this would bring them close to 30.0%. </li>
<li>SBI did not specifically say they would buy on market, but the next 400,000 shares would require a large shareholder filing amendment. </li>
</ul>


Today after the close, SBI Holdings (8473 JP) made an announcement it would buy (up to) 3.0mm shares of Gumi Inc (3903 JP) shares between tomorrow and end-March 2024.
SBI already owns 8.8mm shares, and this would bring them close to 30.0%. 
SBI did not specifically say they would buy on market, but the next 400,000 shares would require a large shareholder filing amendment. 


SBI To Buy Gumi (3903) Shares To Up Stake to Near 30% (And Try To Avoid Impairment)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> aims to raise US$430m via selling around 14.6% of <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>. </li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Sep 23, it had 14.3m deposit accounts with a total deposit base of JPY9.5tn.</li>
<li>In this note, we will talk about the deal dynamics and updates since our last note.</li>
</ul>



Rakuten Group (4755 JP) aims to raise US$430m via selling around 14.6% of Rakuten Bank (5838 JP). 
RB is the largest internet bank in Japan, by number of accounts. As of Sep 23, it had 14.3m deposit accounts with a total deposit base of JPY9.5tn.
In this note, we will talk about the deal dynamics and updates since our last note.


Rakuten Bank Placement - Was Expected at Some Point, Current Timing Seems Opportunistic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> (RB),  the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a>, raised around US$630m in its Japan IPO. Its IPO linked lockup will expire soon.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Jun 23, it had 14.0m deposit accounts with a total deposit base of JPY9.4tn.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Rakuten Bank (5838 JP) (RB),  the online banking arm of Rakuten Group (4755 JP), raised around US$630m in its Japan IPO. Its IPO linked lockup will expire soon.
RB is the largest internet bank in Japan, by number of accounts. As of Jun 23, it had 14.0m deposit accounts with a total deposit base of JPY9.4tn.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Rakuten Bank IPO Lock-Up - Parent and Company Will Come Out of Lockup

Japan

SBI Holdings, Inc. manages venture capital fund which mainly invest in Internet related venture companies.  The Company also provides brokerage, investment banking, and financial services.

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SBI Holdings (8473 JP)

TRYT Lock-Up - 60% of Outstanding to Be Released, Baring Would Have to Exit Sooner or Later

TRYT (9164 JP) was listed on the TSE on 22nd July 2023. Coming up for six-month lockup is the sole pre-IPO investor who had sold some of its stake...

Clarence Chu

Last Week in Event SPACE: Fujitsu General, Swire Pacific, Li Ning, IJJT

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

SBI To Buy Gumi (3903) Shares To Up Stake to Near 30% (And Try To Avoid Impairment)

SBI today announced it would buy 3mm shares (7+%) of gumi (3903) to add to a 22% stake bought in January 2023. I expect this is not so much to add...

Travis Lundy

Rakuten Bank Placement - Was Expected at Some Point, Current Timing Seems Opportunistic

Rakuten Group (4755 JP) aims to raise US$430m via selling around 14.6% of Rakuten Bank (5838 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Rakuten Bank IPO Lock-Up - Parent and Company Will Come Out of Lockup

Rakuten has just announced that it will selldown some of its stake in Rakuten Bank in order to fund redemption of some of its bonds.

Sumeet Singh

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