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

Virgin Australia Holdings / Equity Capital Markets

<ul>
<li>Bain Capital raised around US$440m via selling some of its stake in <a href="https://www.smartkarma.com/entities/virgin-australia-holdings-ltd" target="_blank" data-smartkarma-citation="entities:814:1" rel="noopener">Virgin Australia (VAH AU)</a> IPO in June 2025. Some of Bain’s stake could be released from escrow soon.</li>
<li>Virgin Australia (VA) is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>


Bain Capital raised around US$440m via selling some of its stake in Virgin Australia (VAH AU) IPO in June 2025. Some of Bain’s stake could be released from escrow soon.
Virgin Australia (VA) is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Virgin Australia IPO Lockup - Escrow Release Is a Moving Target that Is Getting Closer

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

China Southern Airlines / Equity Bottom-Up

<ul>
<li>After an upturn in October-November, pace of outbound air travel softened in December</li>
<li>But domestic air activity continued to strengthen in December -- a positive surprise</li>
<li>Continued strength of outbound air travel demand could imply emphasis on frugality</li>
</ul>


After an upturn in October-November, pace of outbound air travel softened in December
But domestic air activity continued to strengthen in December -- a positive surprise
Continued strength of outbound air travel demand could imply emphasis on frugality


Monthly Chinese Tourism Tracker | December Outbound Pace Softer, but Domestic Activity Strengthened

<ul>
<li>Based on a wide range of sources, air cargo tonnage growth improved in November 2025</li>
<li>But air cargo load factors generally remain very low, with lots of slack in the system</li>
<li>November could mark the beginning of a modest recovery in air activity (but two caveats)</li>
</ul>


Based on a wide range of sources, air cargo tonnage growth improved in November 2025
But air cargo load factors generally remain very low, with lots of slack in the system
November could mark the beginning of a modest recovery in air activity (but two caveats)


Monthly Air Cargo Tracker | Conditions Improved in November | But Improvement Could Be Short-Lived

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>The FTSE ST Industrials Index recorded S$265 million in net institutional inflows and S$193 million ADT last year.</li><li>Marco Polo Marine and Hong Leong Asia ranked among top 10 stocks for 2025 returns and institutional inflows.</li><li>Sanli Environmental's 2H25 ADT surged nearly 75 times, while Soilbuild Construction Group saw a 26-fold increase.</li></ul>

The FTSE ST Industrials Index recorded S$265 million in net institutional inflows and S$193 million ADT last year.Marco Polo Marine and Hong Leong Asia ranked among top 10 stocks for 2025 returns and institutional inflows.Sanli Environmental's 2H25 ADT surged nearly 75 times, while Soilbuild Construction Group saw a 26-fold increase.

FTSE ST Industrials Index Powered Ahead with 44% Total Return in 2025

<ul>
<li>Both domestic and outbound air travel activity have improved in recent months</li>
<li>Chinese carriers are now enjoying unusually high load factors on outbound travel</li>
<li>Trip.com is a laggard vs the airlines, but it doesn't appear cheap to us</li>
</ul>


Both domestic and outbound air travel activity have improved in recent months
Chinese carriers are now enjoying unusually high load factors on outbound travel
Trip.com is a laggard vs the airlines, but it doesn't appear cheap to us


Monthly Chinese Tourism Tracker | Sudden Upturn in Domestic and Outbound Demand  (December 2025)

Singapore

Singapore Airlines is the flag carrier of Singapore, offering full-service international passenger and cargo air transportation. It operates a dual-brand strategy with its premium services and the low-cost carrier Scoot, serving numerous destinations globally. The company is headquartered in Airline House, Changi, Singapore, and was incorporated in 1972.

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Singapore Airlines (SIA SP)

Aequitas: Virgin Australia IPO Lockup - Escrow Release Is a Moving Target that Is Getting Closer

Bain Capital raised around US$440m via selling some of its stake in Virgin Australia (VAH AU) IPO in June 2025. Some of Bain’s stake could be...

Sumeet Singh

Monthly Chinese Tourism Tracker | December Outbound Pace Softer, but Domestic Activity Strengthened

The surprisingly strong upturn in Chinese outbound in October-November did not continue in December, unfortunately. But domestic air travel...

Tracking Traffic

Monthly Air Cargo Tracker | Conditions Improved in November | But Improvement Could Be Short-Lived

Based on a wide range of sources, air cargo market conditions in the Transpacific generally improved in November. But we believe the nascent...

Tracking Traffic

FTSE ST Industrials Index Powered Ahead with 44% Total Return in 2025

The FTSE ST Industrials Index recorded S$265 million in net institutional inflows and S$193 million ADT last year. Marco Polo Marine and Hong...

Singapore Exchange Ltd (SGX)

Monthly Chinese Tourism Tracker | Sudden Upturn in Domestic and Outbound Demand (December 2025)

The pace of air travel growth improved markedly in the October-November period, despite weakness in two key outbound markets. Although it's a...

Tracking Traffic

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