APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softcare-limited" target="_blank" data-smartkarma-citation="entities:44292:1" rel="noopener">Softcare (2698 HK)</a> raised US$307m in its Hong Kong IPO in November 2025, with the IPO being offered at a fixed price of HKD 26.20/share.</li>
<li>It is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Softcare (2698 HK) raised US$307m in its Hong Kong IPO in November 2025, with the IPO being offered at a fixed price of HKD 26.20/share.
It is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Softcare IPO Lockup - Shares Hovering Slightly over IPO Price

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.</li>
<li>We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.</li>
<li>We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.</li>
</ul>


We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.
We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.
We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.


2025/2026 HK IPO: Cornerstone Investors That Matter

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softcare-limited" target="_blank" data-smartkarma-citation="entities:44292:1" rel="noopener">Softcare (2698 HK)</a> (SC) raised around US$307m in its upcoming Hong Kong IPO.</li>
<li>Softcare (SC) is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Softcare (2698 HK) (SC) raised around US$307m in its upcoming Hong Kong IPO.
Softcare (SC) is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softcare-limited" target="_blank" data-smartkarma-citation="entities:44292:1" rel="noopener">Softcare (2698 HK)</a>'s IPO price was fixed at HK$26.20, or 16.4x FY26F PER, with overwhelming positive responses in both the Hong Kong IPO and international offer. </li>
<li>We calculate its fair value at HK$26.07-29.43, based on a 50% premium to <a href="https://www.smartkarma.com/entities/hengan-international-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29:1" rel="noopener">Hengan International Group (1044 HK)</a> and a 20% discount to the US peers, leaving limited upside.</li>
<li>Its tiny public shareholder ownership (15%) and the potential of being an M&amp;A target will elevate its valuations. However, anything above the US peers (i.e. 20.5x PER) is expensive. </li>
</ul>



Softcare (2698 HK)'s IPO price was fixed at HK$26.20, or 16.4x FY26F PER, with overwhelming positive responses in both the Hong Kong IPO and international offer. 
We calculate its fair value at HK$26.07-29.43, based on a 50% premium to Hengan International Group (1044 HK) and a 20% discount to the US peers, leaving limited upside.
Its tiny public shareholder ownership (15%) and the potential of being an M&amp;A target will elevate its valuations. However, anything above the US peers (i.e. 20.5x PER) is expensive. 


Softcare (2698 HK): Where Should It Be Traded?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The rise of Softcare is in line with the logic of "Chinese supply chain going global".It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.</li>
<li>Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.</li>
<li>Given that Softcare's main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.</li>
</ul>


The rise of Softcare is in line with the logic of "Chinese supply chain going global".It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.
Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.
Given that Softcare's main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.


Pre-IPO Softcare (PHIP Updates) - Some Points Worth the Attention

United Arab Emirates

Softcare Limited is an international hygiene product corporation that develops, manufactures, and sells baby and feminine hygiene products, including baby diapers, baby pants, sanitary pads, and wet wipes. The company focuses on fast-growing emerging markets in Africa, Latin America, and Central Asia. Founded in 2009, Softcare Limited is headquartered in Dubai, United Arab Emirates.

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Softcare (2698 HK)

Aequitas: Softcare IPO Lockup - Shares Hovering Slightly over IPO Price

Softcare (2698 HK) raised US$307m in its Hong Kong IPO, offering shares at HKD 26.20/share. The company focuses on hygiene products and we will...

Nicholas Tan

2025/2026 HK IPO: Cornerstone Investors That Matter

HK IPO: We studied 139 deals from 2025 to-date to build a quantifiable cornerstone-investor signal for future IPO participation.

Ke Yan, CFA, FRM

Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside

Softcare (2698 HK) raised US$307m in Hong Kong IPO, an international hygiene product corporation specializing in baby and feminine hygiene products.

Nicholas Tan

Softcare (2698 HK): Where Should It Be Traded?

Softcare's IPO price was fixed at HK$26.20, with positive responses. Fair value is HK$26.07-29.43, and limited upside is expected. Small free...

Osbert Tang, CFA

Pre-IPO Softcare (PHIP Updates) - Some Points Worth the Attention

Based on IPO pricing of HK$24.2-26.2, valuation is 20x PE based 2024 net profit and 21-23x PE based on 2025 forecast (US$90 million net profit),...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Softcare IPO Lockup - Shares Hovering Slightly over IPO Price

​Softcare (2698 HK) raised US$307m in its Hong Kong IPO, offering shares at HKD 26.20/share. The company focuses on hygiene products and we will...

Nicholas Tan

2025/2026 HK IPO: Cornerstone Investors That Matter

HK IPO: We studied 139 deals from 2025 to-date to build a quantifiable cornerstone-investor signal for future IPO participation.

Ke Yan, CFA, FRM

Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside

​Softcare (2698 HK) raised US$307m in Hong Kong IPO, an international hygiene product corporation specializing in baby and feminine hygiene products.

Nicholas Tan

Softcare (2698 HK): Where Should It Be Traded?

​Softcare's IPO price was fixed at HK$26.20, with positive responses. Fair value is HK$26.07-29.43, and limited upside is expected. Small free...

Osbert Tang, CFA

Pre-IPO Softcare (PHIP Updates) - Some Points Worth the Attention

Based on IPO pricing of HK$24.2-26.2, valuation is 20x PE based 2024 net profit and 21-23x PE based on 2025 forecast (US$90 million net profit),...

Xinyao (Criss) Wang

Softcare (2698 HK) raised US$307m in its Hong Kong IPO, offering shares at HKD 26.20/share. The company focuses on hygiene products and we will...

Softcare (2698 HK) raised US$307m in Hong Kong IPO, an international hygiene product corporation specializing in baby and feminine hygiene products.

Softcare's IPO price was fixed at HK$26.20, with positive responses. Fair value is HK$26.07-29.43, and limited upside is expected. Small free...