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 Bottom-Up

Solstice Advanced Materials / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> is a recent spin-off from legacy conglomerate <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell International (HON US)</a>. It <strong>sports a market capitalization of US$7.5bn and ADTV of US$226m.  </strong>
</li>
<li>It is a beneficiary of continued AI data center buildouts and owns the only domestic nuclear conversion site in the US.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>



Solstice Advanced Materials (SOLS US) is a recent spin-off from legacy conglomerate Honeywell International (HON US). It sports a market capitalization of US$7.5bn and ADTV of US$226m.  

It is a beneficiary of continued AI data center buildouts and owns the only domestic nuclear conversion site in the US.
In this note, we will talk about the company’s past performance and future prospects.


2026 High Conviction - Solstice Advanced Materials - Hidden AI and Nuclear Play

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Solstice Advanced Materials has moved from market speculation to a formal transaction after announcing an agreement to acquire Element Solutions (NYSE:ESI) in a cash-and-stock deal valued at about $14.5 billion, including assumed net debt.</li><li>The development follows reports that the two companies were discussing a “merger of equals” that could reshape the specialty chemicals and advanced materials landscape.</li><li>Under the announced terms, Element Solutions shareholders would receive $10 in cash plus 0.5 Solstice shares for each Element share, representing a 15% premium to the prior closing price and leaving Element holders with roughly 44% of the combined company.</li></ul>

Solstice Advanced Materials has moved from market speculation to a formal transaction after announcing an agreement to acquire Element Solutions (NYSE:ESI) in a cash-and-stock deal valued at about $14.5 billion, including assumed net debt.The development follows reports that the two companies were discussing a “merger of equals” that could reshape the specialty chemicals and advanced materials landscape.Under the announced terms, Element Solutions shareholders would receive $10 in cash plus 0.5 Solstice shares for each Element share, representing a 15% premium to the prior closing price and leaving Element holders with roughly 44% of the combined company.

Solstice’s $14.5 Billion Acquisition Element Bet Could Reshape Materials!

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Solstice Advanced Materials / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell International (HON US)</a> has completed the spin-off of <a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> began trading on Nasdaq on October 30, 2025.</li>
<li>Significant index implications across US and Global indices, both intra-quarter and at upcoming reviews.</li>
</ul>



Honeywell International (HON US) has completed the spin-off of Solstice Advanced Materials (SOLS US).

Solstice Advanced Materials (SOLS US) began trading on Nasdaq on October 30, 2025.
Significant index implications across US and Global indices, both intra-quarter and at upcoming reviews.


Honeywell Spins Off Solstice Advanced Materials: Significant Index Implications Triggered

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Based on prices and turnover from 17 July, there could be 5 additions and 1 deletion for the index in July. Plus there will be capping and float changes.</li>
<li>Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. There are many stocks with multiple days of ADV to trade.</li>
<li>The index is currently trading 34% below its highs but near a zone from where it has bounced in the past.</li>
</ul>


Based on prices and turnover from 17 July, there could be 5 additions and 1 deletion for the index in July. Plus there will be capping and float changes.
Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. There are many stocks with multiple days of ADV to trade.
The index is currently trading 34% below its highs but near a zone from where it has bounced in the past.


Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> and <a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime (CHYM US)</a> are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/figure-technology-solutions-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">Figure Technology Solutions (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.</li>
<li>
<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> is projected to migrate from All-World to SmallCap following its <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell</a> spinoff in October 2025.</li>
</ul>



CoreWeave (CRWV US) and Chime (CHYM US) are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.

Figure Technology Solutions (FIGR US) and Bullish US (BLSH US) are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.

Solstice Advanced Materials (SOLS US) is projected to migrate from All-World to SmallCap following its Honeywell spinoff in October 2025.


Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

United States

Solstice Advanced Materials is a leading specialty materials company that advances science to achieve smarter outcomes with high-performance solutions across refrigerants, semiconductor materials, protective fibers, healthcare packaging, and more. Backed by deep technical expertise across critical industries, we are recognized as a global market leader that partners with customers to solve complex challenges in high-value applications.

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Solstice Advanced Materials (SOLS US)

2026 High Conviction - Solstice Advanced Materials - Hidden AI and Nuclear Play

Solstice, a spin-off from Honeywell benefits from AI data center growth and owns the only US nuclear conversion site. Past performance and future...

Nicholas Tan

Solstice’s $14.5 Billion Acquisition Element Bet Could Reshape Materials!

Solstice Advanced Materials has moved from market speculation to a formal transaction after announcing an agreement to acquire Element Solutions...

Baptista Research

Honeywell Spins Off Solstice Advanced Materials: Significant Index Implications Triggered

Honeywell spins off Solstice Advanced Materials (SOLS US), now trading on Nasdaq. The move enables Solstice to focus on growth while triggering...

Harry Kalfas

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

There could be 5 adds and 1 delete for the index in July. Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. The index...

Brian Freitas

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

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2026 High Conviction - Solstice Advanced Materials - Hidden AI and Nuclear Play

​Solstice, a spin-off from Honeywell benefits from AI data center growth and owns the only US nuclear conversion site. Past performance and future...

Nicholas Tan

Solstice’s $14.5 Billion Acquisition Element Bet Could Reshape Materials!

Solstice Advanced Materials has moved from market speculation to a formal transaction after announcing an agreement to acquire Element Solutions...

Baptista Research

Honeywell Spins Off Solstice Advanced Materials: Significant Index Implications Triggered

Honeywell spins off Solstice Advanced Materials (SOLS US), now trading on Nasdaq. The move enables Solstice to focus on growth while triggering...

Harry Kalfas

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: 5 Adds, 1 Delete Possible

There could be 5 adds and 1 delete for the index in July. Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$840m. The index...

Brian Freitas

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

Solstice, a spin-off from Honeywell benefits from AI data center growth and owns the only US nuclear conversion site. Past performance and future...