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>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$175m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the not-so-positive aspects of the deal.


Integral Corporation Pre-IPO - The Negatives - Ambitious Indicative Pricing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$175m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the positive aspects of the deal.


Integral Corporation Pre-IPO - The Positives - Strong Track Record

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>TRYT’s shares started trading on TSE on 24th July. The IPO was priced at ¥1,200 per share and closed at ¥876 per share at the end of first day trading.</li>
<li>The company’s shares are currently trading at around ¥900 per share, at a 25% discount to <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">TRYT (9164 JP)</a> 's IPO price.</li>
<li>We recommended staying on the sidelines as the company’s IPO was overvalued and our DCF valuation suggests that shares are fairly valued at the current price.</li>
</ul>


TRYT’s shares started trading on TSE on 24th July. The IPO was priced at ¥1,200 per share and closed at ¥876 per share at the end of first day trading.
The company’s shares are currently trading at around ¥900 per share, at a 25% discount to TRYT (9164 JP) 's IPO price.
We recommended staying on the sidelines as the company’s IPO was overvalued and our DCF valuation suggests that shares are fairly valued at the current price.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> and  <a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (1547353D IN)</a> opened their respective IPO bookbuilds this week.</li>
<li>On the Placements front, India began picking up steam post-earnings seasons.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Concord Biotech Ltd (658823Z IN) and  SBFC Finance Limited (1547353D IN) opened their respective IPO bookbuilds this week.
On the Placements front, India began picking up steam post-earnings seasons.


ECM Weekly (6th August 2023) - Concord Biotech, SBFC Fin, Fadu, Mitsui Fudosan, Capitaland Ascott

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, the coming week will see <a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya-pt" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI listing.</a>
</li>
<li>Given that we are in the middle of earnings season, there were no new placements this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, the coming week will see Cinema XXI listing.

Given that we are in the middle of earnings season, there were no new placements this week.


ECM Weekly (30th July 2023) - Tryt, Genda, Cinema XXI, Abacus, Robosense, Qiniu, Muthoot, LianLian

Japan

TRYT Inc. offers provide human resources services for medical welfare institutions. The Company provides job placement, temporary staffing, direct recruiting, and other services. TRYT also supports the medical and welfare with information and communications technology solutions.

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TRYT (9164 JP)

Integral Corporation Pre-IPO - The Negatives - Ambitious Indicative Pricing

Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Integral Corporation Pre-IPO - The Positives - Strong Track Record

Integral Corporation, a private equity management company, is looking to raise around US$175m in its Japan IPO. In this note we talk about the...

Sumeet Singh

TRYT IPO: Down 25% and Upside Is Limited

TRYT's shares are down 25% from the IPO price. Though at a glance, it seems exciting that the above price drop could help gain on the Long Side,...

Shifara Samsudeen, FCMA, CGMA

ECM Weekly (6th August 2023) - Concord Biotech, SBFC Fin, Fadu, Mitsui Fudosan, Capitaland Ascott

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

ECM Weekly (30th July 2023) - Tryt, Genda, Cinema XXI, Abacus, Robosense, Qiniu, Muthoot, LianLian

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)