APAC IPOs & Placements

Zhen Zhou, Toh

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

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Hong Kong IPOs' performance was mixed this week. ESR Cayman (1821 HK)'s struggled to hold above its IPO price after an strong debut while Changsha Broad Homes (2163 HK), which just got listed on Wednesday, is already trading 7% below its IPO price. On the other hand, Shanghai Kindly Instrument-H (1501 HK) closed 29% above its IPO price on the first day of trading.
Next week, Sinomab Bioscience Ltd (3681 HK) and China Feihe (6186 HK) will listed on the 12th and 13th of November respectively. Pharmaron IPO has been approved and filed its PHIP while Heaven-Sent Gold Group has already launched its IPO bookbuild. Ke Yan, CFA, FRM share his thoughts on valuation for both IPOs in:


Heaven-Sent Gold (硅谷天堂黄金) IPO: An OTM Option 

Pharmaron (康龙化成) A+H Listing: 3Q2019 Numbers and Thoughts on Valuation 

China ADRs listings have been pushing through with their IPOs at lower valuation as seen from Ecmoho (MOHO US), 36Kr Holdings (1753455D US)  and Q&amp;K International (QK US)'s much smaller deal size than initially filed. This doesn't bode well for new IPO filings like YX Asset Recovery (YX US), which we hear is premarketing for its IPO, Phoenix Tree, I-Mab, Ehang and etc.


Phoenix Tree (Danke) Pre-IPO - Another WeWork - Nothing Is Improving Apart from Revenue 

I-Mab (天境生物) Pre-IPO: Strong Management and Investor Backing with Differentiated Products 

In other markets, we are also hearing that Bangkok Commercial Asset Management (BAM) is starting its premarketing this month after getting regulatory approval for the IPO in October. There were also reports that Sri Trang Gloves will look to IPO in 1H 2020. 
In Australia, despite the setbacks, Tyro Payments (TYRO AU)'s IPO is looking promising so far as Sumeet Singh analyzed the company's business model and track record in:

Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate 
Accuracy Rate:Our overall accuracy rate is 72.7% for IPOs and 64.8% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Burger King India (India, ~US$150m)
Liwayway (Global) Company (Hong Kong, ~US$100m)
Renrui Human Resources (Hong Kong, re-filed)
Beijing Enterprises Urban Resources (Hong Kong, re-filed)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.News on Upcoming IPOs  

Alibaba Start Pre-IPO Road Shows in Hong Kong Next Week
Burger King India files papers for IPO
Philippine electronics maker Cal-Comp defers $210m IPO again
China Considers Up to $10 Billion Stake in Saudi State Oil Giant’s IPO
China’s Megvii Considers Delaying IPO on Blacklist Concerns
TikTok IPO no longer music to investors' ears
Indonesia's Lion Air targets up to $1bn IPO in 1Q20
Analysis on Upcoming IPOs  


Phoenix Tree (Danke) Pre-IPO - Another WeWork - Nothing Is Improving Apart from Revenue 

I-Mab (天境生物) Pre-IPO: Strong Mgmt &amp; Investor Backing with Differentiated Products 

Pharmaron (康龙化成) A+H Listing: 3Q2019 Numbers and Thoughts on Valuation 

Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate 

Heaven-Sent Gold (硅谷天堂黄金) IPO: An OTM Option 


Name
Insight

Hong Kong

Alibaba
Alibaba IPO/Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing ​


Alphamab
Alphamab (康宁杰瑞) IPO: Strong R&amp;D Capability and Innovative Platforms 


Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


Helenbergh
Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions


Home Credit
Home Credit Pre-IPO (Part I) - The Positives - Lots to Like 


Home Credit
Home Credit Pre-IPO (Part II) - The Negatives - A Lot More to Dislike 


Home Credit
Home Credit Pre-IPO - Bigger but Not Necessarily Better than Peers 


Home Credit
Home Credit Pre-IPO - Thoughts on Valuation and the Curious Case of Expanding Equity Base 


Huali
Huali University (华立大学) IPO Early Thoughts - Risks Abound 


Innocare
InnoCare (诺诚健华) Pre-IPO: A Decent Team but Short of Clinical Stage Candidates 


Jiumaojiu
Jiumaojiu (九毛九) Pre-IPO Early Thoughts - New Brand Driving Growth 


Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


Pharmaron

Pharmaron (康龙化成) A+H Listing: A Leading Drug Discovery Company 


Pharmaron

Pharmaron (康龙化成) A+H Listing: 3Q2019 Numbers and Thoughts on Valuation 


Poly Prp

Poly Property Development (保利物业发展) IPO Early Thoughts - Well-Rounded Company 


Renrui
Renrui Human Resources (人瑞人才) Pre-IPO Review - Riding on China's Unicorns 


SinoMab
SinoMab (中国抗体): Pipeline Concentrated on Autoimmune Therapy 


Smoore
Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology 


Smoore
Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


Venus

Venus Medtech (启明医疗) IPO: Has the Elements for a Hot Healthcare Deal 


Venus

Venus Medtech (启明医疗) IPO: Technical Comparison of VenusA-Valve and Peers 

India

ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Aakash Edu
Aakash Education Pre-IPO - Fast Growth in an Attractive Sector


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotels
Bharat Hotels Pre-IPO - Catching up with Peers 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Ujjivan

Ujjivan Small Finance Bank Pre-IPO - Shouldn't Be Forced to List 

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food

The U.S

CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent


FangDD

FangDD (房多多) IPO: Reminiscence of SFUN? 


Huize

Huize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business 


I-Mab

I-Mab (天境生物) Pre-IPO: Strong Management and Investor Backing with Differentiated Products 


Meten
Meten International Edu (美联国际教育) Early Thoughts - Unclear Strategies


Phoenix Tree

Phoenix Tree (Danke) Pre-IPO - Another WeWork - Nothing Is Improving Apart from Revenue 


Q&amp;K

Q&amp;K Intl (青客) IPO: Yet Another WeWork Model that Will Not Work 

Australia

Tyro 

Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate 



ECM Weekly (9 Nov 2019) - Phoenix Tree, I-Mab, Tyro Payments, Pharmaron, Heaven-Sent

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Tyro Payments (Tyro) plans to raise around US$200-300m in its Australia listing. The company is backed by some strong investors including Tiger Global and Mike Cannon-Brookes, who is the co-founder of <a href="https://www.smartkarma.com/entities/atlassian-corp-plc" target="_blank" data-smartkarma-citation="entities:21026:1" rel="noopener">Atlassian Corp (TEAM US)</a>.Tyro is Australia’s fifth largest EFTPOS provider serving small-to-medium enterprises (SMEs) with payment solutions. In FY19 (year-end Jun 2019), Tyro processed A$17.5bn worth of transactions for 29,031 merchants. The company mainly earns its revenue by charging the merchants who use its EFTPOS terminals.Tyro has an uninterrupted track record of strong growth since inception. It also seems to be gaining ground on the big four even though it still has some way to go. Its recent banking foray appears promising and could be a growth driver over the mid to long-term.

Tyro Payments (Tyro) plans to raise around US$200-300m in its Australia listing. The company is backed by some strong investors including Tiger Global and Mike Cannon-Brookes, who is the co-founder of Atlassian Corp (TEAM US).Tyro is Australia’s fifth largest EFTPOS provider serving small-to-medium enterprises (SMEs) with payment solutions. In FY19 (year-end Jun 2019), Tyro processed A$17.5bn worth of transactions for 29,031 merchants. The company mainly earns its revenue by charging the merchants who use its EFTPOS terminals.Tyro has an uninterrupted track record of strong growth since inception. It also seems to be gaining ground on the big four even though it still has some way to go. Its recent banking foray appears promising and could be a growth driver over the mid to long-term.

Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate

Australia

Tyro Payments provides transaction processes. The Company offers payment solutions such as bank account, loans, and security activities. Tyro Payments serves customers in Australia.

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Tyro Payments (TYR AU)

ECM Weekly (9 Nov 2019) - Phoenix Tree, I-Mab, Tyro Payments, Pharmaron, Heaven-Sent

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

Zhen Zhou, Toh

Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate

Tyro Payments (Tyro) plans to raise around US$200-300m in its Australia listing. The company is backed by some strong investors including Tiger...

Sumeet Singh

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