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/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a>  (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>We have looked at the company’s past performance and valuations, in our earlier notes. In this note we talk about the trading dynamics.</li>
</ul>



UI Boustead REIT (UIBREIT SP)  (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
We have looked at the company’s past performance and valuations, in our earlier notes. In this note we talk about the trading dynamics.


Aequitas: UI Boustead REIT IPO Trading - Decent Yield, Though Peers Have Been Correcting

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a> invests in logistics, industrial, Hi-Specs industrial, and business space assets. It has launched an SGX IPO to raise proceeds of US$764 million.</li>
<li>I previously discussed the listing in <em><strong><a href="https://www.smartkarma.com/insights/ui-boustead-reit-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:225515" rel="noopener">UI Boustead REIT IPO: The Investment Case</a></strong></em>. </li>
<li>In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers' multiples and yields.</li>
</ul>



UI Boustead REIT (UIBREIT SP) invests in logistics, industrial, Hi-Specs industrial, and business space assets. It has launched an SGX IPO to raise proceeds of US$764 million.
I previously discussed the listing in UI Boustead REIT IPO: The Investment Case. 
In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers' multiples and yields.


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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a> could raise up to US$803m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 12 March.</li>
<li>Cornerstone investors will own 31.4% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 19%/15% depending on whether overallotment is exercised.</li>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a> should be added to the smallcap segment of global indices in August and September while inclusion in local indices will take a lot longer.</li>
</ul>



UI Boustead REIT (UIBREIT SP) could raise up to US$803m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 12 March.
Cornerstone investors will own 31.4% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 19%/15% depending on whether overallotment is exercised.

UI Boustead REIT (UIBREIT SP) should be added to the smallcap segment of global indices in August and September while inclusion in local indices will take a lot longer.


UI Boustead REIT IPO: Global Index Inclusions Later This Year; Kicker Needs Audited Results

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a> invests in logistics, industrial, Hi-Specs industrial, and business space assets. It has launched an SGX IPO to raise proceeds up to US$770 million. </li>
<li>The portfolio will comprise 23 Properties – with 21 leasehold Singapore Properties and two freehold Japan Properties. </li>
<li>UI Boustead REIT offers an attractive value proposition, driven by a diversified portfolio, high occupancy rates, long portfolio WALE, growth opportunities, and debt headroom.</li>
</ul>



UI Boustead REIT (UIBREIT SP) invests in logistics, industrial, Hi-Specs industrial, and business space assets. It has launched an SGX IPO to raise proceeds up to US$770 million. 
The portfolio will comprise 23 Properties – with 21 leasehold Singapore Properties and two freehold Japan Properties. 
UI Boustead REIT offers an attractive value proposition, driven by a diversified portfolio, high occupancy rates, long portfolio WALE, growth opportunities, and debt headroom.


UI Boustead REIT IPO: The Investment Case

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.

Equity Bottom-Up

<ul><li>Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.</li><li>Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.</li><li>UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.</li></ul>

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.

Net Institutional Inflow Reversals into Late September

Singapore

UI Boustead REIT is a Singapore-listed real estate investment trust that invests in logistics, industrial, high-specifications industrial, and business space assets across the Asia Pacific, with an initial focus on Singapore and Japan. Its initial portfolio comprises 23 properties with approximately 5.9 million square feet of gross floor area. The company was constituted on July 3, 2025, and is headquartered in Singapore.

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UI Boustead (UIBREIT SP)

Aequitas: UI Boustead REIT IPO Trading - Decent Yield, Though Peers Have Been Correcting

UI Boustead REIT (UIBREIT SP) (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO. In this note, we talk about...

Sumeet Singh

UI Boustead REIT IPO: Valuation Insights

UI Boustead REIT has launched an SGX IPO to raise proceeds of US$764 million. The valuation analysis suggests that the IPO price is attractive in...

Arun George

UI Boustead REIT IPO: Global Index Inclusions Later This Year; Kicker Needs Audited Results

UI Boustead REIT could raise up to US$803m in its IPO if the greenshoe is exercised, valuing the REIT at US$944m. Global index inclusions will come...

Brian Freitas

UI Boustead REIT IPO: The Investment Case

UI Boustead REIT has launched an SGX IPO to raise up to US$770 million in proceeds. In this note, I discuss the investment case.

Arun George

Net Institutional Inflow Reversals into Late September

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September. Yangzijiang...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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