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>Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing.</li>
<li>VTAC is sponsored by Vertex Venture Holdings (VVH), a wholly owned subsidiary of Temasek. </li>
<li>In this tear sheet, we will talk about the deal background and structure.</li>
</ul>


Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing.
VTAC is sponsored by Vertex Venture Holdings (VVH), a wholly owned subsidiary of Temasek. 
In this tear sheet, we will talk about the deal background and structure.


Vertex Technology Acquisition Corporation Ltd Tear Sheet - Singapore’s First SPAC Listing

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Move Along, No Problems Here: DBS Group Holdings (DBS.SG) [DBS] participated in a competitor conference on January 10, 2022, suggesting that not an ounce of risk is on balance sheet; </li>
<li>
Digital Franchise: Management also focused on digital initiatives, including: DBS Digital Exchange; Digital Custody; and the Partior platform; and</li>
<li>
Deal Risk Remains High: There was no discussion by management of its headlong buying spree of some fairly spicy transactions. And they are not done.</li>
</ul>



Move Along, No Problems Here: DBS Group Holdings (DBS.SG) [DBS] participated in a competitor conference on January 10, 2022, suggesting that not an ounce of risk is on balance sheet; 

Digital Franchise: Management also focused on digital initiatives, including: DBS Digital Exchange; Digital Custody; and the Partior platform; and

Deal Risk Remains High: There was no discussion by management of its headlong buying spree of some fairly spicy transactions. And they are not done.


Digital Core REIT / Equity Capital Markets

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, raised around US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about trading dynamics and valuations.</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, raised around US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about trading dynamics and valuations.


Digital Core REIT IPO Trading - Strong Demand

Event-Driven

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about valuations and the lock-up release schedule.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about valuations and the lock-up release schedule.


Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about the recent updates since the company first reported its plans to list.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about the recent updates since the company first reported its plans to list.


Grab SPAC Listing - Still Firing on Only One Cylinder - Lit by Consumer Incentives

Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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UOB (UOB SP)

Vertex Technology Acquisition Corporation Ltd Tear Sheet - Singapore’s First SPAC Listing

Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing. VTAC is backed by Vertex,...

Sumeet Singh

DBS Group Holdings – Lots of Lipstick

DBS: DBS participated in a competitor conference, suggesting not an ounce of risk sits on balance sheet. There was no discussion of its headlong...

Thomas J. Monaco

Digital Core REIT IPO Trading - Strong Demand

Digital Core REIT (DCREIT), a data center REIT, raised US$600m in its Singapore IPO. In this note we will talk about the trading dynamics.

Sumeet Singh

Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

On 13th Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp at an equity val of US$39.6bn. In...

Sumeet Singh

Grab SPAC Listing - Still Firing on Only One Cylinder - Lit by Consumer Incentives

In Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of...

Sumeet Singh

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