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/xero-ltd" target="_blank" data-smartkarma-citation="entities:390:1" rel="noopener">Xero Ltd (XRO AU)</a>  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.</li>
<li>The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Xero Ltd (XRO AU)  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.
The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Virgin Australia Holdings / Equity Capital Markets

<ul>
<li>Bain Capital raised around US$440m via selling some of its stake in <a href="https://www.smartkarma.com/entities/virgin-australia-holdings-ltd" target="_blank" data-smartkarma-citation="entities:814:1" rel="noopener">Virgin Australia Holdings (VAH AU)</a>.</li>
<li>Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.</li>
<li>We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.


Virgin Australia IPO Trading - Flying into Oil and Recent Air Crash Headwinds

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> launched its IPO, while <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH)</a> has been pre-marketing.</li>
<li>On the placements front, there were a number of large deals acros the region, along with some large lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian Flavouring &amp; Food (603288 CH) launched its IPO, while Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) has been pre-marketing.
On the placements front, there were a number of large deals acros the region, along with some large lockup expiries.


ECM Weekly (16 June 2025) - Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

Dalrymple Bay Infrastructure L / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brookfield-asset-management-lt" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management Lt (BAM US)</a> aims to raise around US$278m via selling 23.3% of <a href="https://www.smartkarma.com/entities/dalrymple-bay-infrastructure-l" target="_blank" data-smartkarma-citation="entities:41235:1" rel="noopener">Dalrymple Bay Infrastructure L (DBI AU).</a>
</li>
<li>The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).

The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Dalrymple Bay Infra Placement - Good Track Record but Might Be Too Chunky

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/virgin-australia-holdings-ltd" target="_blank" data-smartkarma-citation="entities:814:1" rel="noopener">Virgin Australia Holdings (VGN AU)</a> is looking to raise A$685m in a secondary offering, valuing the company at A$2.27bn. The stock is expected to start trading on 24 June.</li>
<li>Bain Capital and management are escrowed on their shares till early 2026. There is no escrow for Qatar Airways, but they have indicated that their shareholding is strategic.</li>
<li>
<a href="https://www.smartkarma.com/entities/virgin-australia-holdings-ltd" target="_blank" data-smartkarma-citation="entities:814:1" rel="noopener">Virgin Australia Holdings (VGN AU)</a> could be added to the S&amp;P/ASX 300 Index in September and there could be global index inclusions in November and December.</li>
</ul>



Virgin Australia Holdings (VGN AU) is looking to raise A$685m in a secondary offering, valuing the company at A$2.27bn. The stock is expected to start trading on 24 June.
Bain Capital and management are escrowed on their shares till early 2026. There is no escrow for Qatar Airways, but they have indicated that their shareholding is strategic.

Virgin Australia Holdings (VGN AU) could be added to the S&amp;P/ASX 300 Index in September and there could be global index inclusions in November and December.


Virgin Australia (VGN AU): Touch & Go for Index Inclusion

Australia

Virgin Australia Holdings Limited is an Australian-based  full service airline providing domestic and international operations.

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Virgin Australia Holdings (VAH AU)

Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Ltd (XRO AU) plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.

Sumeet Singh

Virgin Australia IPO Trading - Flying into Oil and Recent Air Crash Headwinds

Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU). In this note, we talk about the trading...

Sumeet Singh

ECM Weekly (16 June 2025) - Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Dalrymple Bay Infra Placement - Good Track Record but Might Be Too Chunky

Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).

Sumeet Singh

Virgin Australia (VGN AU): Touch & Go for Index Inclusion

Bain Capital is looking to raise A$685m, valuing Virgin Straya at A$2.3bn. Float is close to 30%. ASX300 inclusion in Sep is likely while global...

Brian Freitas

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