APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> is looking to raise up to US$922m in its global depository receipts (GDRs) offering.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Wistron Corp (3231 TT) is looking to raise up to US$922m in its global depository receipts (GDRs) offering.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Wistron GDR Offering - Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Wistron Corp (3231 TT) is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.
On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Wistron GDR Early Look - Riding the AI Server Boom Amid Macroeconomic Headwinds

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Honda-Nissan merger and Renault-Geely alliance shake up auto industry landscape, causing speculation and uncertainty.</li><li>AI technology leading to increased demand for edge computing and device upgrades due to affordable costs and improved efficiency.</li><li>Liquid-cooled fast charging technology set to revolutionize EV charging by 2025, allowing for ultrafast charging speeds. Tesla's India factory plans criticized by Trump. Grok 3 drives spike in AI server demand.</li></ul>

Honda-Nissan merger and Renault-Geely alliance shake up auto industry landscape, causing speculation and uncertainty.AI technology leading to increased demand for edge computing and device upgrades due to affordable costs and improved efficiency.Liquid-cooled fast charging technology set to revolutionize EV charging by 2025, allowing for ultrafast charging speeds. Tesla's India factory plans criticized by Trump. Grok 3 drives spike in AI server demand.

Tech Supply Chain Tracker (21-Feb-2025): Honda-Nissan merger drama as Renault strengthens ties.

<ul><li>GB200 NVL shipments expected to increase as KYEC boosts capital expenditure, impacting notebook shipments in November 2024.</li><li>Taiwan wafer foundry industry developments in 4Q 2024 to be discussed at TSMC investor meeting, focusing on company outlook and new US tariff policies.</li><li>South Korea's acceleration of Yongin semiconductor complex aims to establish global chip leadership, attracting key industry players amidst global semiconductor shifts and US-China chip sector investigation; Taiwan targets AI growth with SEMI's Indian Semiconductor Academy plan.</li></ul>

GB200 NVL shipments expected to increase as KYEC boosts capital expenditure, impacting notebook shipments in November 2024.Taiwan wafer foundry industry developments in 4Q 2024 to be discussed at TSMC investor meeting, focusing on company outlook and new US tariff policies.South Korea's acceleration of Yongin semiconductor complex aims to establish global chip leadership, attracting key industry players amidst global semiconductor shifts and US-China chip sector investigation; Taiwan targets AI growth with SEMI's Indian Semiconductor Academy plan.

Tech Supply Chain Tracker (31-Dec-2024): GB200 NVL shipments to rise with KYEC's capex boost.

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Taiwan Dell said "AI GPU shortage issue has been resolved. The lead time has been cut from 40 weeks by the end of 2023 to 8-12 weeks or less now.</li>
<li>We see this news short term positive but medium term negative to AI GPU supply chain vendors but need more information to confirm if this is an inflection point.</li>
<li>1. Taiwan Dell got priority supply? 2. Earlier overbooking over? 3. Lead time cut by supply upside? 4. Cooling company said the same; 5. Will lead time continue to shrink?</li>
</ul>


Taiwan Dell said "AI GPU shortage issue has been resolved. The lead time has been cut from 40 weeks by the end of 2023 to 8-12 weeks or less now.
We see this news short term positive but medium term negative to AI GPU supply chain vendors but need more information to confirm if this is an inflection point.
1. Taiwan Dell got priority supply? 2. Earlier overbooking over? 3. Lead time cut by supply upside? 4. Cooling company said the same; 5. Will lead time continue to shrink?


Early Sign of AI GPU Market Inflection Point?

Taiwan

Wistron Corporation manufactures and markets notebook computers, personal computers, and other related information products.

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Wistron Corp (3231 TT)

Wistron GDR Offering - Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

Wistron Corporation (Wistron) is looking to raise up to US$922m in its global depository receipts (GDRs) offering. In this note, we run the deal...

Akshat Shah

Wistron GDR Early Look - Riding the AI Server Boom Amid Macroeconomic Headwinds

Wistron Corporation is looking to raise up to US$760m in its upcoming GDRs offering. Wistron announced of its board’s approval to sell up to 250m...

Akshat Shah

Tech Supply Chain Tracker (21-Feb-2025): Honda-Nissan merger drama as Renault strengthens ties.

The auto industry is in flux with the Honda-Nissan merger drama, Renault-Geely alliance, and Trump's criticism of Tesla, while AI, edge computing,...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (31-Dec-2024): GB200 NVL shipments to rise with KYEC's capex boost.

November 2024 sees increasing GB200 NVL notebook shipments as Taiwan wafer foundry industry develops, TSMC investor meeting discusses new US tariff...

Tech Supply Chain Tracker

Early Sign of AI GPU Market Inflection Point?

Early Sign of AI GPU Market Inflection Point? We see this lead time cut news short term positive but long term negative to AI GPU supply chain...

Andrew Lu

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