In today’s briefing:
- NTT DC REIT IPO: Trading Debut
- ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD
- NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help
- NSDL IPO: The Bear Case
- Baige Online Digital Technology – The Business Model and the Risks Behind
NTT DC REIT IPO: Trading Debut
- NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.
- I discussed the listing in NTT DC REIT IPO: The Investment Case and NTT DC REIT IPO: Valuation Insights.
- NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers’ multiples and yields.
ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD
- 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, the previous week was another busy week for listings, with mixed results.
- On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).
NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help
- NTT DC REIT (NTTDCR SP), a data center REIT, raised around US$772m in its Singapore IPO.
- The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
- We have looked at the past performance in our earlier notes. In this note, we will talk about the trading dynamics.
NSDL IPO: The Bear Case
- National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
- In NSDL IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
- The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.
Baige Online Digital Technology – The Business Model and the Risks Behind
- Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.
- High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of “disintermediation” in the industry is becoming increasingly evident.
- The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.
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