Equity Capital Markets

Weekly Top Ten Equity Capital Markets – Jan 19, 2025

By January 19, 2025 No Comments
This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Aequitas 2025 Asia IPO Pipeline – ASEAN, ANZ, ADRs

By Sumeet Singh, Aequitas Research

  • In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. 
  • This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
  • The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.

2. Aequitas 2025 Asia IPO Pipeline – Japan and South Korea

By Sumeet Singh, Aequitas Research

  • In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at Japan & Korea after having looked at HK & India.
  • This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
  • The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.

3. Murata Manufacturing Placement – Recent Momentum Isn’t Particularly Strong

By Sumeet Singh, Aequitas Research

  • A group of shareholders aim to raise around US$900m via selling around 3% of Murata Manufacturing (6981 JP), in another cross-shareholding selldown.
  • The company’s shares haven’t done much over the past few years and recent share price performance as well hasn’t been the best
  • In this note, we will talk about the placement and run the deal through our ECM framework.

4. ECM Weekly (13th Jan 2025) – LG CNS, Bloks, Guming, Crizac, Shift Up, Adani, Wuxi

By Sumeet Singh, Aequitas Research


5. Poor Performance Before UK Lawmakers Is SHEIN’s Latest Stumble on Journey To London (Or HK?) IPO

By Daniel Hellberg, Tracking Traffic

  • SHEIN’s general counsel frustrated UK lawmakers by refusing to answer certain questions
  • It’s the latest in a series of potential obstacles that could derail a planned London IPO
  • Add growing concerns over cotton supply chain & new threat from Amazon to existing risks

6. LG CNS IPO Book Building Results Analysis

By Douglas Kim, Douglas Research Advisory

  • LG CNS reported a successful IPO book building results analysis. The IPO price has been finalized at 61,900 won per share (high end of the IPO price range).
  • The demand ratio from the institutional investors was 114 to 1. At the IPO price of 61,900 won, the expected market cap will be 6 trillion won. 
  • According to our valuation analysis, it suggests a base case target price of 76,383 won per share, which represents a 23% upside from the IPO price of 61,900 won.

7. LG Electronics India Pre-IPO – The Positives – Well Known and Well Loved

By Sumeet Singh, Aequitas Research

  • LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. 
  • LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
  • In this note, we talk about the positive aspects of the deal.

8. Dongbang Medical IPO Preview

By Douglas Kim, Douglas Research Advisory

  • Dongbang Medical is getting ready to complete its IPO in Korea in February 2025. The IPO price range is from 9,000 won to 10,500 won. 
  • According to the bankers’ valuation, the expected market cap of the comps ranges from 191 billion won to 223 billion won.
  • Dongbang Medical specializes in the manufacturing and distribution of acupuncture needles, various cosmetic devices, and other medical devices. 

9. Chongqing Terminus Smart Technology Pre-IPO: Deteriorating Revenue and Losing Market Share

By Nicholas Tan, Aequitas Research

  • Chongqing Terminus (2471080D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO.
  • It operates in China’s public realm AIoT (Artificial Intelligence of Things) industry.
  • In this note, we look at the firm’s past performance.

10. Pre-IPO Jiangsu Hengrui Medicine – High Valuation Cannot Be Justified

By Xinyao (Criss) Wang

  • Hengrui plans to IPO in Hong Kong, but it hasn’t yet completed the business transformation from generic drugs to innovative drugs, and is still facing the negative impact of VBP.
  • The key point is whether the innovative drug business has sustained high enough growth rate to offset the decline in generic drug business so as to support the high valuation.
  • Hengrui is overvalued in A-Share. We think Hengrui’s valuation should be lower than that of BeiGene (6160 HK) and Hansoh Pharmaceutical Group (3692 HK) in Hong Kong stock market.