Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Budweiser Brewing Company APAC IPO - Quick Recap of Peripheral Trades

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Budweiser Brewing Company APAC IPO (Cancelled) - Quick Trades on the Not so Subtle Butterfly Effect

Budweiser Brewing Company APAC IPO - Looks Reasonable at the Low End. It Should Go into MSCI, Early.

Budweiser Brewing APAC IPO - Valuation Corrigendum, Index Inclusion Timeline and Quick Take on M&A

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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

Budweiser Brewing  APAC  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing Company APAC (1876 HK)</a> (BUDAPAC) refiled its PHIP today with an aim of launching a US$5bn IPO as soon as next week, as per media reports. 
The reported size of the renewed IPO is nearly half that of the earlier offering. The company bravely called off its past attempt only to turn around and show investors that it didn't need to compromise on valuations.  Since the cancellation of its previous attempt on 13th Jul, BUDAPAC divested its Australia business to <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a> on 19th Jul, thus, the parent has a less urgent need for cash now. However, given that the company has already tried but failed to list, this will probably be the final attempt, at least in the near term, which means it's more critical for the company to list than it is for investors to participate. 
In this insight, I'll talk about the above scenario and I'll cover the updates from the refiled PHIP. I've written a number of insights on the deal, links to which are below. 
<hr>
Links to my earlier insights:
<ul>
<li>A brief history: <a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-a-brief-history-of-the-asia-pacific-operations-eeking-out-growth-in-china" target="_blank" rel="noopener">Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China</a>
</li>
<li>Comparison with peers: <a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-quick-note-more-like-cr-beer-rather-than-tsingtao" target="_blank" rel="noopener">Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao</a>
</li>
<li>2018 and 1Q19 performance updates: <a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-on-its-way-to-potentially-being-the-biggest-hk-ipo-this-year" target="_blank" rel="noopener">Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year</a>
</li>
<li>Analysis of the application proof: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-it-will-be-a-us-5bn-raise-owing-to-its-clean-balance-sheet" target="_blank" rel="noopener">Budweiser Brewing Company APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet</a>
</li>
<li>Country performance and updated peer comparison: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-limited-pre-ipo-country-performance-and-updated-peer-comparison" target="_blank" rel="noopener">Budweiser Brewing Company APAC Limited Pre-IPO - Country Performance and Updated Peer Comparison</a>
</li>
<li>Valuation analysis: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-refining-valuation-for-the-diverging-growth-prospects" target="_blank" rel="noopener">Budweiser Brewing Company APAC Pre-IPO - Refining Valuation for the Diverging Growth Prospects</a>
</li>
<li>Index impact: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-quick-take-on-likely-index-impact" target="_blank" rel="noopener">Budweiser Brewing Company APAC Pre-IPO - Quick Take on Likely Index Impact</a>
</li>
<li>PHIP updates: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-phip-updates-further-indicate-the-need-for-split-valuations" target="_blank" rel="noopener">Budweiser Brewing Company APAC Pre-IPO - PHIP Updates Further Indicate the Need for Split Valuations</a>
</li>
<li>Valuations: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-ipo-looks-reasonable-at-the-low-end-it-should-go-into-msci-early" target="_blank" rel="noopener">Budweiser Brewing Company APAC IPO - Looks Reasonable at the Low End. It Should Go into MSCI, Early</a>
</li>
<li>Index inclusion timeline and quick thoughts on M&amp;A possibilities: <a href="https://www.smartkarma.com/insights/budweiser-brewing-apac-ipo-valuation-corrigendum-index-inclusion-timeline-and-quick-take-on-m-a" target="_blank" rel="noopener">Budweiser Brewing APAC IPO - Valuation Corrigendum, Index Inclusion Timeline and Quick Take on M&amp;A</a>
</li>
<li>Impact of the IPO cancellation on some of the listed names: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-ipo-cancelled-quick-trades-on-the-not-so-subtle-butterfly-effect" target="_blank" rel="noopener">Budweiser Brewing Company APAC IPO (Cancelled) - Quick Trades on the Not so Subtle Butterfly Effect</a>
</li>
</ul>

Budweiser Brewing Company APAC (1876 HK) (BUDAPAC) refiled its PHIP today with an aim of launching a US$5bn IPO as soon as next week, as per media reports. 
The reported size of the renewed IPO is nearly half that of the earlier offering. The company bravely called off its past attempt only to turn around and show investors that it didn't need to compromise on valuations.  Since the cancellation of its previous attempt on 13th Jul, BUDAPAC divested its Australia business to Asahi Group Holdings (2502 JP) on 19th Jul, thus, the parent has a less urgent need for cash now. However, given that the company has already tried but failed to list, this will probably be the final attempt, at least in the near term, which means it's more critical for the company to list than it is for investors to participate. 
In this insight, I'll talk about the above scenario and I'll cover the updates from the refiled PHIP. I've written a number of insights on the deal, links to which are below. 

Links to my earlier insights:

A brief history: Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China

Comparison with peers: Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao

2018 and 1Q19 performance updates: Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year

Analysis of the application proof: Budweiser Brewing Company APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet

Country performance and updated peer comparison: Budweiser Brewing Company APAC Limited Pre-IPO - Country Performance and Updated Peer Comparison

Valuation analysis: Budweiser Brewing Company APAC Pre-IPO - Refining Valuation for the Diverging Growth Prospects

Index impact: Budweiser Brewing Company APAC Pre-IPO - Quick Take on Likely Index Impact

PHIP updates: Budweiser Brewing Company APAC Pre-IPO - PHIP Updates Further Indicate the Need for Split Valuations

Valuations: Budweiser Brewing Company APAC IPO - Looks Reasonable at the Low End. It Should Go into MSCI, Early

Index inclusion timeline and quick thoughts on M&amp;A possibilities: Budweiser Brewing APAC IPO - Valuation Corrigendum, Index Inclusion Timeline and Quick Take on M&amp;A

Impact of the IPO cancellation on some of the listed names: Budweiser Brewing Company APAC IPO (Cancelled) - Quick Trades on the Not so Subtle Butterfly Effect



Budweiser Brewing Company APAC IPO - PHIP Updates - Last Call for Happy Hour