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APAC IPOs & Placements

Zhen Zhou, Toh

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

<p><a href="https://www.smartkarma.com/entities/786" target="_blank" data-smartkarma-citation="entities:786:1">Altaba Inc (AABA US)</a> is looking to sell 750m <a href="https://www.smartkarma.com/entities/19603" target="_blank" data-smartkarma-citation="entities:19603:1">Yahoo Japan (4689 JP)</a> shares for about US$2.5bn. The placement has an unlimited upsize option and Altaba holds a total of 1,363.5m shares in Yahoo Japan, worth US$4.3bn based on a JPY360 share price.</p>
<p>The selldown by Altaba should not be a surprise to the market. However, based on our experience, Japan accelerated bookbuilds tend to perform poorly and break deal price in the short term. In fact, if we look back at the past few mega Japan placements that we have covered on Smartkarma, these deals are all extended deals which allows the selldown or dilution to be priced in during post-announcement trading period. The deal also scores poorly on our framework owing to the large deal size, poor track record, and weak price momentum.</p>

Altaba Inc (AABA US) is looking to sell 750m Yahoo Japan (4689 JP) shares for about US$2.5bn. The placement has an unlimited upsize option and Altaba holds a total of 1,363.5m shares in Yahoo Japan, worth US$4.3bn based on a JPY360 share price.
The selldown by Altaba should not be a surprise to the market. However, based on our experience, Japan accelerated bookbuilds tend to perform poorly and break deal price in the short term. In fact, if we look back at the past few mega Japan placements that we have covered on Smartkarma, these deals are all extended deals which allows the selldown or dilution to be priced in during post-announcement trading period. The deal also scores poorly on our framework owing to the large deal size, poor track record, and weak price momentum.

ヤフージャパンの株式公開 / アルタバの売却 - より長期的な時間枠、もしくは戦略的株主が必要

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ヤフージャパンの株式公開 / アルタバの売却 - より長期的な時間枠、もしくは戦略的株主が必要