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

IFBH Limited manufactures and distributes beverage. The Company mainly provides coconut water-related beverage. IFBH markets its products across worldwide.

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<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IFBH (6603 HK) raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. 
In this note, we will talk about the lockup dynamics and possible placement.


IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

Equity Bottom-Up

KEI Industries Limited manufactures cables and stainless steel wires for the building and construction, defense, telecommunications, and other industries.

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<a href="https://www.smartkarma.com/entities/kei-industries-ltd" target="_blank" data-smartkarma-citation="entities:6711:1" rel="noopener">KEI Industries (KEII IN)</a> is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.</li>
<li>It operates in three segments- Cable and wire (C&amp;W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.</li>
<li>It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>



KEI Industries (KEII IN) is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.
It operates in three segments- Cable and wire (C&amp;W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.
It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.


2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

NS Group, Inc. offers financial services. The Company provides rent debt guarantee, collection agency, and other services. NS Group conducts businesses throughout Japan.

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<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>It raised around US$220m in its Japan IPO via an entirely secondary offering.</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
It raised around US$220m in its Japan IPO via an entirely secondary offering.
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


NS Group IPO Trading- Decent Institutional Demand

CiDi is a leading provider of autonomous driving technology for commercial vehicles in China with a focus on research and development of autonomous mining and logistics trucks, V2X technologies and high-performance perception solutions.

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<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK) </a>is looking to raise about US$183m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


CiDi IPO - Peer Comp and Thoughts on Valuation

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<li>
<a href="https://www.smartkarma.com/entities/lung-fung-group" target="_blank" data-smartkarma-citation="entities:46142:1" rel="noopener">Lung Fung Group (LFG HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.</li>
<li>LFG is a Hong Kong-based department store chain retailing a wide variety of pharmaceutical products, health products, beauty products and other consumer goods.</li>
<li>According to Frost &amp; Sullivan in 2024, LFG was the largest pharmaceutical product retailer by retail sales value in Hong Kong, with a 5.2% market share.</li>
</ul>



Lung Fung Group (LFG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.
LFG is a Hong Kong-based department store chain retailing a wide variety of pharmaceutical products, health products, beauty products and other consumer goods.
According to Frost &amp; Sullivan in 2024, LFG was the largest pharmaceutical product retailer by retail sales value in Hong Kong, with a 5.2% market share.


Lung Fung Group Holdings Ltd Pre-IPO Tearsheet

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%.

Akshat Shah
APAC IPOs & Placements
• Aequitas Research

IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

IFBH Ltd raised around US$169m from its Hong Kong IPO in June 2025. The lockup on its cornerstone and pre-IPO investors is set to expire soon.

Akshat Shah

2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

KEI Industries is a leading Indian manufacturer of electrical wires and cables with a global presence, offering comprehensive power cable solutions...

Akshat Shah

NS Group IPO Trading- Decent Institutional Demand

NS Group raised around US$220m in its Japan IPO via an entirely secondary offering. In this note, we take a look at the trading dynamics.

Akshat Shah

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

Lung Fung Group Holdings Ltd Pre-IPO Tearsheet

Lung Fung Group Holdings Ltd (LFG) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.

Akshat Shah