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

WT Microelectronics / Equity Capital Markets

WT Microelectronics Co., Ltd. develops and markets integrated circuits (IC) products.  The Company's products include linear IC, applied IC, admixture semaphore IC, logic IC, image detecting IC, and memory IC.  Wintech acts as an agent for Texas Instruments, Fairchild, ST Microelectronics, Marvell, Wolfson, and Bowoon.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> (WT Micro) is looking to raise up to US$1bn in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.</li>
<li>In May 2026, WT Micro announced its board’s resolution to issue between 75-100m shares via a GDR offering, with proceeds earmarked to purchase overseas raw materials and repay bank loans.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



WT Microelectronics (3036 TT) (WT Micro) is looking to raise up to US$1bn in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
In May 2026, WT Micro announced its board’s resolution to issue between 75-100m shares via a GDR offering, with proceeds earmarked to purchase overseas raw materials and repay bank loans.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: WT Micro GDR Early Look - Revisiting the GDR Market Six Months Later Amid Strong Momentum

Meesho Limited operates as an online retailer. The Company retails apparels, jewelries, personal care, home and kitchen, footwear, bags, kids essentials, and electronics items at lower prices for resellers and consumers. Meesho serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a> raised about US$600m in its Dec 2025 India IPO. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire soon.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Meesho (MEESHO IN) raised about US$600m in its Dec 2025 India IPO. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire soon.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

CIG Shanghai engages in the research, development, production, and sale of information and communications technology products. Its offerings include telecommunications broadband terminals, wireless network equipment, smart home gateways, industrial hardware and software, and high-speed optical modules for home, enterprise, industrial, telecom, and data center applications. The company was founded in 2005 and is headquartered in Shanghai, China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a> is looking to raise around US$200m from a primary share placement.</li>
<li>CIG Shanghai Ltd is a provider of critical infrastructure components for the development of AI. Its portfolio includes high-speed optical transceivers, wireless and broadband access, carrier Ethernet, and edge computing.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



CIG Shanghai (6166 HK) is looking to raise around US$200m from a primary share placement.
CIG Shanghai Ltd is a provider of critical infrastructure components for the development of AI. Its portfolio includes high-speed optical transceivers, wireless and broadband access, carrier Ethernet, and edge computing.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: CIG Shanghai Placement - Raising Seems Very Opportunistic but Recent Momentum Is Strong

Public Bank Berhad provides a range of banking and financial services which include leasing and factoring, stock and futures broking, financing for the purchase of licensed public vehicles, and other financial services. The Group's overseas operations include branches in Hong Kong, Sri Lanka, Laos, Cambodia, and Vietnam.

<ul>
<li>Founders, Teh Holdings (via LPI Capital and Lonpac Insurance) are looking to sell around a 1.1% stake in <a href="https://www.smartkarma.com/entities/public-bank-berhad" target="_blank" data-smartkarma-citation="entities:583:1" rel="noopener">Public Bank (PBK MK)</a> to raise upto US$264m via a secondary selldown.</li>
<li>Public Bank BHD is one of Malaysia’s largest retail-focused banking groups, providing consumer, SME, commercial, Islamic, investment banking, asset management and insurance services across Malaysia and selected ASEAN markets.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Founders, Teh Holdings (via LPI Capital and Lonpac Insurance) are looking to sell around a 1.1% stake in Public Bank (PBK MK) to raise upto US$264m via a secondary selldown.
Public Bank BHD is one of Malaysia’s largest retail-focused banking groups, providing consumer, SME, commercial, Islamic, investment banking, asset management and insurance services across Malaysia and selected ASEAN markets.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Public Bank BHD Placement - Another Selldown by Founders Amid Mixed Earnings Momentum

Powerchip Semiconductor Manufa / Equity Capital Markets

Powerchip Semiconductor Manufacturing Corporation develops, manufactures, and distirbutes advanced memory components. The Company produces power integrated circuits, discrete components, image sensors, integrated memory chips and other products. Powerchip Semiconductor Manufacturing conducts businesses across worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/powerchip-semiconductor-manufa" target="_blank" data-smartkarma-citation="entities:35299:1" rel="noopener">Powerchip Semiconductor Manufacturing (6770 TT)</a> is looking to raise around US$800m in its upcoming global depository receipts (GDR) offering.</li>
<li>Powerchip Semiconductor Manufacturing (PSMC) is a Taiwanese semiconductor foundry focused on memory chips, specialty DRAM and wafer fabrication services for logic and mixed-signal ICs.</li>
<li>Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Powerchip Semiconductor Manufacturing (6770 TT) is looking to raise around US$800m in its upcoming global depository receipts (GDR) offering.
Powerchip Semiconductor Manufacturing (PSMC) is a Taiwanese semiconductor foundry focused on memory chips, specialty DRAM and wafer fabrication services for logic and mixed-signal ICs.
Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Powerchip Semiconductor Manufacturing GDR Early Look - Well Flagged US$800m GDR Offering

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

Aequitas: WT Micro GDR Early Look - Revisiting the GDR Market Six Months Later Amid Strong Momentum

WT Microelectronics (WT Micro) is looking to raise up to US$1bn in its upcoming global depository receipts (GDRs) offering. The firm is also...

Akshat Shah

Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

Meesho Ltd raised about US$600m in its India IPO in Dec 2025. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire...

Akshat Shah

Aequitas: CIG Shanghai Placement - Raising Seems Very Opportunistic but Recent Momentum Is Strong

CIG Shanghai Ltd (6166.HK) is looking to raise around US$200m from a primary share placement. In this note we talk about the deal dynamics and run...

Akshat Shah

Aequitas: Public Bank BHD Placement - Another Selldown by Founders Amid Mixed Earnings Momentum

Founders, Teh Holdings (via LPI Capital and Lonpac Insurance) are looking to sell around a 1.1% stake in Public Bank BHD (PBK.MK) to raise up to...

Akshat Shah

Aequitas: Powerchip Semiconductor Manufacturing GDR Early Look - Well Flagged US$800m GDR Offering

Powerchip Semiconductor Manufacturing (6770.TT) is looking to raise around US$800m in its upcoming GDR offering. On 28th Apr'26, it announced its...

Akshat Shah