Analysis of new equity issuance (IPOs, Placements)

Equity Capital Markets

Actionable bottom-up long/short Insights on equities

Equity Bottom-Up

Analysis of unicorns, and other large, disruptive private companies

Private Capital Markets

Thematic (Sector/Industry)

Analysis of corporate actions with a defined catalyst, such as M&As, spin-offs, demergers, and discount arbitrage (e.g., holdco, share-class)

Event-Driven

India

China

Hong Kong

Japan

Singapore

Indonesia

Malaysia

Butong Group offers investment holding services. The Company and its subsidiaries, provide premium nursery products designing, manufacturing, and selling services. Butong Group conducts business in Hong Kong.

UltraGreen.AI Private Limited operates as a surgical imaging technology development company. The Company develops indocyanine green fluorescence for injection, imaging system, quantification software, imaging software for visualization, and AR glasses. UltraGreen.AI serves health care sector in Singapore.

HUMAN MADE Inc. manufactures apparels. The Company produces and distributes men's clothing, women's garments, children's apparels, and other products. HUMAN MADE markets its products throughout Japan.

Tenneco Clean Air India Ltd (1880671D IN)

Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.

Northsand has posted strong topline momentum. A key driver has been the increasing customer base and revenue per customer. The company has also been able to retain/grow strong margin positions though OCF margins dipped slightly by 2 percentage points in 1H26. Nonetheless, with 1H26 results, Northsand looks likely to carry this strong growth in FY26.

Mininglamp Technology (formerly known as Leading Smart Holdings), is a data intelligence software provider in China, specializing in transforming enterprises’ marketing and operational decision-making through large model driven analytics and multimodal data integration.

Molbio Diagnostics Limited is looking to raise about US$229m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and Motilal.

Molbio Diagnostics is a healthcare technology company specializing in point-of-care molecular diagnostics. Its flagship product, the Truenat platform, is a portable, battery-operated PCR testing system used for the rapid detection of infectious and some non-communicable diseases. The company sells two main types of products: (1) hardware devices such as the Trueprep sample preparation unit and the Truelab PCR analyzers and (2) consumable test kits tailored to detect specific diseases. 

Truenat’s menu spans testing for more than 30 diseases, including tuberculosis, COVID-19, HIV, hepatitis B and C, HPV, malaria, and other infectious conditions. As of FY25, Molbio has deployed over 10,000 devices across more than 80 countries, though its revenue base remains primarily domestic, with ~80% of revenue from India and the remaining 20% from international markets such as Nigeria, Bangladesh, and Indonesia. The company operates five manufacturing facilities in India.

Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. While it provides full banking functionality through the Superbank app, the bulk of its growth is driven by deep integrations with major digital platforms such as Grab, OVO, Emtek, Singtel, and KakaoBank.

Industrials

Information Technology

Health Care

Consumer Discretionary

Financials

Real Estate

Materials

Communication Services

Consumer Staples

Energy

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.

Independent Insight Provider, Aequitas Research

Hong Jie Seow

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%.

Hong Jie Seow
Independent Insight Provider
• Aequitas Research

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