Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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

UACJ Corp. manufactures and sells aluminum products.  The line of products includes aluminum panels and parts for automobiles, aluminum sheets for circuit boards and home electric appliances, and aluminum building materials.

<ul>
<li>Furukawa Electric is looking to sell around US$128m of <a href="https://www.smartkarma.com/entities/uacj-corp" target="_blank" data-smartkarma-citation="entities:5330:1" rel="noopener">Uacj Corp (5741 JP.</a>
</li>
<li>The deal is a big one, representing 23.3 days of three months ADV and 5% of outstanding stock.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Furukawa Electric is looking to sell around US$128m of Uacj Corp (5741 JP.

The deal is a big one, representing 23.3 days of three months ADV and 5% of outstanding stock.
In this note, we will talk about the placement and run the deal through our ECM framework.


UACJ Placement: Lacklustre Financial Performance in Recent Period

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ultragreen-ai-private-limited" target="_blank" data-smartkarma-citation="entities:46023:1" rel="noopener">UltraGreen.AI (2594794D SP)</a> raised around US$400m in its Singapore IPO.</li>
<li>UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

MTT Shipping and Logistics / Equity Capital Markets

MTT Shipping and Logistics (MTT) is a Malaysian company engaged in the provision of container liner shipping, vessel chartering, container depot operations, and related logistics services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mtt-shipping-and-logistics" target="_blank" data-smartkarma-citation="entities:46071:1" rel="noopener">MTT Shipping and Logistics (1994098D MK)</a> is looking to raise about US$200m in its upcoming Malaysia IPO. The deal will be run by CIMB and CLSA.</li>
<li>MTT Shipping and Logistics (MTT) is a Malaysian company engaged in the provision of container liner shipping, vessel chartering, container depot operations, and related logistics services.</li>
<li>Through its subsidiaries, the Group operates an integrated shipping and logistics ecosystem that connects Peninsular Malaysia, East Malaysia, Brunei, and selected regional markets including China, India, Indonesia, Thailand, and Singapore.</li>
</ul>



MTT Shipping and Logistics (1994098D MK) is looking to raise about US$200m in its upcoming Malaysia IPO. The deal will be run by CIMB and CLSA.
MTT Shipping and Logistics (MTT) is a Malaysian company engaged in the provision of container liner shipping, vessel chartering, container depot operations, and related logistics services.
Through its subsidiaries, the Group operates an integrated shipping and logistics ecosystem that connects Peninsular Malaysia, East Malaysia, Brunei, and selected regional markets including China, India, Indonesia, Thailand, and Singapore.


MTT Shipping and Logistics Pre-IPO Tearsheet

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/superbank" target="_blank" data-smartkarma-citation="entities:46063:1" rel="noopener">Superbank (SUPA IJ)</a> aims to raise around US$184m in its Indonesia IPO.</li>
<li>Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.</li>
<li>In our previous note, we looked at its past performance. In this note, we will talk about valuations.</li>
</ul>



Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
In our previous note, we looked at its past performance. In this note, we will talk about valuations.


Superbank IPO: Superb Story, Decent Entry Point

<ul>
<li>
<a href="https://www.smartkarma.com/entities/superbank" target="_blank" data-smartkarma-citation="entities:46063:1" rel="noopener">Superbank (SUPA IJ)</a> aims to raise around US$184m in its Indonesia IPO.</li>
<li>Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability

Independent Insight Provider, 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%.