Division 02

ECM Research

Live pricing commentary breaking down fresh IPOs, follow-on offerings, and bond issuances — tracking book-building momentum, pricing discounts, and secondary market performance.

Three Lenses of Coverage

Lens 01

The IPO Analysis

A research note on a live or recent IPO — analysing the issuer's business model, the pricing rationale, and whether the deal represents value for investors.

What It Covers

IPO pricing vs. comparable listed peers
Use of proceeds and balance sheet implications
Valuation — justified multiple vs. IPO price
Lockup expiry, float, and technical considerations
Post-IPO trading performance analysis

Lens 02

Debt Capital Markets Deep Dive

An analysis of a bond issuance, leveraged loan, or private credit transaction. Members look at the issuer's credit profile, the deal terms, and how the market absorbed the paper.

What It Covers

Issuer credit profile — leverage, coverage, and ratings
Coupon, maturity, and covenant structure
Yield at issuance vs. secondary market movement
Demand and orderbook dynamics
Relative value vs. comparable issuers in the sector

Lens 03

Capital Markets Activity Report

A periodic overview of ECM and DCM market activity — mapping issuance volumes, sector flows, and pricing trends across equity and debt capital markets.

What It Covers

IPO, follow-on, and SPAC issuance volumes and trends
Investment-grade vs. high-yield issuance split
Average pricing metrics and new issue concessions
Sector breakdown of equity and debt capital raises