Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. </li>
<li>Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.</li>
<li>We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.</li>
</ul>


PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. 
Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.
We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. The transaction will value PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn.We have looked at the company’s prior listing attempt when it tried to list in Australia in 2019. In this note, we will comment on the current listing arrangement.Link to our previous notes:<ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-powered-by-singapore-recharged-by-vietnam-but-dragged-down-by-others" target="_blank" rel="noopener">PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others</a></li>
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-sotp-leaves-one-well-short-of-the-low-end" target="_blank" rel="noopener">PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End</a></li>
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-agents-q-a-shows-its-stranglehold-in-s-pore-throws-up-some-interesting-nuggets" target="_blank" rel="noopener">PropertyGuru IPO - Agents Q&amp;A Shows Its Stranglehold in S’pore; Throws up Some Interesting Nuggets</a></li>
</ul>

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. The transaction will value PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn.We have looked at the company’s prior listing attempt when it tried to list in Australia in 2019. In this note, we will comment on the current listing arrangement.Link to our previous notes:
PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others
PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End
PropertyGuru IPO - Agents Q&amp;A Shows Its Stranglehold in S’pore; Throws up Some Interesting Nuggets


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Second Time Lucky - Some Food for Thought

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE: Xiaomi, AGL Energy, TOPIX's Big April Basket, Evergrande Auto

On the 29 March, Mortgage broker <a href="https://www.smartkarma.com/entities/mortgage-choice-ltd" target="_blank" data-smartkarma-citation="entities:10936:1" rel="noopener">Mortgage Choice (MOC AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02358216-2A1289623?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it had entered into a Scheme Implementation Agreement with <a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group Ltd (REA AU)</a>.
The Offer consideration of $1.95/share is a 66% premium to last close. An interim dividend of A$0.04/share announced on the 18 February and to be paid on the 15 April will also be added. The ex-date was the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02342822-2A1281136?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">25 February</a>.
MOC's directors unanimously recommend the Scheme. In addition, directors holding an aggregate of 12.7% out have confirmed they will vote in favour of the Scheme. 
Save for standard Scheme conditions and FIRB approval, the Scheme is not subject to due diligence or financing conditions.
This looks like a done deal.
More below the fold.

On the 29 March, Mortgage broker Mortgage Choice (MOC AU) announced it had entered into a Scheme Implementation Agreement with REA Group Ltd (REA AU).
The Offer consideration of $1.95/share is a 66% premium to last close. An interim dividend of A$0.04/share announced on the 18 February and to be paid on the 15 April will also be added. The ex-date was the 25 February.
MOC's directors unanimously recommend the Scheme. In addition, directors holding an aggregate of 12.7% out have confirmed they will vote in favour of the Scheme. 
Save for standard Scheme conditions and FIRB approval, the Scheme is not subject to due diligence or financing conditions.
This looks like a done deal.
More below the fold. 

Mortgage Choice (MOC AU): REA's Scheme Offer

Last Week in Event SPACE: JD.com, CNOOC, Coca Cola Amatil, Kunlun Energy, Honshu Chemical, Toa Oil

Australia

REA Group Limited provides online property listings, web development and internet related technology services to the real estate industry along with providing advertising services to Australian companies.  The Company also offers online real estate search services to the Australian public.

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REA Group Ltd (REA AU)

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru...

Sumeet Singh

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Second Time Lucky - Some Food for Thought

PropertyGuru and Bridgetown 2 announced, that they have merge to take PropertyGuru go public in the US. The transaction will value PropertyGuru at...

Sumeet Singh

Last Week in Event SPACE: Xiaomi, AGL Energy, TOPIX's Big April Basket, Evergrande Auto

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Mortgage Choice (MOC AU): REA's Scheme Offer

This has the support of the founder and in-the-money Spheria will arguably support the Scheme. I think the likelihood this Scheme necessitates a...

David Blennerhassett

Last Week in Event SPACE: JD.com, CNOOC, Coca Cola Amatil, Kunlun Energy, Honshu Chemical, Toa Oil

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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