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.

Equity Capital Markets

<ul>
<li>PAG aims to raise around US$2bn via its Hong Kong IPO.</li>
<li>PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


PAG aims to raise around US$2bn via its Hong Kong IPO.
PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.
In this note, we will talk about the positive aspects of the deal.


PAG Pre-IPO - The Positives - Past Record Has Been Decent

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Global Business Travel Group I / Equity Capital Markets

<ul>
<li>When American Express Global Business Travel announced that it was going public through a SPAC merger with Apollo Global Management at $5.3 billion, the industry was split</li>
<li>While some lauded the move as a way to capitalize on the rebound in travel &amp; industry consolidation, others questioned the timing of the deal and the long-term outlook of the market</li>
<li>With so many uncertainties surrounding the future of work, new waves of the pandemic, and general business outlook, enthusiasm about the deal is muted</li>
</ul>


When American Express Global Business Travel announced that it was going public through a SPAC merger with Apollo Global Management at $5.3 billion, the industry was split
While some lauded the move as a way to capitalize on the rebound in travel &amp; industry consolidation, others questioned the timing of the deal and the long-term outlook of the market
With so many uncertainties surrounding the future of work, new waves of the pandemic, and general business outlook, enthusiasm about the deal is muted


This Deal Will Reshape The Future of Corporate Travel

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Apollo approached educational conglomerate <a href="https://www.smartkarma.com/entities/pearson-plc" target="_blank" data-smartkarma-citation="entities:680:1" rel="noopener">Pearson Plc (PSON LN)</a> regarding a 854.2p prospective offer for 100%, rejected by the Board. Value creation should come from further divesting businesses. <strong>PUSU deadline</strong> is <strong>8 April</strong>. </li>
<li>Cevian, top shareholder, has a 10.24% stake, and bargaining power (it could prevent a delisting). Using DCF, base-case TP is 742p, best case is 834p. Comps-based valuation is 815p.</li>
<li>The market's gone beyond initial doubts, shares closed at 827.6p on 15 March (3.3% gross spread), betting Apollo will succeed (probably raising the offer). The CDS market already believed it.</li>
</ul>


Apollo approached educational conglomerate Pearson Plc (PSON LN) regarding a 854.2p prospective offer for 100%, rejected by the Board. Value creation should come from further divesting businesses. PUSU deadline is 8 April. 
Cevian, top shareholder, has a 10.24% stake, and bargaining power (it could prevent a delisting). Using DCF, base-case TP is 742p, best case is 834p. Comps-based valuation is 815p.
The market's gone beyond initial doubts, shares closed at 827.6p on 15 March (3.3% gross spread), betting Apollo will succeed (probably raising the offer). The CDS market already believed it.


<ul>
<li>My €1.45/share long recommendation was based on the possibility of a sweetened offer that did not finally happen. Apollo has cannily been buying shares in the market to ensure success.</li>
<li>Since the transaction announcement Apollo has been adamant in its intention to delist Reno de Medici. Upon publication of the final results, Apollo owns 95.780% of the voting rights. </li>
<li>The squeeze-out procedure will be carried out on 29 December and the shares delisted from Milan and the Spanish Stock Exchange. </li>
</ul>


My €1.45/share long recommendation was based on the possibility of a sweetened offer that did not finally happen. Apollo has cannily been buying shares in the market to ensure success.
Since the transaction announcement Apollo has been adamant in its intention to delist Reno de Medici. Upon publication of the final results, Apollo owns 95.780% of the voting rights. 
The squeeze-out procedure will be carried out on 29 December and the shares delisted from Milan and the Spanish Stock Exchange. 


<ul>
<li>Ventia, an infrastructure services provider, aims to raise up to US$325m in its Australian IPO. Capital Group has signed up as a cornerstone.</li>
<li>Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.</li>
<li>We have covered most aspects of the deal in our earlier notes see <a href="https://www.smartkarma.com/insights/ventia-ipo-at-your-service-everywhere" target="_blank" rel="noopener">here</a> and <a href="https://www.smartkarma.com/insights/ventia-ipo-strong-revenue-visibility-valuation-appears-reasonable" target="_blank" rel="noopener">here</a>. In this note, we will look at the revised valuations. </li>
</ul>


Ventia, an infrastructure services provider, aims to raise up to US$325m in its Australian IPO. Capital Group has signed up as a cornerstone.
Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.
We have covered most aspects of the deal in our earlier notes see here and here. In this note, we will look at the revised valuations. 


Ventia IPO - Priced to Go on the Revised Terms

United States

Apollo Global Management, Inc. operates as an alternative investment management company. The Company focuses on investing in yield, hybrid, and equity markets to generate retirement and investment income for clients. Apollo Global Management serves businesses and individuals worldwide.

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Apollo Global Management (APO US)

PAG Pre-IPO - The Positives - Past Record Has Been Decent

PAG aims to raise around US$2bn via its Hong Kong IPO. PAG is an alternative investment firm with APAC focus and US$50bn AUM.

Sumeet Singh

This Deal Will Reshape The Future of Corporate Travel

Welcome to The Rundown! Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact. Happy Sunday...

subSPAC

Apollo/Pearson: Prospective Offer

Apollo confirmed it is evaluating a cash offer for Pearson, which rejected a second 854p approach. PUSU deadline is 8 April. On a best-case...

Jesus Rodriguez Aguilar

Apollo/Reno De Medici: Squeeze-Out

Since the transaction announcement Apollo has been adamant in its intention to delist Reno de Medici. Apollo owns 95.780% of the voting rights and...

Jesus Rodriguez Aguilar

Ventia IPO - Priced to Go on the Revised Terms

Ventia, an infrastructure services provider, aims to raise up to US$325m in its Australian IPO. Capital Group has signed up as a cornerstone.

Sumeet Singh

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