APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

AUB Group Limited / Equity Capital Markets

<ul>
<li>Odyssey is looking to raise A$277m (US$186m) from selling its entire stake in <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a>.</li>
<li>The PE has been invested since May 2022 with its stake subjected to a two-year escrow period. There have been media reports surrounding the selldown over the past few months.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Odyssey is looking to raise A$277m (US$186m) from selling its entire stake in AUB Group Limited (AUB AU).
The PE has been invested since May 2022 with its stake subjected to a two-year escrow period. There have been media reports surrounding the selldown over the past few months.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


AUB Group Placement - Well Flagged Selldown Will Clear the Overhang

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a> is looking to raise up to AUD200m (US$133m) to fund the acquisition of Pacific Indemnity.</li>
<li>The company has a good track record and the deal will be accretive to EPS.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



AUB Group Limited (AUB AU) is looking to raise up to AUD200m (US$133m) to fund the acquisition of Pacific Indemnity.
The company has a good track record and the deal will be accretive to EPS.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


AUB Group Placement - Good Track Record, Accretive Acquisition

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 18th (reported today) which has an aggregated short interest worth USD26.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Fortescue, Australia And New Zealand Banking, Evolution Mining, BHP, Webjet.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 18th (reported today) which has an aggregated short interest worth USD26.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Fortescue, Australia And New Zealand Banking, Evolution Mining, BHP, Webjet.


ASX Short Interest Weekly (Oct 18th): Fortescue, Australia And New Zealand Banking, Evolution Mining

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 8th May, <strong><a href="https://www.smartkarma.com/entities/psc-insurance-group-ltd" target="_blank" data-smartkarma-citation="entities:24266:1" rel="noopener">PSC Insurance (PSI AU)</a></strong>, a diversified insurance service provider, entered into a Scheme with Ardonagh Group, at A$6.19/share, in cash.</li>
<li>That's a 27.6% premium to undisturbed, and a lifetime high. Directors and key executives holding ~39.6% of shares out, are supportive. </li>
<li>
<strong>The Scheme Booklet is now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02841932-3A648476&amp;v=fc9bdb61fe50ea61f8225e24ce041a0e155a9400" target="_blank" rel="noopener">out</a></strong>, with a Scheme Meeting to be held on the 26th September. Expected implementation on the 11 October. The IE says fair &amp; reasonable.</li>
</ul>


Back on the 8th May, PSC Insurance (PSI AU), a diversified insurance service provider, entered into a Scheme with Ardonagh Group, at A$6.19/share, in cash.
That's a 27.6% premium to undisturbed, and a lifetime high. Directors and key executives holding ~39.6% of shares out, are supportive. 

The Scheme Booklet is now out, with a Scheme Meeting to be held on the 26th September. Expected implementation on the 11 October. The IE says fair &amp; reasonable.


PSC Insurance (PSI AU): 26th Sept Vote On Ardonagh Group's Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>On 22 August, the <a href="https://www.smartkarma.com/entities/psc-insurance-group-ltd" target="_blank" data-smartkarma-citation="entities:24266:1" rel="noopener">Psc Insurance (PSI AU)</a> IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. </li>
<li>The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.</li>
<li>The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.</li>
</ul>


On 22 August, the Psc Insurance (PSI AU) IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. 
The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.
The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.


Australia

AUB Group Limited provides financial services. The Company offers equity-based risk management, insurance broking, and specialist underwriting agencies, as well as focuses on risk solutions for clients and strengthening our partners risk advisory capabilities.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AUB Group Limited (AUB AU)

AUB Group Placement - Well Flagged Selldown Will Clear the Overhang

Odyssey is looking to raise A$277m (US$186m) from selling its entire stake in AUB Group Limited (AUB AU). In this note, we'll run the deal through...

Clarence Chu

AUB Group Placement - Good Track Record, Accretive Acquisition

AUB Group Limited (AUB AU) is looking to raise up to AUD200m (US$133m) to fund the acquisition of Pacific Indemnity. In this note we talk about the...

Sumeet Singh

ASX Short Interest Weekly (Oct 18th): Fortescue, Australia And New Zealand Banking, Evolution Mining

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue, Australia And New Zealand Banking,...

Ke Yan, CFA, FRM

PSC Insurance (PSI AU): 26th Sept Vote On Ardonagh Group's Offer

Done deal. And trading tight at a 1.3%/13.3% gross/annualised spread. If in, stay in. Or get involved on any dips. Also, run a ruler over PSC peers...

David Blennerhassett

PSC Insurance (PSI AU): A Done Deal

The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)