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

<div><p>Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.</p></div><div>
<p>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.</p>
<p>We have covered most aspects of the deal in our earlier note <a href="https://www.smartkarma.com/insights/ventia-ipo-at-your-service-everywhere" target="_blank" rel="noopener">Ventia IPO - At Your Service, Everywhere</a>.</p>
<p>In this note, we will talk about valuations.</p>
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Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already 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 note Ventia IPO - At Your Service, Everywhere.
In this note, we will talk about valuations.


Ventia IPO - Strong Revenue Visibility, Valuation Appears Reasonable

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Singapore Press Holdings, Afterpay, Link Admin, Razer, AusNet, 51job

<p>Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.</p><p>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.</p>

Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already 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.

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<p>Vulcan Steel Limited (Vulcan), a pure-play value-added steel distributor and processor, raised around US$273m (A$371m) in its Australia and NZ IPO.</p>
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<p>Vulcan operates as a link between steel producers and bulk traders, and end-users. It has a network of 29 operating sites, 16 in Australia and 13 in New Zealand, through which it services over 7,000 customers, as of Jun 21. </p>
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<p>We covered various aspects of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/vulcan-steel-limited-ipo-past-performance-looks-fine-but-margins-might-be-at-cyclical-highs" target="_blank" rel="noopener">Vulcan Steel Limited IPO - Past Performance Looks Fine but Margins Might Be at Cyclical Highs</a>.</p>
<p>In this note, we will look at deal dynamics and provide a table for valuation at different share price levels.</p>


Vulcan Steel Limited (Vulcan), a pure-play value-added steel distributor and processor, raised around US$273m (A$371m) in its Australia and NZ IPO.


Vulcan operates as a link between steel producers and bulk traders, and end-users. It has a network of 29 operating sites, 16 in Australia and 13 in New Zealand, through which it services over 7,000 customers, as of Jun 21. 

We covered various aspects of the deal in our earlier note, Vulcan Steel Limited IPO - Past Performance Looks Fine but Margins Might Be at Cyclical Highs.
In this note, we will look at deal dynamics and provide a table for valuation at different share price levels.

Vulcan Steel Limited IPO Trading - Don't See a Reason for Paying a Premium

Travis Lundy

<p>The morning of 29 October pre-open, <a href="https://www.smartkarma.com/entities/macquarie-group-ltd" target="_blank" data-smartkarma-citation="entities:310:1" rel="noopener">Macquarie Group (MQG AU)</a> halted trading, reported H1 earnings (<a href="https://www.asx.com.au/asxpdf/20211029/pdf/4528z984zgfv9b.pdf" target="_blank" rel="noopener">results</a>, <a href="https://www.asx.com.au/asxpdf/20211029/pdf/4528z70j885sny.pdf" target="_blank" rel="noopener">presentation</a> on earnings and capital raise, a <a href="https://www.asx.com.au/asxpdf/20211029/pdf/452b4xst6354m1.pdf" target="_blank" rel="noopener">A$2.72 dividend</a> for record date 9 November) and then conducted a A$1.5bn institutional capital raise. </p><p>The Group sold 7.7mm shares at A$194.00/share, a 1.9% discount to close after starting the bookbuild at a 4% discount, with shares sold settling on 3 November and eligible to receive the upcoming dividend. Existing institutional shareholders were entitled to participate up to a pro-rata total and 90% of the 7.7mm shares were placed with existing shareholders with the other 10% placed with new shareholders. </p><p>As noted on Friday in the presentation, Macquarie's non-institutional shareholders will be entitled to participate in a Share Purchase Plan for up to A$30,000 each, with that offer opening on 8 November (i.e. NOT entitled to receive the dividend) and closing 26 November. The price will be the lower of the A$194.00 Placement Price less A$2.72/share of dividends and a price equivalent to 98% of the five day VWAP through the close of the SPP Period. This will be a no-brainer for existing holders (there are 173,000 holders as of the last Annual Report with 1,000 shares or fewer).</p><p>This will have effects on index trackers. </p>

The morning of 29 October pre-open, Macquarie Group (MQG AU) halted trading, reported H1 earnings (results, presentation on earnings and capital raise, a A$2.72 dividend for record date 9 November) and then conducted a A$1.5bn institutional capital raise. The Group sold 7.7mm shares at A$194.00/share, a 1.9% discount to close after starting the bookbuild at a 4% discount, with shares sold settling on 3 November and eligible to receive the upcoming dividend. Existing institutional shareholders were entitled to participate up to a pro-rata total and 90% of the 7.7mm shares were placed with existing shareholders with the other 10% placed with new shareholders. As noted on Friday in the presentation, Macquarie's non-institutional shareholders will be entitled to participate in a Share Purchase Plan for up to A$30,000 each, with that offer opening on 8 November (i.e. NOT entitled to receive the dividend) and closing 26 November. The price will be the lower of the A$194.00 Placement Price less A$2.72/share of dividends and a price equivalent to 98% of the five day VWAP through the close of the SPP Period. This will be a no-brainer for existing holders (there are 173,000 holders as of the last Annual Report with 1,000 shares or fewer).This will have effects on index trackers. 

Macquarie Placement - Index Effects Dispersed Over Time and Space

Australia

Macquarie Group Ltd. offers banking, financial advisory, investment and funds management services.  The Company offers financial advice, cash management, wealth management and private banking, life insurance, securities brokerage, corporate debt financing, real estate funds management, real estate development financing, investment funds management, and foreign exchange services.

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Macquarie Group (MQG AU)

Ventia IPO - Strong Revenue Visibility, Valuation Appears Reasonable

Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO....

Sumeet Singh

Last Week in Event SPACE: Singapore Press Holdings, Afterpay, Link Admin, Razer, AusNet, 51job

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

Ventia IPO - At Your Service, Everywhere

Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO....

Sumeet Singh

Vulcan Steel Limited IPO Trading - Don't See a Reason for Paying a Premium

Vulcan Steel Limited (Vulcan), a pure-play value-added steel distributor and processor, raised around US$273m (A$371m) in its Australia and NZ IPO.

Sumeet Singh

Macquarie Placement - Index Effects Dispersed Over Time and Space

Macquarie placed 7.7mm shares at a 1.9% discount after reporting earnings Friday. They will launch a Share Purchase Plan later this month. If the...

Travis Lundy

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