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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> confirmed that it has “<em>received approaches from several parties expressing interest in a potential change of control transaction, including <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a>.</em>”</li>
<li>Tyro previously rejected a A$1.27 offer from the Potentia consortium. Grok's get-out clause with Potentia sets the floor price of a competing bid at A$1.52 per share.</li>
<li>The last close of A$1.59 is higher than the floor price. Triangulating the value of a rival bid across several data points suggests a competing offer of around A$2.</li>
</ul>



Tyro Payments (TYR AU) confirmed that it has “received approaches from several parties expressing interest in a potential change of control transaction, including Westpac Banking (WBC AU).”
Tyro previously rejected a A$1.27 offer from the Potentia consortium. Grok's get-out clause with Potentia sets the floor price of a competing bid at A$1.52 per share.
The last close of A$1.59 is higher than the floor price. Triangulating the value of a rival bid across several data points suggests a competing offer of around A$2.


Tyro Confirms Westpac as One of the Interested Suitors

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

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener"> PT Global Digital Trade (1437710D IJ)</a>  (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions</li>
<li>In this note, we'll talk about the positive aspects of the deal.</li>
</ul>



 PT Global Digital Trade (1437710D IJ)  (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions
In this note, we'll talk about the positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

Telco/Internet specialist

Kirk Boodry

Redex Research

Thematic (Sector/Industry)

<ul>
<li>The Ministry of Health Labor and Welfare is likely to allow funds transfer service providers (cashless apps) to support digital salary payments </li>
<li>That could boost user and transaction volume growth rates although there are challenges like remittance limits and direct access to cash that need to be addressed</li>
<li>An expansion in utility is positive although comparable valuations from global peers remains under pressure</li>
</ul>


The Ministry of Health Labor and Welfare is likely to allow funds transfer service providers (cashless apps) to support digital salary payments 
That could boost user and transaction volume growth rates although there are challenges like remittance limits and direct access to cash that need to be addressed
An expansion in utility is positive although comparable valuations from global peers remains under pressure


Japan Fintech - Rule Changes Should Benefit Cashless Apps like PayPay

<ul>
<li>In early Jun 2022, Alipay raised around US$386m via selling 3.3% of outstanding shares of <a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300 KS)</a>. That was the first selldown by Alipay  <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">(Alibaba (ADR) (BABA US)</a>).  </li>
<li>Despite pricing the shares at an enticing 11.8% discount to last close, the stock failed to hold the deal price and hasn’t looked back since.</li>
<li>In this note, we will talk about the previous deal and the upcoming lockup expiry.</li>
</ul>


In early Jun 2022, Alipay raised around US$386m via selling 3.3% of outstanding shares of Kakao Pay (377300 KS). That was the first selldown by Alipay  (Alibaba (ADR) (BABA US)).  
Despite pricing the shares at an enticing 11.8% discount to last close, the stock failed to hold the deal price and hasn’t looked back since.
In this note, we will talk about the previous deal and the upcoming lockup expiry.


Kakao Pay Placement Lockup Expiry - Alipay Is Soon Going to Be Free to Shed Its US$1.6bn Stake

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a few large Hong Kong IPOs managed to launch their bookbuild over the past week.</li>
<li>There were no large placements launched this week, although <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> kept many occupied.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a few large Hong Kong IPOs managed to launch their bookbuild over the past week.
There were no large placements launched this week, although Atlas Arteria (ALX AU) kept many occupied.


ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

India

One 97 Communications Limited provides payment solutions. The Company provides online services such as hotel booking, top ups, data processing, games, mobile content, and bill payments. One 97 Communications Limited serves customers worldwide.

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Paytm (PAYTM IN)

Tyro Confirms Westpac as One of the Interested Suitors

The floor price of a competing bid at A$1.52 per share. Triangulating the value of a rival bid across several data points suggests a competing...

Arun George

PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

BliBli aims to raise up to US$530m in its Indonesian IPO, the company provides ecommerce and travel services in Indonesia. In this note, we talk...

Sumeet Singh

Japan Fintech - Rule Changes Should Benefit Cashless Apps like PayPay

The MHLW is likely to update rules on digital wage payments by fiscal year end, opening the door for cashless apps to participate. That is positive...

Kirk Boodry

Kakao Pay Placement Lockup Expiry - Alipay Is Soon Going to Be Free to Shed Its US$1.6bn Stake

In early Jun 2022, Alipay raised around US$386m via selling 3.3% of outstanding shares of Kakao Pay (377300 KS). That was the first selldown by...

Sumeet Singh

ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)