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

Onsite Rental, a provider of B2B equipment rental services, plans to raise around US$250m in its Australian IPO, as per media reports. While the company has released its pathfinder and the date by which it plans to list, 18th Nov 2019, it hasn’t revealed any pricing details. The company’s pro forma numbers point to steady growth and consistent margin improvements. While the industry outlook, though not very rosy, appears to be steady, at least for the next few years.Onsite seems to have had a bit of a chequered past in terms of its acquisition-led growth via its Private Equity (PE) investors, Next Capital, which ultimately resulted in Onsite having to undergo a recapitalisation. In addition, media reports indicate that the previous PE owners had made several attempts to sell/list the business over 2012-14, while the going was good.While the PE investors are now gone, the company’s growth strategy seems to have remained the same, i.e. to acquire smaller companies to grow its geographic presence and its customer base. Whether this will end up taking the company down the same path remains to be seen.In this report I’ll talk but some of the above aspects of the deal.

Onsite Rental, a provider of B2B equipment rental services, plans to raise around US$250m in its Australian IPO, as per media reports. While the company has released its pathfinder and the date by which it plans to list, 18th Nov 2019, it hasn’t revealed any pricing details. The company’s pro forma numbers point to steady growth and consistent margin improvements. While the industry outlook, though not very rosy, appears to be steady, at least for the next few years.Onsite seems to have had a bit of a chequered past in terms of its acquisition-led growth via its Private Equity (PE) investors, Next Capital, which ultimately resulted in Onsite having to undergo a recapitalisation. In addition, media reports indicate that the previous PE owners had made several attempts to sell/list the business over 2012-14, while the going was good.While the PE investors are now gone, the company’s growth strategy seems to have remained the same, i.e. to acquire smaller companies to grow its geographic presence and its customer base. Whether this will end up taking the company down the same path remains to be seen.In this report I’ll talk but some of the above aspects of the deal. 

Onsite Rental IPO - Still on the Acquisition Led Growth Path, Despite the Recapitalisation

Australia

Onsite Rental Group Pty Ltd provides equipment rental services. The Company offers excavation and earthmoving machines, lighting towers, material handling, site accommodation, power generation,  pumping, and access equipment. Onsite Rental Group serves the mining, oil and gas, and construction industries in Australia.

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Onsite Rental (ONSITE AU)

Onsite Rental IPO - Still on the Acquisition Led Growth Path, Despite the Recapitalisation

Onsite Rental, a provider of B2B equipment rental services, plans to raise around US$250m in its Australian IPO, as per media reports. While the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)