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>Air New Zealand (AIR) was aiming to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. It has now launched a shortfall of around US$153m, at last close.</li>
<li>We have covered the background of the rights and expected shortfall in our earlier note, <a href="https://www.smartkarma.com/insights/air-new-zealand-rights-and-possible-shortfall-delayed-boarding-but-its-priced-to-fly" target="_blank" data-smartkarma-citation="insights:67651" rel="noopener">Air New Zealand Rights and Possible Shortfall - Delayed Boarding but Its Priced to Fly</a>.</li>
<li>In this note, we talk about the recent updates and shortfall pricing.</li>
</ul>


Air New Zealand (AIR) was aiming to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. It has now launched a shortfall of around US$153m, at last close.
We have covered the background of the rights and expected shortfall in our earlier note, Air New Zealand Rights and Possible Shortfall - Delayed Boarding but Its Priced to Fly.
In this note, we talk about the recent updates and shortfall pricing.


Air New Zealand Shortfall - Not a Great Take-Up Probably Because of the Large Retail Holding

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of April, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$22bn.</li>
<li>The average premium for the new deals announced (or first discussed) in April was ~36%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of April, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$22bn.
The average premium for the new deals announced (or first discussed) in April was ~36%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).</li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>. </li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/beijing-enterprises-urban-re" target="_blank" data-smartkarma-citation="entities:29131:1" rel="noopener">Beijing Enterprises Urban Resources (3718 HK)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, Uniti Group.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).
This week, the highest gross spreads are Dongzheng Automotive Finance (2718 HK), Yashili International Holdings (1230 HK), 21Vianet Group (VNET US), Sezzle Inc (SZL AU), Link Administration Holdings (LNK AU). 
The lowest gross spreads are Beijing Enterprises Urban Resources (3718 HK), Virtus Health (VRT AU), 51 Job Inc Adr (JOBS US), China Logistics Property Holdings (1589 HK), Uniti Group.


Merger Arb Mondays (2 May) - Dongzheng AFC, Yashili, VNET, Sezzle, Link, Ramsay

Rainbow Children's Medicare / Equity Capital Markets

<ul>
<li>Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about our earnings forecast and thoughts on valuation.</li>
</ul>


Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about our earnings forecast and thoughts on valuation.


Rainbow Children’s Hospital IPO - Thoughts on Valuation

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).</li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>. </li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, Jin Jiang Capital.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).
This week, the highest gross spreads are 21Vianet Group (VNET US), Yashili International Holdings (1230 HK), Dongzheng Automotive Finance (2718 HK), Sezzle Inc (SZL AU), Link Administration Holdings (LNK AU). 
The lowest gross spreads are Virtus Health (VRT AU), Uniti Group Ltd (UWL AU), 51 Job Inc Adr (JOBS US), China Logistics Property Holdings (1589 HK), Jin Jiang Capital.


Merger Arb Mondays (25 Apr) - VNET, Yashili, Dongzheng AFC, Sezzle, Link, Razer, Ramsay Health

Australia

Ramsay Health Care Ltd. provides health care services. The Company offers private hospital services, including, rehabilitation, psychiatric care, day, and complex surgery. Ramsay Health Care owns, operates, and manages health care facilities throughout Australia, Indonesia, and Europe.

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Ramsay Health Care (RHC AU)

Air New Zealand Shortfall - Not a Great Take-Up Probably Because of the Large Retail Holding

Air New Zealand (AIR) was aiming to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. It has now launched a shortfall of around...

Sumeet Singh

(Mostly) Asia M&A: April 2022 Roundup

For the month of April, nine new deals were discussed on Smartkarma with an overall announced deal size of ~US$22bn. The average premium for the...

David Blennerhassett

Merger Arb Mondays (2 May) - Dongzheng AFC, Yashili, VNET, Sezzle, Link, Ramsay

This week, the highest gross spreads are Dongzheng AFC (48.7%), Yashili (41.2%), VNET (34.0%), Sezzle (21.9%), Link (8.7%), Ramsay (7.9%),...

Arun George

Rainbow Children’s Hospital IPO - Thoughts on Valuation

Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO. In this note, we...

Sumeet Singh

Merger Arb Mondays (25 Apr) - VNET, Yashili, Dongzheng AFC, Sezzle, Link, Razer, Ramsay Health

This week, the highest gross spreads are VNET (45.5%), Yashili (44.6%), Dongzheng AFC (39.1%), Sezzle (12.3%), Link (9.3%), Razer (7.6%), Ramsay...

Arun George

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