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>CSL aims to raise up to US$4.8bn (A$6.8bn) via a fully underwritten placement, in order to partly fund its acquisition of Vifor Pharma.</li>
<li>The deal has been in the news for a while with CSL recently having to put out a media release to confirm talks.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


CSL aims to raise up to US$4.8bn (A$6.8bn) via a fully underwritten placement, in order to partly fund its acquisition of Vifor Pharma.
The deal has been in the news for a while with CSL recently having to put out a media release to confirm talks.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


CSL Placement - Lage Acquisition, Placement and Accretion, Along with Index Impact

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ACCC <a href="https://www.accc.gov.au/media-release/sydney-aviation-alliances-proposed-acquisition-of-sydney-airport-not-opposed" target="_blank" rel="noopener">green lights</a> Sydney Aviation Alliance’s proposed acquisition of <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a>.</li>
<li>Separately, the European Commission also gave its approval for the proposal.</li>
<li>FIRB approval remains outstanding, as does the shareholder vote. The Scheme Booklet is expected to be dispatched later this month. Deal completion potentially to occur mid-March.</li>
</ul>


Australia's ACCC green lights Sydney Aviation Alliance’s proposed acquisition of Sydney Airport (SYD AU).
Separately, the European Commission also gave its approval for the proposal.
FIRB approval remains outstanding, as does the shareholder vote. The Scheme Booklet is expected to be dispatched later this month. Deal completion potentially to occur mid-March.


Sydney Airport (SYD AU): ACCC Will Not Oppose Offer

<ul>
<li>Ventia, an infrastructure services provider, raised around US$325m in its Australian IPO. Capital Group had signed up as a cornerstone.</li>
<li>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.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>


Ventia, an infrastructure services provider, raised around US$325m in its Australian IPO. Capital Group had 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.
In this note, we will talk about the trading dynamics.


<ul>
<li>Ventia, an infrastructure services provider, aims to raise up to US$325m in its Australian IPO. Capital Group has signed up as a cornerstone.</li>
<li>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.</li>
<li>We have covered most aspects of the deal in our earlier notes see <a href="https://www.smartkarma.com/insights/ventia-ipo-at-your-service-everywhere" target="_blank" rel="noopener">here</a> and <a href="https://www.smartkarma.com/insights/ventia-ipo-strong-revenue-visibility-valuation-appears-reasonable" target="_blank" rel="noopener">here</a>. In this note, we will look at the revised valuations. </li>
</ul>


Ventia, an infrastructure services provider, aims to raise up to US$325m in its Australian IPO. Capital Group has 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 notes see here and here. In this note, we will look at the revised valuations. 


Ventia IPO - Priced to Go on the Revised Terms

<ul>
<li>There are currently 49  - mostly firm - transactions currently being discussed and analysed on Smartkarma. </li>
<li>New deals this week include: <a href="https://www.smartkarma.com/entities/quantum-health-group-limited" target="_blank" data-smartkarma-citation="entities:9494:1" rel="noopener">Quantum Health Group (QTM AU)</a>, <a href="https://www.smartkarma.com/entities/toppan-forms-co-ltd" target="_blank" data-smartkarma-citation="entities:5061:1" rel="noopener">Toppan Forms (7862 JP)</a>, <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a>, and <a href="https://www.smartkarma.com/entities/nissei-corp" target="_blank" data-smartkarma-citation="entities:10064:1" rel="noopener">Nissei Corp (6271 JP)</a>.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a>,<a href="https://www.smartkarma.com/entities/oil-search-ltd" target="_blank" data-smartkarma-citation="entities:773:1" rel="noopener">Oil Search Ltd (OSH AU)</a>, <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super (9919 JP)</a>, <a href="https://www.smartkarma.com/entities/nippo-corp" target="_blank" data-smartkarma-citation="entities:2583:1" rel="noopener">Nippo Corp (1881 JP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP). </a>
</li>
</ul>


There are currently 49  - mostly firm - transactions currently being discussed and analysed on Smartkarma. 
New deals this week include: Quantum Health Group (QTM AU), Toppan Forms (7862 JP), Katakura Industries (3001 JP), and Nissei Corp (6271 JP).
Keys updates took place for: Sydney Airport (SYD AU),Oil Search Ltd (OSH AU), Kansai Super (9919 JP), Nippo Corp (1881 JP), and Singapore Press Holdings (SPH SP). 



Asia-Pac Weekly Risk Arb Summary: Sydney Airport, Oil Search, Nippo, Singapore Press, Toppan Forms

Australia

Sydney Airport operates the Sydney, Australia airport. The Company develops and maintains the airport infrastructure and leases terminal space to airlines and retailers.

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Sydney Airport (SYD AU)

CSL Placement - Lage Acquisition, Placement and Accretion, Along with Index Impact

CSL aims to raise up to US$4.8bn (A$6.8bn) via a fully underwritten placement, in order to partly fund its acquisition of Vifor Pharma.

Sumeet Singh