APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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>
<a href="https://www.smartkarma.com/entities/orica-ltd" target="_blank" data-smartkarma-citation="entities:895:1" rel="noopener">Orica Ltd (ORI AU)</a> is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to partially fund the acquisition of Cyanco. </li>
<li>The deal is a large one to digest, representing 21.3 days of three month ADV and 5.2% dilution. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Orica Ltd (ORI AU) is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to partially fund the acquisition of Cyanco. 
The deal is a large one to digest, representing 21.3 days of three month ADV and 5.2% dilution. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Orica Placement - Keeping the Acquisition Momentum Going

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.</li>
<li>The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.</li>
<li>Drilling operations are expected to commence on 20 February with a duration of ~39 days.</li>
</ul>


ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.
The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.
Drilling operations are expected to commence on 20 February with a duration of ~39 days.


<ul>
<li>Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco.</li>
<li>The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery.</li>
<li>Operations are expected to start at the end of 1Q24 as indicated previously.</li>
</ul>


Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco.
The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery.
Operations are expected to start at the end of 1Q24 as indicated previously.


<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications).</li>
<li>Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility.</li>
<li>ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf and 1,128 bcf gross prospective resources is expected to commence in February. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications).
Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility.
ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf and 1,128 bcf gross prospective resources is expected to commence in February. 


Equity Bottom-Up

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January.</li>
<li>The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm.</li>
<li>BW Energy (BWE NO): BW Offshore sells interests in BW Energy to BW Group – BW Offshore will sell 58,111,461 (22.52%) shares in BW Energy to BW Group at a price of NOK32 per share, resulting in total proceeds ~US$176 mm.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January.
The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm.
BW Energy (BWE NO): BW Offshore sells interests in BW Energy to BW Group – BW Offshore will sell 58,111,461 (22.52%) shares in BW Energy to BW Group at a price of NOK32 per share, resulting in total proceeds ~US$176 mm.


France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TotalEnergies (TTE FP)

Orica Placement - Keeping the Acquisition Momentum Going

Orica Ltd (ORI AU) is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to to partially fund the...

Ethan Aw

AUCTUS ON FRIDAY - 16/02/2024

ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is...

Auctus Advisors

AUCTUS ON FRIDAY - 09/02/2024

The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re...

Auctus Advisors

Auctus on Friday - 02/02/2024

ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to...

Auctus Advisors

Auctus on Friday - 26/01/2024

ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)