APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Cleanaway Waste Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a> is looking to raise US$242m (A$350m) to fund its acquisition of Global Renewables Holdings (GRL) and for funding its Blueprint 2030 initiatives.</li>
<li>Cleanaway Waste Management (CWY) had recently released its update for the Blueprint 2030 initiative.  Short interest on the stock has been on the rise as well.</li>
<li>The deal is relatively large at 21.3 days of three month ADV, representing 6.3% of current mcap.</li>
</ul>



Cleanaway Waste Management (CWY AU) is looking to raise US$242m (A$350m) to fund its acquisition of Global Renewables Holdings (GRL) and for funding its Blueprint 2030 initiatives.
Cleanaway Waste Management (CWY) had recently released its update for the Blueprint 2030 initiative.  Short interest on the stock has been on the rise as well.
The deal is relatively large at 21.3 days of three month ADV, representing 6.3% of current mcap.


Cleanaway Waste Management Placement - Accretive Acquisition Could Outweigh Weak Momentum

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>The AFR is reporting that KKR is preparing an Offer for waste management outfit <strong><a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a></strong>. No price has been revealed. </li>
<li>This is a business KKR understands. It bought, and shortly thereafter sold, Cleanaway 15 years ago. </li>
<li>KKR also recently sought to acquire Waste Management New Zealand.</li>
</ul>


The AFR is reporting that KKR is preparing an Offer for waste management outfit Cleanaway Waste Management (CWY AU). No price has been revealed. 
This is a business KKR understands. It bought, and shortly thereafter sold, Cleanaway 15 years ago. 
KKR also recently sought to acquire Waste Management New Zealand.


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>An <a href="https://www.afr.com/street-talk/cleanaway-in-kkr-s-crosshairs-20220419-p5aed3" target="_blank" rel="noopener">AFR article</a> claimed that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> is preparing an offer for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>. The shares rose 5.9% to close at A$3.24.</li>
<li>KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “<em>infrastructure-like</em>’’. </li>
<li>Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a>’s acquisition multiple, would imply A$3.92.</li>
</ul>


An AFR article claimed that KKR &amp; Co Inc (KKR US) is preparing an offer for Cleanaway Waste Management (CWY AU). The shares rose 5.9% to close at A$3.24.
KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. 
Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with Bingo Industries (BIN AU)’s acquisition multiple, would imply A$3.92.


<div>
<p>On the 19 January, recycling and waste management play  <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a><a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02331570-2A1275617?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> an unsolicited, non-binding, indicative proposal, from funds advised by CPE Capital (CPEC), which includes Macquarie Group’s infrastructure arm Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme, with an indicative cash price of $3.50/share. On the 23rd of April, Bingo <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02366368-2A1294059?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">said</a> CPEC and MIRA had completed its due diligence, but said there could be no assurance that any transaction will result from these discussions.</p>
<p>On the 27 April, Bingo <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02367278-2A1294514?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it had entered into Scheme with MIRA. Shareholders have the option to receive either A$3.45/share in cash for each share held, or a mix of cash and unlisted stock worth ~A$3.30/share.</p>
<p>Daniel Tartak, Bingo's CEO, and Ian Malouf, Bingo's NED, have stated they intend to elect the mixed condition in respect of their shares - ~31.53% of shares out. </p>
</div>
<div>
<p>Bingo also intends to declare a fully franked special dividend of up to A$0.117/share, to be paid on or before the implementation of the Scheme. The consideration under the Scheme will be net of this dividend.</p>
</div>
<div>
<p>This looked done. And still does.</p>
<p>The Scheme Booklet is now <a href="file:///D:/Quiddity/Bingo/Scheme%20doc.pdf" target="_blank" rel="noopener">out</a>. The Scheme Meeting will be held on the 11 July, with an expected implementation date of the 5 August.</p>
<p>The Independent Expert has concluded the Scheme is fair and reasonable - in the absence of a superior proposal. </p>
</div>
<div>
<p>More below the fold.</p>
</div>


On the 19 January, recycling and waste management play  Bingo Industries (BIN AU)announced an unsolicited, non-binding, indicative proposal, from funds advised by CPE Capital (CPEC), which includes Macquarie Group’s infrastructure arm Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme, with an indicative cash price of $3.50/share. On the 23rd of April, Bingo said CPEC and MIRA had completed its due diligence, but said there could be no assurance that any transaction will result from these discussions.
On the 27 April, Bingo announced it had entered into Scheme with MIRA. Shareholders have the option to receive either A$3.45/share in cash for each share held, or a mix of cash and unlisted stock worth ~A$3.30/share.
Daniel Tartak, Bingo's CEO, and Ian Malouf, Bingo's NED, have stated they intend to elect the mixed condition in respect of their shares - ~31.53% of shares out. 


Bingo also intends to declare a fully franked special dividend of up to A$0.117/share, to be paid on or before the implementation of the Scheme. The consideration under the Scheme will be net of this dividend.


This looked done. And still does.
The Scheme Booklet is now out. The Scheme Meeting will be held on the 11 July, with an expected implementation date of the 5 August.
The Independent Expert has concluded the Scheme is fair and reasonable - in the absence of a superior proposal. 


More below the fold.


Bingo Industries (BIN AU): Scheme Booklet Out. EGM Tabled

Last Week in Event SPACE:  Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

Australia

Transpacific Industries Group Ltd. provides integrated industrial cleaning and waste management solutions to customers across Australia and New Zealand. The Company also imports and distributes heavy-duty commercial vehicles.

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Cleanaway Waste Management (CWY AU)

Cleanaway Waste Management Placement - Accretive Acquisition Could Outweigh Weak Momentum

Cleanaway Waste Management (CWY AU) is looking to raise US$242m (A$350m) to fund its acquisition of Global Renewables Holdings (GRL) and for...

Clarence Chu

KKR's Waste Measurement For Cleanaway?

Factoring in a control premium, there is easily another ~20% upside from here. CWY has a pretty open register - that won't be lost on KKR....

David Blennerhassett

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

Bingo Industries (BIN AU): Scheme Booklet Out. EGM Tabled

Board and major shareholder support. Lifetime high Offer price. The option to participate in the back-end. IE support. This is done. Trading at...

David Blennerhassett

Last Week in Event SPACE: Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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