IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (23 Oct) - Link, Nearmap, Pushpay, Tyro, Singapore Medical, DTAC/True, Blibli

Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo

Nearmap Enters a SID with Thoma Bravo at A$2.10

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Event-Driven

<ul>
<li>The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20). </li>
<li>The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful. </li>
<li>At <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>'s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.</li>
</ul>


The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20). 
The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful. 
At Nearmap Ltd (NEA AU)'s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.


Nearmap’s Spread Widens, Scheme Meeting on 25 November