Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Slater & Gordon (SGH AU): Allegro's Opening Salvo

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p>SGH is undertaking an institutional short fall book build for ~A$125m, as part of its A$830m rights issue. Since the book build is in 5cts increments, we would be willing to bid up to ~A$8/share for the deal, given:</p><ul><li>Proceeds from the rights issue will be used to fund the acquisition of&nbsp;Quindell Plc&rsquo;s Professional&nbsp;Services Division (PSD) for GBP637m (A$1.2bn).&nbsp;The acquisition is expected to result in a 30-45% FY16 EPS accretion, post the rights issue.&nbsp;</li><li>The stock scores well on our framework on almost all counts, having returned 40% per annum over the past five years. In addition its previous deals having performed well. &nbsp;</li><li>Analysts remain bullish on the stock with the with the average target price upside of over 30% &nbsp;and&nbsp;expect the stock to be included in the ASX100, given the increased market cap post the rights issue&nbsp;</li><li>The stock last traded on 27th Mar (last close price of 7.078), and hasn't traded since the announcement of the acquisition and the rights issue, the stock is likely to open significantly higher given the accretive acquisition. Hence, our bid above last close.</li></ul>

SGH is undertaking an institutional short fall book build for ~A$125m, as part of its A$830m rights issue. Since the book build is in 5cts increments, we would be willing to bid up to ~A$8/share for the deal, given:Proceeds from the rights issue will be used to fund the acquisition of&nbsp;Quindell Plc&rsquo;s Professional&nbsp;Services Division (PSD) for GBP637m (A$1.2bn).&nbsp;The acquisition is expected to result in a 30-45% FY16 EPS accretion, post the rights issue.&nbsp;The stock scores well on our framework on almost all counts, having returned 40% per annum over the past five years. In addition its previous deals having performed well. &nbsp;Analysts remain bullish on the stock with the with the average target price upside of over 30% &nbsp;and&nbsp;expect the stock to be included in the ASX100, given the increased market cap post the rights issue&nbsp;The stock last traded on 27th Mar (last close price of 7.078), and hasn't traded since the announcement of the acquisition and the rights issue, the stock is likely to open significantly higher given the accretive acquisition. Hence, our bid above last close.

SGH AU - Great track record, undertaking rights to fund acquisition. You couldn't ask for more