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

A Disappointing and Messy Result for NAB: Fair Value Estimate Reduced to AUD 36

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National Australia Bank / Equity Capital Markets

<p>NAB plans to offer 3 million&nbsp;Entitlements worth ~US$80m as part of its shortfall bookbuild, following its mega A$5.5bn rights issue.&nbsp;</p><p>The deal scores a marginally negative score on our framework (owing to no outerformance vs. peers over the past five years and the recent share price weakness) but since there is no fixed discount for the deal (i.e. bids to be submitted in increments of 5cts from A$28.5), we would still be inclined to bid for the shares but up to a maximum of A$33.79, ie at TERP.&nbsp;</p>

NAB plans to offer 3 million&nbsp;Entitlements worth ~US$80m as part of its shortfall bookbuild, following its mega A$5.5bn rights issue.&nbsp;The deal scores a marginally negative score on our framework (owing to no outerformance vs. peers over the past five years and the recent share price weakness) but since there is no fixed discount for the deal (i.e. bids to be submitted in increments of 5cts from A$28.5), we would still be inclined to bid for the shares but up to a maximum of A$33.79, ie at TERP.&nbsp;

Shoring up capital and exiting non-core businesses. We would bid at most at TERP.