Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a> is looking to raise around A$225m from its placement to fund the acquisition of Insurance Brands Australia, an insurance distribution firm.</li>
<li>The company had undertaken a similar sized deal last year for another acquisition, that deal did well.</li>
<li>In this note, we will talk about the acquisition and run the deal through our ECM framework.</li>
</ul>



Steadfast (SDF AU) is looking to raise around A$225m from its placement to fund the acquisition of Insurance Brands Australia, an insurance distribution firm.
The company had undertaken a similar sized deal last year for another acquisition, that deal did well.
In this note, we will talk about the acquisition and run the deal through our ECM framework.


Steadfast Group Placement - Another Accretive Acquisition, past Deals Have Done Well

Event-Driven

Australia & New Zealand Bankin / Event-Driven

<ul>
<li>ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.</li>
<li>The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.</li>
<li>In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.</li>
</ul>


ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.
In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

<ul>
<li>GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon.</li>
<li>GQG is a global investment boutique with a focus on managing active equity portfolios.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon.
GQG is a global investment boutique with a focus on managing active equity portfolios.
In this note, we will talk about the lock-up dynamics and updates since our last note.


GQG Partners IPO Lock-Up - Tightly Held by Founders, PAC Could Exit

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>ANZ got about half its equity raise done, with the shortfall bookbuild only being 5% of the institutional total and clearing above TERP. Now the retail rights.</li>
<li>Risk management mechanisms suggest rights trade expensive to stock near-term, then cheapen, as ANZ shares experience some selling pressure from arbs.</li>
<li>But ANZ is cheap. Relative weakness on FY2-FY3 EPS forecasts has contributed to 25% underperformance vs Peers since January but <em>Relative Multiple Deterioration</em> has contributed more.</li>
</ul>


ANZ got about half its equity raise done, with the shortfall bookbuild only being 5% of the institutional total and clearing above TERP. Now the retail rights.
Risk management mechanisms suggest rights trade expensive to stock near-term, then cheapen, as ANZ shares experience some selling pressure from arbs.
But ANZ is cheap. Relative weakness on FY2-FY3 EPS forecasts has contributed to 25% underperformance vs Peers since January but Relative Multiple Deterioration has contributed more.


ANZ's Equity Raise Successful, Trading at TERP, and STILL Cheap To Peers

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for S&amp;P ASX 300, 200, 100, 50, and 20 in the September 2022 Rebalance.</li>
<li>I expect there to be 7 ADDs and 7 DELs for the ASX 200 Index and 23 ADDs and 18 DELs for the ASX 300 Index.</li>
<li>Based on recent price performance, I believe the Potential ADDs could outperform the Potential DELs over the next few weeks.</li>
</ul>


In this insight, we take a look at the potential index changes for S&amp;P ASX 300, 200, 100, 50, and 20 in the September 2022 Rebalance.
I expect there to be 7 ADDs and 7 DELs for the ASX 200 Index and 23 ADDs and 18 DELs for the ASX 300 Index.
Based on recent price performance, I believe the Potential ADDs could outperform the Potential DELs over the next few weeks.


S&P/​​​​​​ASX Quiddity Leaderboard Sep 2022: Potential ADDs Could Outperform Potential DELs

Australia

Westpac Banking Corporation offers general and savings banking services.  The Company provides investment portfolio management and advice, insurance services,  consumer finance, and money market services among other services.  Westpac Banking Corp. serves individuals, businesses, and corporations worldwide.

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Westpac Banking (WBC AU)

Steadfast Group Placement - Another Accretive Acquisition, past Deals Have Done Well

Steadfast (SDF AU) is looking to raise around A$225m from its placement to fund the acquisition of Insurance Brands Australia, an insurance...

Sumeet Singh

ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. The retail...

Sumeet Singh

GQG Partners IPO Lock-Up - Tightly Held by Founders, PAC Could Exit

GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon, soon after it reports its results.

Sumeet Singh

ANZ's Equity Raise Successful, Trading at TERP, and STILL Cheap To Peers

ANZ has done half its equity raise. Now the retail rights, which trade in the market. Expect them to trade rich first, then cheap as selling...

Travis Lundy

S&P/ASX Quiddity Leaderboard Sep 2022: Potential ADDs Could Outperform Potential DELs

Piedmont Lithium and GQG partners could be ADDs for both ASX 200 and ASX 300 and both names could have around +35 days of volume to buy.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Steadfast Group Placement - Another Accretive Acquisition, past Deals Have Done Well

Steadfast (SDF AU) is looking to raise around A$225m from its placement to fund the acquisition of Insurance Brands Australia, an insurance...

Sumeet Singh

ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. The retail...

Sumeet Singh

GQG Partners IPO Lock-Up - Tightly Held by Founders, PAC Could Exit

GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon, soon after it reports its results.

Sumeet Singh

ANZ's Equity Raise Successful, Trading at TERP, and STILL Cheap To Peers

ANZ has done half its equity raise. Now the retail rights, which trade in the market. Expect them to trade rich first, then cheap as selling...

Travis Lundy

S&P/​​​​​​ASX Quiddity Leaderboard Sep 2022: Potential ADDs Could Outperform Potential DELs

Piedmont Lithium and GQG partners could be ADDs for both ASX 200 and ASX 300 and both names could have around +35 days of volume to buy.

Janaghan Jeyakumar, CFA

S&P/ASX Quiddity Leaderboard Sep 2022: Potential ADDs Could Outperform Potential DELs