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

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>.</li>
<li>ACC still has an 11% stake left, which it now plans to transfer to a future fund, which will be free to sell the shares</li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>


Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in Auckland Intl Airport (AIA NZ).
ACC still has an 11% stake left, which it now plans to transfer to a future fund, which will be free to sell the shares
In this note, we will talk about the possible placement and other deal dynamics.


Auckland Airport Possible Placement - Getting Closer to a US$800m Cleanup

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Air New Zealand (AIR) reported a challenged FY24 result, which incorporated a significant decline in profitability during the second half, driven by slowing demand and competitive pressures.</li><li>The result was impacted by ~NZ$100m of temporary net costs in the year due to aircraft availability issues (from engine maintenance requirements), albeit these were largely offset by NZ$90m of one-off COVID credit breakage income.</li><li>The outlook for 1H25 remains subdued, with AIR trading close to breakeven, as current difficult operating conditions are likely to continue. </li></ul>

Air New Zealand (AIR) reported a challenged FY24 result, which incorporated a significant decline in profitability during the second half, driven by slowing demand and competitive pressures.The result was impacted by ~NZ$100m of temporary net costs in the year due to aircraft availability issues (from engine maintenance requirements), albeit these were largely offset by NZ$90m of one-off COVID credit breakage income.The outlook for 1H25 remains subdued, with AIR trading close to breakeven, as current difficult operating conditions are likely to continue. 

Air New Zealand - FY24 — Landing Just Above Sea Level

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal, This Time by the Correct Co-Founder

<ul><li>Air New Zealand (AIR) will report a significant decline in earnings in its FY24 result on 29 August 2024, despite the material non-cash boost of COVID related credit breakage.</li><li>It has been a challenging year for AIR, given weakening demand, intense competition on key sectors (particularly North America), and the emergence of further engine issues (this time with Pratt &amp; Whitney).</li><li>The company downgraded market earnings expectations four times during FY24. </li></ul>

Air New Zealand (AIR) will report a significant decline in earnings in its FY24 result on 29 August 2024, despite the material non-cash boost of COVID related credit breakage.It has been a challenging year for AIR, given weakening demand, intense competition on key sectors (particularly North America), and the emergence of further engine issues (this time with Pratt &amp; Whitney).The company downgraded market earnings expectations four times during FY24. 

Air New Zealand - FY24 Preview — Profits Grounded

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> aims to raise around US$613m (NZ$1bn) via an institutional placement.</li>
<li>Proceeds from the placement will be used to fund IFT’s share of capex for its data center arm, CDC.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Infratil Ltd (IFT NZ) aims to raise around US$613m (NZ$1bn) via an institutional placement.
Proceeds from the placement will be used to fund IFT’s share of capex for its data center arm, CDC.
In this note, we will talk about the placement and run the deal through our ECM framework.


Infratil Placement - Riding the AI Wave, but Deal Timing Seems Opportunistic

New Zealand

Air New Zealand Limited operates an airline business that provides international and domestic air passenger and cargo transport services throughout New Zealand and the South West Pacific. The Company also provides engineering and ground handling services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Air New Zealand (AIR NZ)

Auckland Airport Possible Placement - Getting Closer to a US$800m Cleanup

Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in Auckland Intl Airport (AIA NZ)....

Sumeet Singh

Air New Zealand - FY24 — Landing Just Above Sea Level

Air New Zealand (AIR) reported a challenged FY24 result, which incorporated a significant decline in profitability during the second half, driven...

Forsyth Barr

Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal, This Time by the Correct Co-Founder

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.

Sumeet Singh

Air New Zealand - FY24 Preview — Profits Grounded

Air New Zealand (AIR) will report a significant decline in earnings in its FY24 result on 29 August 2024, despite the material non-cash boost of...

Forsyth Barr

Infratil Placement - Riding the AI Wave, but Deal Timing Seems Opportunistic

Infratil Ltd (IFT NZ) aims to raise around US$613m (NZ$1bn) via an institutional placement. In this note, we talk about the deal dynamics and run...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)