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.

Event-Driven

<ul>
<li>Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in Chicago Skyway.</li>
<li>Over the past few months, ALX has garnered interest from IFM which has increased its stake to 19.99%. IFM had publicly opposed this acquisition.</li>
<li>In this note, we will talk about the deal dynamic and run the deal through our ECM framework.</li>
</ul>


Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in Chicago Skyway.
Over the past few months, ALX has garnered interest from IFM which has increased its stake to 19.99%. IFM had publicly opposed this acquisition.
In this note, we will talk about the deal dynamic and run the deal through our ECM framework.


Atlas Arteria Placement - How to Lose Friends and Alienate Your Largest Shareholder

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Over the last two months, the two largest commodity behemoths have been trying to acquire copper deposits on the cheap. Both have been rebuffed.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>  has raised its original 34 CAD bid for <a href="https://www.smartkarma.com/entities/turquoise-hill-resources-ltd" target="_blank" data-smartkarma-citation="entities:25405:1" rel="noopener">Turquoise Hill Resources (TRQ CN)</a> twice, but large minority shareholders have voiced opposition.</li>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> has offered to buy <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> but has equally been rebuffed by management. Let the copper M&amp;A Wave begin!</li>
</ul>


Over the last two months, the two largest commodity behemoths have been trying to acquire copper deposits on the cheap. Both have been rebuffed.

Rio Tinto Ltd (RIO AU)  has raised its original 34 CAD bid for Turquoise Hill Resources (TRQ CN) twice, but large minority shareholders have voiced opposition.

BHP Group Ltd (BHP AU) has offered to buy OZ Minerals Ltd (OZL AU) but has equally been rebuffed by management. Let the copper M&amp;A Wave begin!


Los Andes Copper: The Copper M&A Wave Has Started + Chilean Population Rejects New Constitution

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>Global miners see China as a source of stability for future iron ore demand due to increased infrastructure investment this year and the country’s ongoing urbanization drive.</li><li>The words of optimism come as iron ore prices have dropped over the past few months, with Chinese steelmakers taking a hit from the slowdown in construction by the country’s troubled developers.</li><li>As China has stepped up infrastructure investment to bolster economic growth, the world’s biggest iron ore miners said the stimulus would put a floor under short-term steel demand.</li></ul>

Global miners see China as a source of stability for future iron ore demand due to increased infrastructure investment this year and the country’s ongoing urbanization drive.The words of optimism come as iron ore prices have dropped over the past few months, with Chinese steelmakers taking a hit from the slowdown in construction by the country’s troubled developers.As China has stepped up infrastructure investment to bolster economic growth, the world’s biggest iron ore miners said the stimulus would put a floor under short-term steel demand.

Global Mining Heavyweights See China Propping Up Iron Ore Demand

<ul>
<li>APM Human Services (APM) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.</li>
<li>APM is an international human services provider, it runs 800 sites spanning 10 countries with its largest market being Australia.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


APM Human Services (APM) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.
APM is an international human services provider, it runs 800 sites spanning 10 countries with its largest market being Australia.
In this note, we will talk about the lock-up dynamics and updates since our last note.


APM Human Services IPO Lock-Up - PE with a US$620m Stake Comes Free

Equity Capital Markets

Australia & New Zealand Bankin / Equity Capital Markets

<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 retail take up was within our expectations as well.</li>
<li>In this note, we will talk about the 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 retail take up was within our expectations as well.
In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

Australia

BHP Group Limited operates as a mining company.  The Companyengages in the exploration, development, production and processing of iron ore, metallurgical coal, and copper. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP LN)

Atlas Arteria Placement - How to Lose Friends and Alienate Your Largest Shareholder

Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in...

Sumeet Singh

Los Andes Copper: The Copper M&A Wave Has Started + Chilean Population Rejects New Constitution

Both Rio Tinto and BHP have been rebuffed by management/minority shareholders as they try to scoop up copper assets on the cheap. Let the Copper...

Nicolas Van Broekhoven

Global Mining Heavyweights See China Propping Up Iron Ore Demand

Global miners see China as a source of stability for future iron ore demand due to increased infrastructure investment this year and the country’s...

Caixin Global

APM Human Services IPO Lock-Up - PE with a US$620m Stake Comes Free

APM Human Services (APM) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire...

Sumeet Singh

ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

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. In this note...

Sumeet Singh

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