IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 21 February, <a href="https://www.bloomberg.com/news/articles/2024-02-21/esr-owners-said-to-mull-options-for-5-billion-logistics-firm?embedded-checkout=true" target="_blank" rel="noopener">Bloomberg reported</a> that due to the steep share price declines, major <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> shareholders are considering options for their stakes, including ESR’s privatisation.</li>
<li>The reports also noted buyer interest in ESR’s significant assets. Past share dealings suggest that Warburg Pincus and the co-founders are the likely consortium to lead a potential privatisation. </li>
<li>The offer probability is low as a scheme would likely require a HK$16.00 offer, posing a funding challenge. Nevertheless, the upside remains as ESR trades at an undemanding valuation. </li>
</ul>


On 21 February, Bloomberg reported that due to the steep share price declines, major ESR Group (1821 HK) shareholders are considering options for their stakes, including ESR’s privatisation.
The reports also noted buyer interest in ESR’s significant assets. Past share dealings suggest that Warburg Pincus and the co-founders are the likely consortium to lead a potential privatisation. 
The offer probability is low as a scheme would likely require a HK$16.00 offer, posing a funding challenge. Nevertheless, the upside remains as ESR trades at an undemanding valuation. 


ESR Group (1821 HK): Evaluating a Potential Privatisation

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Embassy Office Parks REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from <a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EMBASSY IN)</a>.  </li>
<li>The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.  </li>
<li>In this note, we will talk about the selldown and run the deal through our ECM framework.</li>
</ul>



Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from Embassy Office Parks REIT (EMBASSY IN).  
The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.  
In this note, we will talk about the selldown and run the deal through our ECM framework.


Embassy Office Parks REIT Block - Likely Well Flagged and Overhang Will Be Removed

Clarence Chu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-tu-capital" target="_blank" data-smartkarma-citation="entities:36146:1" rel="noopener">Tian Tu Capital (1390587D CH)</a> raised around US$144m in its Hong Kong IPO.</li>
<li>Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Tian Tu Capital (1390587D CH) raised around US$144m in its Hong Kong IPO.
Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Tian Tu Capital IPO Trading - Subscription Rates Were Lukewarm

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>An investor consortium (including Blackstone and Permira) has made a non-binding bid for <a href="https://www.smartkarma.com/entities/adevinta-asa" target="_blank" data-smartkarma-citation="entities:35679:1" rel="noopener">Adevinta ASA (ADE NO)</a>, which says the talks are in an early phase.</li>
<li>By applying a 30% premium, the potential offer price would be NOK 111.5/share (18.6x EV/Fwd NTM EBITDA, IBES consensus). A leveraged buyer could obtain an 18% IRR by year 8.</li>
<li>Adevinta trades (COM 26 September) at 17.6x EV/Fwd NTM EBITDA (vs. 16.4x median of comparables), so we can say the shares look fairly valued. Downside looks limited. I'd be long.</li>
</ul>


An investor consortium (including Blackstone and Permira) has made a non-binding bid for Adevinta ASA (ADE NO), which says the talks are in an early phase.
By applying a 30% premium, the potential offer price would be NOK 111.5/share (18.6x EV/Fwd NTM EBITDA, IBES consensus). A leveraged buyer could obtain an 18% IRR by year 8.
Adevinta trades (COM 26 September) at 17.6x EV/Fwd NTM EBITDA (vs. 16.4x median of comparables), so we can say the shares look fairly valued. Downside looks limited. I'd be long.


Blackstone&Permira/Adevinta: Potential LBO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-tu-capital" target="_blank" data-smartkarma-citation="entities:36146:1" rel="noopener">Tian Tu Capital (1390587D CH)</a> is looking to raise up to US$253m in its Hong Kong IPO.</li>
<li>Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.</li>
<li>In this note, we will look at the updates since our last note and share our thoughts on valuation.</li>
</ul>



Tian Tu Capital (1390587D CH) is looking to raise up to US$253m in its Hong Kong IPO.
Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
In this note, we will look at the updates since our last note and share our thoughts on valuation.


Tian Tu Capital IPO - Even with a Wide Price Range, Upside Seems Limited

United States

Blackstone Inc. operates as an investment company. The Company focuses on real estate, hedge funds, private equity, leveraged lending, senior debts, and rescue financing. Blackstone serves customers worldwide.

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

Blackstone (BX US)

ESR Group (1821 HK): Evaluating a Potential Privatisation

The offer probability is low as a scheme would likely require a HK$16.00 offer, posing a funding challenge. Nevertheless, the upside remains as ESR...

Arun George

Embassy Office Parks REIT Block - Likely Well Flagged and Overhang Will Be Removed

Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from...

Ethan Aw

Tian Tu Capital IPO Trading - Subscription Rates Were Lukewarm

Tian Tu Capital (1390587D CH) raised around US$144m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

Blackstone&Permira/Adevinta: Potential LBO

An investor consortium (including Blackstone and Permira) has made a non-binding bid for Adevinta ASA (ADE NO), which says the talks are in an...

Jesus Rodriguez Aguilar

Tian Tu Capital IPO - Even with a Wide Price Range, Upside Seems Limited

Tian Tu Capital (1390587D CH) is looking to raise up to US$253m in its Hong Kong IPO. In this note, we will look at the updates since our last note...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)