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.

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a target="_blank" rel="noopener">SBI Shinsei Bank (8303 JP)</a> is looking to relist by raising about US$2 billion, and <a target="_blank" rel="noopener">Toyoda Gosei (7282 JP)</a>'s US$0.8 billion secondary offering. </li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings Inc (2389 JP)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a>, <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: SBI Shinsei Bank (8303 JP) is looking to relist by raising about US$2 billion, and Toyoda Gosei (7282 JP)'s US$0.8 billion secondary offering. 
Event-Driven developments: Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK), RPMGlobal Holdings Limited (RUL AU), Webjet Group (WJL AU). 



Weekly Deals Digest (23 Nov) - SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Given the size of Mandi - relative to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.</li>
<li>While <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a> Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. </li>
</ul>


Given the size of Mandi - relative to 3SBio Inc (1530 HK) - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.

CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 


Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

<ul>
<li>I tally 34 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/genes-tech-group-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:46022:1" rel="noopener">Genes Tech Group Holdings (8257 HK)</a>. Technically, the Offer for <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> is new.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal (RUL AU)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet (WJL AU)</a>, <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, and <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings (2389 JP)</a>. </li>
</ul>


I tally 34 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Genes Tech Group Holdings (8257 HK). Technically, the Offer for Jinke Smart Services (9666 HK) is new.
Key updates/news also took place on: RPMGlobal (RUL AU), Insignia Financial (IFL AU), Webjet (WJL AU), Mayne Pharma (MYX AU), and Digital Holdings (2389 JP). 


Asia-Pac M&A Weekly Wrap: RPMGlobal, Insignia, Webjet, Mayne Pharma, Jinke Smart, Digital Holdings

RPMGlobal Holdings Limited / Event-Driven

<ul>
<li>Back on the 13th October, <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a>, a mining software technology provider, entered into a Scheme with <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a>.</li>
<li>Caterpillar offered A$5/share (the same as in the previously announced NBIO), a 32.8% premium to undisturbed. FIRB and ACCC approvals are conditions. FIRB won't be an issue. </li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251117/pdf/06s31d5bvrfzdy.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 19th December, and expected implementation on the 18th Feb 2026. The IE (Grant Thornton) says "fair &amp; reasonable". </li>
</ul>


Back on the 13th October, RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, entered into a Scheme with Caterpillar Inc (CAT US).
Caterpillar offered A$5/share (the same as in the previously announced NBIO), a 32.8% premium to undisturbed. FIRB and ACCC approvals are conditions. FIRB won't be an issue. 

The Scheme Booklet is now out, with a Scheme Meeting on the 19th December, and expected implementation on the 18th Feb 2026. The IE (Grant Thornton) says "fair &amp; reasonable". 


RPMGlobal (RUL AU): 19th Dec Vote On Caterpillar's Offer

<ul>
<li>The <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a> IE considers <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a>’s scheme offer at A$5.00 to be fair and reasonable, as it falls within its valuation range (A$4.43-A$5.12).</li>
<li>The key scheme conditions are shareholder approval, FIRB approval, and ACCC approval. Regulatory approvals are expected to be forthcoming, and the scheme vote carries a low risk.</li>
<li>The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%.  </li>
</ul>


The RPMGlobal Holdings Limited (RUL AU) IE considers Caterpillar Inc (CAT US)’s scheme offer at A$5.00 to be fair and reasonable, as it falls within its valuation range (A$4.43-A$5.12).
The key scheme conditions are shareholder approval, FIRB approval, and ACCC approval. Regulatory approvals are expected to be forthcoming, and the scheme vote carries a low risk.
The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%.  


RPMGlobal (RUL AU): Scheme Vote on 19 December

United States

Caterpillar Inc. designs, manufactures and markets construction, mining and forestry machinery. The Company also manufactures engines  and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.

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Caterpillar Inc (CAT US)

Weekly Deals Digest (23 Nov) - SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: RPMGlobal, Insignia, Webjet, Mayne Pharma, Jinke Smart, Digital Holdings

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

RPMGlobal (RUL AU): 19th Dec Vote On Caterpillar's Offer

This looks clean. Trading tight at 2.2%/9.2% gross/annualised. Unless in and/or expecting a bump in terms - or a competing offer - I might be...

David Blennerhassett

RPMGlobal (RUL AU): Scheme Vote on 19 December

The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%. This is a done deal.

Arun George

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