APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

<ul>
<li>AP Liberty (Apollo) is looking to raise US$170m from selling out its stake in <a href="https://www.smartkarma.com/entities/challenger-ltd" target="_blank" data-smartkarma-citation="entities:16870:1" rel="noopener">Challenger Ltd (CGF AU)</a> .</li>
<li>This selldown comes on the heels of a previous selldown in September 2024 ; Apollo is conducting a clean-up sale now.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


AP Liberty (Apollo) is looking to raise US$170m from selling out its stake in Challenger Ltd (CGF AU) .
This selldown comes on the heels of a previous selldown in September 2024 ; Apollo is conducting a clean-up sale now.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Challenger Limited Placement: TAL Dai-Ichi Bidding Higher, Apollo Overhang Gone

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 22 July, <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> entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.</li>
<li>The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction. </li>
<li>The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.</li>
</ul>


On 22 July, Insignia Financial (IFL AU) entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.
The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction. 
The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.


Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions</li></ul>

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

<ul><li>A global perspective on what happened overnight</li></ul>

A global perspective on what happened overnight

oOh!Media Ltd - The Overnight Report: Long-End Yields Rising

<ul><li>Extra Edition of the Broker Call Report</li></ul>

Australian Broker Call *Extra* Edition - Jul 07, 2025

Australia

Challenger Limited is an investment management firm  The Company offers annuities and other retirement income products as well as manages assets for domestic and international clients.

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Challenger Ltd (CGF AU)

Challenger Limited Placement: TAL Dai-Ichi Bidding Higher, Apollo Overhang Gone

AP Liberty (Apollo) is looking to raise US$170m from selling out its stake in Challenger Limited. In this note, we run the deal through our ECM...

Nicholas Tan

Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80

Timing is the key risk as the offer is long-dated. Shareholders should be supportive as the offer resulted from an auction and the turnaround plan...

Arun George

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

oOh!Media Ltd - The Overnight Report: Long-End Yields Rising

A global perspective on what happened overnight

FNArena

Australian Broker Call Extra Edition - Jul 07, 2025

Extra Edition of the Broker Call Report

FNArena

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)