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>
<a href="https://www.smartkarma.com/entities/ebos-group-ltd" target="_blank" data-smartkarma-citation="entities:18336:1" rel="noopener">Ebos Group Ltd (EBO NZ)</a> aims to raise around US$564m in a secondary sell-down of shares conducted by the Zuelling family through Sybos Holdings. </li>
<li>This comes on the heels of the April primary placement, whereby EBOS conducted a primary offering to finance a bolt-on acquisition.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ebos Group Ltd (EBO NZ) aims to raise around US$564m in a secondary sell-down of shares conducted by the Zuelling family through Sybos Holdings. 
This comes on the heels of the April primary placement, whereby EBOS conducted a primary offering to finance a bolt-on acquisition.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


EBOS Group Placement: Past Deals Have Done Well, but This Is a Second One This Year

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>EBOS Group has announced a NZ$271m equity raising to fund the acquisition of SVS, New Zealand's leading vet wholesaler.</li><li>The acquisition is expected to be modestly EPS accretive and aligns with EBOS's strategic goals, filling a key gap in its portfolio.</li><li>The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid opportunity for EBOS in Asia.</li></ul>

EBOS Group has announced a NZ$271m equity raising to fund the acquisition of SVS, New Zealand's leading vet wholesaler.The acquisition is expected to be modestly EPS accretive and aligns with EBOS's strategic goals, filling a key gap in its portfolio.The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid opportunity for EBOS in Asia.

EBOS Group - SVS Acquisition—Nice to Have

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ebos-group-ltd" target="_blank" data-smartkarma-citation="entities:18336:1" rel="noopener">Ebos Group Ltd (EBO NZ)</a> aims to raise around US$122m in order to partly fund its acquisition of SVS Veterinary Supplies (SVS).</li>
<li>This will complement the company’s strategy of investing for growth and the second acquisition done in 2H25.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ebos Group Ltd (EBO NZ) aims to raise around US$122m in order to partly fund its acquisition of SVS Veterinary Supplies (SVS).
This will complement the company’s strategy of investing for growth and the second acquisition done in 2H25.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


EBOS Group Placement - Accretive Deal with Synergies

<ul><li>EBOS Group's (EBO) 1H25 operating result was solid, though slightly higher interest costs led to a small EPS miss.</li><li>The standout was Community Pharmacy growth and outlook, which in combination effectively dismisses the primary bear case.</li><li>We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25 EBITDA guidance (A$575m–A$600m). </li></ul>

EBOS Group's (EBO) 1H25 operating result was solid, though slightly higher interest costs led to a small EPS miss.The standout was Community Pharmacy growth and outlook, which in combination effectively dismisses the primary bear case.We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25 EBITDA guidance (A$575m–A$600m). 

EBOS Group - 1H25 Result—Upgrade to OUTPERFORM

<ul><li>We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum, likely leading to small full-year consensus upgrades.</li><li>Key focus areas are: (1) Institutional Healthcare performance, (2) Community Pharmacy customer wins, (3) cost-out progress, (4) the dividend, and (5) Pharmaceutical Wholesaler Agreement (PWA) impacts.</li><li>Guidance: The PWA, coupled with: (1) the solid 1Q25 trading update, and (2) EBO lapping a lower growth period in 2H24, opens up the chance of a guidance upgrade.</li></ul>

We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum, likely leading to small full-year consensus upgrades.Key focus areas are: (1) Institutional Healthcare performance, (2) Community Pharmacy customer wins, (3) cost-out progress, (4) the dividend, and (5) Pharmaceutical Wholesaler Agreement (PWA) impacts.Guidance: The PWA, coupled with: (1) the solid 1Q25 trading update, and (2) EBO lapping a lower growth period in 2H24, opens up the chance of a guidance upgrade.

EBOS Group - 1H25 Preview—Good Delivery

New Zealand

EBOS Group Limited supplies and distributes medical consumable products and equipment to the hospital and primary care sectors of the New Zealand and Australian healthcare markets. The Company's products include diagnostic instruments, surgical instruments and prosthesis, feminine protection, anesthetic equipment, and other consumer products.

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Ebos Group Ltd (EBO NZ)

EBOS Group Placement: Past Deals Have Done Well, but This Is a Second One This Year

EBOS Group aims to raise around US$564m in a secondary sell-down of shares. In this note, we comment on the deal dynamics and run the deal through...

Nicholas Tan

EBOS Group - SVS Acquisition—Nice to Have

The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid...

Forsyth Barr

EBOS Group Placement - Accretive Deal with Synergies

EBOS aims to raise around US$122m to partly fund its acquisition of SVS Veterinary Supplies (SVS). In this note, we comment on the deal dynamics...

Nicholas Tan

EBOS Group - 1H25 Result—Upgrade to OUTPERFORM

We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25...

Forsyth Barr

EBOS Group - 1H25 Preview—Good Delivery

We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum

Forsyth Barr

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