APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

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

Trualt Bioenergy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trualt-bioenergy-ltd" target="_blank" data-smartkarma-citation="entities:44364:1" rel="noopener">Trualt Bioenergy Ltd (2350587D IN)</a> (TBL) is planning to raise about US$120m through its upcoming India IPO. </li>
<li>TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).</li>
<li>As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.</li>
</ul>



Trualt Bioenergy Ltd (2350587D IN) (TBL) is planning to raise about US$120m through its upcoming India IPO. 
TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).
As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.


Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

The inauguration of the Leuna demo plant marks another step forward for Global Bioenergies&#8217; execution strategy. The fab is delivering good yields and the quality of the isobutene is better than expected. The company has also announced that it has received new EU grant funding for adaptation of its second-generation process. The next steps are execution on IBN-ONE, GBE&#8217;s first commercial joint venture at an industrial scale, securing financing from 2018 and further commercial licensing agreements. Our fair value remains unchanged at &#8364;35-63 per share.

The inauguration of the Leuna demo plant marks another step forward for Global Bioenergies&#8217; execution strategy. The fab is delivering good yields and the quality of the isobutene is better than expected. The company has also announced that it has received new EU grant funding for adaptation of its second-generation process. The next steps are execution on IBN-ONE, GBE&#8217;s first commercial joint venture at an industrial scale, securing financing from 2018 and further commercial licensing agreements. Our fair value remains unchanged at &#8364;35-63 per share.

Global Bioenergies has completed a stage of significant expansion with the completion of its Leuna demo plant and a raft of industrial agreements in 2016. 2016 results reflected this expansion in line with our expectations and the company closed the year having comfortably funded its cash spend for 2017. It now needs to deliver commercial revenues to reach profitability. We have updated our forecasts to reflect a more conservative revenue expectation and the Syngip acquisition. Our valuation range remains &#8364;34-51 per share. We highlight funding risk from 2018.

Global Bioenergies has completed a stage of significant expansion with the completion of its Leuna demo plant and a raft of industrial agreements in 2016. 2016 results reflected this expansion in line with our expectations and the company closed the year having comfortably funded its cash spend for 2017. It now needs to deliver commercial revenues to reach profitability. We have updated our forecasts to reflect a more conservative revenue expectation and the Syngip acquisition. Our valuation range remains &#8364;34-51 per share. We highlight funding risk from 2018. 

Global Bioenergies&#8217; (GBE) acquisition of Syngip in an all-share deal further strengthens the company&#8217;s third-generation processes and as such is very synergistic. Our valuation range is now &#8364;34-51 per share (from &#8364;37-56) due to the higher share count.

Global Bioenergies&#8217; (GBE) acquisition of Syngip in an all-share deal further strengthens the company&#8217;s third-generation processes and as such is very synergistic. Our valuation range is now &#8364;34-51 per share (from &#8364;37-56) due to the higher share count. 

France

Global Bioenergies is a company that has developed a conversion process to transform renewable resources into isobutene, one of the petrochemical building blocks which can be converted into ingredients for cosmetics, petrol, kerosene, LPG and plastics. Global Bioenergies conducts trials in its demo plant in Germany and is preparing their first full-sized plant.

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Global Bioenergies Sa (ALGBE FP)

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...

Rosita Fernandes

Reaching scale

The inauguration of the Leuna demo plant marks another step forward for Global Bioenergies’ execution strategy. The fab is delivering good yields...

Edison Investment Research

Towards scale and revenues

Global Bioenergies has completed a stage of significant expansion with the completion of its Leuna demo plant and a raft of industrial agreements...

Edison Investment Research

Synergistic acquisition for new markets

Global Bioenergies’ (GBE) acquisition of Syngip in an all-share deal further strengthens the company’s third-generation processes and as such is...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

​Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...

Rosita Fernandes

Reaching scale

The inauguration of the Leuna demo plant marks another step forward for Global Bioenergies’ execution strategy. The fab is delivering good yields...

Edison Investment Research

Towards scale and revenues

Global Bioenergies has completed a stage of significant expansion with the completion of its Leuna demo plant and a raft of industrial agreements...

Edison Investment Research

Synergistic acquisition for new markets

Global Bioenergies’ (GBE) acquisition of Syngip in an all-share deal further strengthens the company’s third-generation processes and as such is...

Edison Investment Research

Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...