Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>Auckland City Council plans to sell 7% of <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>  to fund its budget requirements for 2023-24.</li>
<li>Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.</li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>


Auckland City Council plans to sell 7% of Auckland Intl Airport (AIA NZ)  to fund its budget requirements for 2023-24.
Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.
In this note, we will talk about the possible placement and other deal dynamics.


Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

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>IFT to invest US$360m–US$410m for 60%–80% of Console Connect</li><li>A beneficiary of global data tailwinds — global diversity added to IFT's digital infrastructure portfolio</li><li>What does Console Connect do?: CC's current next-generation platform enables customers to self-provision a private internet connection utilising CC's vast globally integrated network of 3rd party data centres, cloud zones, international cables and SaaS platforms on a pay-as-you-go bandwidth basis. </li></ul>

IFT to invest US$360m–US$410m for 60%–80% of Console ConnectA beneficiary of global data tailwinds — global diversity added to IFT's digital infrastructure portfolioWhat does Console Connect do?: CC's current next-generation platform enables customers to self-provision a private internet connection utilising CC's vast globally integrated network of 3rd party data centres, cloud zones, international cables and SaaS platforms on a pay-as-you-go bandwidth basis. 

<ul><li>IFT in the driving seat of two mega trends, supported by a solid cash generative New Zealand core</li><li>One NZ in a better position than SPK with no private cloud headwinds and mobile momentum</li><li>Acquisition makes sense in IFT's portfolio — allowing portfolio flexibility</li></ul>

IFT in the driving seat of two mega trends, supported by a solid cash generative New Zealand coreOne NZ in a better position than SPK with no private cloud headwinds and mobile momentumAcquisition makes sense in IFT's portfolio — allowing portfolio flexibility

Infratil: Consolidating Core; Reinstate OUTPERFORM

<ul>
<li>
<a href="https://www.smartkarma.com/entities/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>, a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.</li>
<li>In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide</li>
<li>We have looked at the company’s past performance in our previous note, in this note we will talk about the updates since then and the trading dynamics.</li>
</ul>



Redox (RDX AU), a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide
We have looked at the company’s past performance in our previous note, in this note we will talk about the updates since then and the trading dynamics.


Redox IPO Trading - Peers Have Mostly Corrected over the past Month

<ul><li>Acquiring the remaining 50% of One NZ for NZ$1.8bn: IFT has entered an agreement to purchase the remaining 50% of One NZ for NZ$1.8bn from its partner Brookfield.</li><li>Partially funded by a NZ$850m capital raise: IFT is raising NZ$850m of equity at NZ$9.20 per share corresponding to ~12.7% of outstanding shares via; (1) a fully underwritten NZ$750m Institutional Placement, and (2) a NZ$100m retail offer (plus an ability to accept oversubscriptions).</li><li>Guidance updated to reflect full One NZ ownership: IFT has updated its FY24 proportionate EBITDAF guidance to between NZ$800m to NZ$840m to reflect full One NZ ownership for 9.5 months of the year, with the underlying portfolio company guidance unchanged.</li></ul>

Acquiring the remaining 50% of One NZ for NZ$1.8bn: IFT has entered an agreement to purchase the remaining 50% of One NZ for NZ$1.8bn from its partner Brookfield.Partially funded by a NZ$850m capital raise: IFT is raising NZ$850m of equity at NZ$9.20 per share corresponding to ~12.7% of outstanding shares via; (1) a fully underwritten NZ$750m Institutional Placement, and (2) a NZ$100m retail offer (plus an ability to accept oversubscriptions).Guidance updated to reflect full One NZ ownership: IFT has updated its FY24 proportionate EBITDAF guidance to between NZ$800m to NZ$840m to reflect full One NZ ownership for 9.5 months of the year, with the underlying portfolio company guidance unchanged.

Infratil: One NZ Acquisition and Capital Raise

New Zealand

Infratil Limited is an infrastructure investment company. The Company invests in airports, energy such as renewable and waste-energy, and public transportation.

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Infratil (IFT AU)

Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

Auckland Airport just reported its full year results, this in effect frees its largest shareholder, Auckland City Council to progress with its...

Sumeet Singh

Infratil: Connecting the Dots

Infratil (IFT) has announced a conditional investment into Console Connect (CC), a top 3 global software-defined interconnection platform; IFT is...

Forsyth Barr

Infratil: Consolidating Core; Reinstate OUTPERFORM

Reinstating our rating on Infratil (IFT) as OUTPERFORM following its capital raise and acquisition of the remaining half of One NZ, New Zealand's...

Forsyth Barr

Redox IPO Trading - Peers Have Mostly Corrected over the past Month

Redox (RDX AU), a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.

Sumeet Singh

Infratil: One NZ Acquisition and Capital Raise

Infratil (IFT) has announced it is purchasing the remaining 50% of One NZ for NZ$1.8bn, four years after acquiring its initial 50%; To fund this...

Forsyth Barr

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