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

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<li>
<a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> disclosed a partial offer from Volare to acquire a maximum of 109.6 million units at $0.465 per unit, a 9.4% premium to the undisturbed price.</li>
<li>The partial offer is conditional on minimum acceptances representing 10.00% of outstanding units. Quarz Capital, the activist fund, says the offer is attractive.</li>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-limited" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, the sponsor, is unlikely to tender. Based on a proration of 13.54% and at the last close price of S$0.425, the breakeven price is S$0.420.</li>
</ul>



Sabana Industrial REIT (SSREIT SP) disclosed a partial offer from Volare to acquire a maximum of 109.6 million units at $0.465 per unit, a 9.4% premium to the undisturbed price.
The partial offer is conditional on minimum acceptances representing 10.00% of outstanding units. Quarz Capital, the activist fund, says the offer is attractive.

ESR Group (1821 HK), the sponsor, is unlikely to tender. Based on a proration of 13.54% and at the last close price of S$0.425, the breakeven price is S$0.420.


Sabana REIT (SSREIT SP): Partial Offer from Volare

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Nexus Select Trust / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.</li>
<li>Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. 
The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.
Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.


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<li>
<a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a> disclosed a privatisation proposal from the founder at US$8.20 per ADS, a 2.5% premium to The Hina Group/Industrial Bank’s offer of US$8.00 (disclosed on 11 April).</li>
<li>The data centre industry continues to be a hotbed for M&amp;A. <a href="https://www.bloomberg.com/news/articles/2022-07-27/mbk-partners-is-said-to-weigh-rival-bid-for-chinese-data-center-firm-vnet" target="_blank" rel="noopener">Bloomberg reported</a> on 27 July that MBK Partners is mulling an offer for VNET. </li>
<li>The offer is unattractive, and Mr Cheng, with 28.79% of voting rights, will need the support of other substantial shareholders. This latest offer underlines the current mispricing of the shares</li>
</ul>



21Vianet Group (VNET US) disclosed a privatisation proposal from the founder at US$8.20 per ADS, a 2.5% premium to The Hina Group/Industrial Bank’s offer of US$8.00 (disclosed on 11 April).
The data centre industry continues to be a hotbed for M&amp;A. Bloomberg reported on 27 July that MBK Partners is mulling an offer for VNET. 
The offer is unattractive, and Mr Cheng, with 28.79% of voting rights, will need the support of other substantial shareholders. This latest offer underlines the current mispricing of the shares


VNET’s Opportunistic US$8.20 Bid from the Founder

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2022-07-27/mbk-partners-is-said-to-weigh-rival-bid-for-chinese-data-center-firm-vnet" target="_blank" rel="noopener">Bloomberg reported</a> that MBK Partners is in talks to team up with a partner on a joint offer for <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>. Considerations are at a preliminary stage.</li>
<li>A potential bid would compete against The Hina Group and Industrial Bank’s $8.00 per ADS offer. The Board has not provided an update on its stance on this offer.   </li>
<li>Takeover interest is unsurprisingly due to VNET’s depressed share price, unchanged FY22 guidance and ongoing data centre M&amp;A activity.     </li>
</ul>



Bloomberg reported that MBK Partners is in talks to team up with a partner on a joint offer for 21Vianet Group (VNET US). Considerations are at a preliminary stage.
A potential bid would compete against The Hina Group and Industrial Bank’s $8.00 per ADS offer. The Board has not provided an update on its stance on this offer.   
Takeover interest is unsurprisingly due to VNET’s depressed share price, unchanged FY22 guidance and ongoing data centre M&amp;A activity.     


<ul>
<li>A <a href="https://www.bloomberg.com/news/articles/2022-04-22/bain-backed-chindata-said-to-field-preliminary-takeover-interest" target="_blank" rel="noopener">Bloomberg article</a> claimed that <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a> is attracting takeover interest from <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>, PAG and EdgeConneX. Shares rose 9.8% to close at $4.81.</li>
<li>Potential privatisation will require the blessing of Bain Capital, the largest shareholder. Chindata’s track record of beating guidance, modest leverage and the beaten-down rating make it a target. </li>
<li>A forward EV/EBITDA multiple of 8.9x, in line with <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>’s proposed acquisition multiple, would imply $6.85 per ADS. </li>
</ul>


A Bloomberg article claimed that Chindata Group (CD US) is attracting takeover interest from GDS Holdings (ADR) (GDS US), PAG and EdgeConneX. Shares rose 9.8% to close at $4.81.
Potential privatisation will require the blessing of Bain Capital, the largest shareholder. Chindata’s track record of beating guidance, modest leverage and the beaten-down rating make it a target. 
A forward EV/EBITDA multiple of 8.9x, in line with 21Vianet Group (VNET US)’s proposed acquisition multiple, would imply $6.85 per ADS. 


Chindata the Next Chinese ADR Privatisation Target?

Singapore

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

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Mapletree Industrial Trust (MINT SP)

Sabana REIT (SSREIT SP): Partial Offer from Volare

The offer is conditional on a 10% min. acceptances. Quarz Capital is supportive. Based on a proration of 13.54% and at the last close price of...

Arun George

Nexus Select Trust Pre-IPO Tearsheet

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. The bookrunners on the deal are Axis, BofA, Citi, HSBC,...

Clarence Chu

VNET’s Opportunistic US$8.20 Bid from the Founder

The offer is unattractive. Nevertheless, with the data centre M&A activity levels remaining elevated, the current mispricing of the shares will...

Arun George

VNET Draws the Interest of MBK Partners

Takeover interest is unsurprisingly due to VNET’s depressed share price, unchanged FY22 guidance and ongoing data centre M&A activity. Buy some...

Arun George

Chindata the Next Chinese ADR Privatisation Target?

Bloomberg claimed that Chindata is attracting takeover interest from GDS, PAG and EdgeConneX. A forward EV/EBITDA multiple of 8.9x, in line with...

Arun George

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