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

<div>Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.</div><div>
Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.
We have covered most aspects of the deal in our earlier note <a href="https://www.smartkarma.com/insights/ventia-ipo-at-your-service-everywhere" target="_blank" rel="noopener">Ventia IPO - At Your Service, Everywhere</a>.
In this note, we will talk about valuations.
</div>

Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.
Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.
We have covered most aspects of the deal in our earlier note Ventia IPO - At Your Service, Everywhere.
In this note, we will talk about valuations.


Ventia IPO - Strong Revenue Visibility, Valuation Appears Reasonable

Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.

Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Earlier today, <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> went into a trading halt and announced that the company was launching a fully underwritten A$125m placement to complete the Mallina Gold Project prefeasibility study, extend existing resources and conduct exploration drilling.The company is selling a maximum of 113.636m shares at an offer price of A$1.10/share. This is a 9% discount to the last close. The trading halt will be lifted latest by 22 October, the new shares will settle on 27 October and will be allotted on 28 October.The increased number of shares could result in <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> being included in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the December review. The stock has been close to the inclusion zone at the last few reviews but eventually missed out. This placement should put the stock in a stronger position for index inclusion.Then there is the wave of M&amp;A activity in Australia that will result in a few more index changes prior to the regular rebalance in December.The <a href="https://www.smartkarma.com/entities/spark-infrastructure-group" target="_blank" data-smartkarma-citation="entities:595:1" rel="noopener">Spark Infrastructure (SKI AU)</a> acquisition is expected to be completed by end November, while the <a href="https://www.smartkarma.com/entities/oil-search-ltd" target="_blank" data-smartkarma-citation="entities:773:1" rel="noopener">Oil Search Ltd (OSH AU)</a> / <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a> merger is expected to be complete by early December.<a href="https://www.smartkarma.com/entities/sandfire-resources-limited" target="_blank" data-smartkarma-citation="entities:1259:1" rel="noopener">Sandfire Resources Limited (SFR AU)</a> and <a href="https://www.smartkarma.com/entities/imugene-ltd" target="_blank" data-smartkarma-citation="entities:20276:1" rel="noopener">Imugene Ltd (IMU AU)</a> could be added to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> ahead of the regular rebalance in December and there could be another 3-4 changes at the regular rebalance.

Earlier today, De Grey Mining (DEG AU) went into a trading halt and announced that the company was launching a fully underwritten A$125m placement to complete the Mallina Gold Project prefeasibility study, extend existing resources and conduct exploration drilling.The company is selling a maximum of 113.636m shares at an offer price of A$1.10/share. This is a 9% discount to the last close. The trading halt will be lifted latest by 22 October, the new shares will settle on 27 October and will be allotted on 28 October.The increased number of shares could result in De Grey Mining (DEG AU) being included in the S&amp;P/ASX 200 (AS51 INDEX) at the December review. The stock has been close to the inclusion zone at the last few reviews but eventually missed out. This placement should put the stock in a stronger position for index inclusion.Then there is the wave of M&amp;A activity in Australia that will result in a few more index changes prior to the regular rebalance in December.The Spark Infrastructure (SKI AU) acquisition is expected to be completed by end November, while the Oil Search Ltd (OSH AU) / Santos Ltd (STO AU) merger is expected to be complete by early December.Sandfire Resources Limited (SFR AU) and Imugene Ltd (IMU AU) could be added to the S&amp;P/ASX 200 (AS51 INDEX) ahead of the regular rebalance in December and there could be another 3-4 changes at the regular rebalance.

De Grey Mining (DEG AU) Placement & More Potential ASX200 Changes in December

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Sembcorp Marine, AusNet, Shinsei Bank, MMC Corp

Sandfire Resources Limited / Event-Driven

On 23 September pre-market open, <a href="https://www.smartkarma.com/entities/sandfire-resources-limited" target="_blank" data-smartkarma-citation="entities:1259:1" rel="noopener">Sandfire Resources Limited (SFR AU)</a> requested for a trading halt. A short time later, the company announced the acquisition of the MATSA mining complex from Mubadala and Trafigura for US$1.865bn (A$2.572bn).The acquisition is expected to be completed in the March 2022 quarter and is subject to Spanish Foreign Direct Investment Approval and anti-trust merger control approval.The acquisition will be funded by an A$120m strategic placement to AustralianSuper, a A$165m institutional placement, a A$963m fully underwritten 1 for 1 accelerated non-renounceable entitlement offer (ANREO), debt and cash on hand.Just over 231m shares will be issued at A$5.40/share, a 13.2% discount to the last close of A$6.22/share, and a 6.2% discount to TERP.The increase in market cap as a result of the placement and entitlement offer will result in <a href="https://www.smartkarma.com/entities/sandfire-resources-limited" target="_blank" data-smartkarma-citation="entities:1259:1" rel="noopener">Sandfire Resources Limited (SFR AU)</a> becoming a high probability inclusion to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the December rebalance.With a number of M&amp;A deals targeting <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> constituents, there will be more changes to the index over the next couple of regular rebalances (and in the interim as well).

On 23 September pre-market open, Sandfire Resources Limited (SFR AU) requested for a trading halt. A short time later, the company announced the acquisition of the MATSA mining complex from Mubadala and Trafigura for US$1.865bn (A$2.572bn).The acquisition is expected to be completed in the March 2022 quarter and is subject to Spanish Foreign Direct Investment Approval and anti-trust merger control approval.The acquisition will be funded by an A$120m strategic placement to AustralianSuper, a A$165m institutional placement, a A$963m fully underwritten 1 for 1 accelerated non-renounceable entitlement offer (ANREO), debt and cash on hand.Just over 231m shares will be issued at A$5.40/share, a 13.2% discount to the last close of A$6.22/share, and a 6.2% discount to TERP.The increase in market cap as a result of the placement and entitlement offer will result in Sandfire Resources Limited (SFR AU) becoming a high probability inclusion to the S&amp;P/ASX 200 (AS51 INDEX) at the December rebalance.With a number of M&amp;A deals targeting S&amp;P/ASX 200 (AS51 INDEX) constituents, there will be more changes to the index over the next couple of regular rebalances (and in the interim as well).

Sandfire Resources (SFR AU): Acquisition, ANREO and ASX200 Inclusion

Australia

Monadelphous Group Limited provides engineering and construction services to the resources and petrochemical industries. The Company provides mining and processing industry maintenance, mining equipment refurbishment, project management, construction, and airport ground handling services. Monadelphous Group serves customers in Australia.

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Monadelphous (MND AU)

Ventia IPO - Strong Revenue Visibility, Valuation Appears Reasonable

Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO....

Sumeet Singh

Ventia IPO - At Your Service, Everywhere

Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO....

Sumeet Singh

De Grey Mining (DEG AU) Placement & More Potential ASX200 Changes in December

The De Grey Mining placement improves the chances of ASX200 inclusion. SKI AU and OSH AU could be deleted end Nov/beginning Dec and replaced with...

Brian Freitas

Last Week in Event SPACE: Sembcorp Marine, AusNet, Shinsei Bank, MMC Corp

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Sandfire Resources (SFR AU): Acquisition, ANREO and ASX200 Inclusion

Sandfire Resources is buying the MATSA mine in Spain and conducting a placement and entitlement offer to raise funds. This will lead to a big jump...

Brian Freitas

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