APAC IPOs & Placements, Aequitas Research

Ethan Aw

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/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona Mining (SYA AU)</a> is looking to raise around US$129m in its primary follow-on offering. Proceeds will be used for CAPEX needs and working capital, amongst others. </li>
<li>The deal is a slightly large one to digest at 17.9 days of ADV and 12.1% dilution.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Sayona Mining (SYA AU) is looking to raise around US$129m in its primary follow-on offering. Proceeds will be used for CAPEX needs and working capital, amongst others. 
The deal is a slightly large one to digest at 17.9 days of ADV and 12.1% dilution.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Sayona Mining Placement - Has Remained on Schedule with Increased Coverage

Clarence Chu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona Mining (SYA AU)</a> is looking to raise A$190m (approx US$135m) to restart its North American Lithium (NAL) mine.</li>
<li>On Monday (23rd May 2022), Sayona Mining had published a positive pre-feasibility study on the NAL mine, where shares have since corrected 26.8%.</li>
<li>The NAL mine is co-owned with US-based Lithium explorer, Piedmont Lithium, where Sayona Mining owns 75% interest, with the remainder 25% owned by Piedmont Lithium.</li>
</ul>



Sayona Mining (SYA AU) is looking to raise A$190m (approx US$135m) to restart its North American Lithium (NAL) mine.
On Monday (23rd May 2022), Sayona Mining had published a positive pre-feasibility study on the NAL mine, where shares have since corrected 26.8%.
The NAL mine is co-owned with US-based Lithium explorer, Piedmont Lithium, where Sayona Mining owns 75% interest, with the remainder 25% owned by Piedmont Lithium.


Sayona Mining Placement - Speculative in Nature but past Deals Have Done Well

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>With under three weeks until <strong><a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a></strong> shareholders vote on CapVest's Offer, BGH continues to <em>gradually</em> push out the tendering period for its own Offer.</li>
<li>The outcome of the Scheme Meeting is all but a foregone conclusion assuming BGH sticks to its guns and is not supportive; which then potentially rekindles this competitive bidding situation.</li>
<li>This insight discusses the constraints BGH needs to adhere to in "truth in takeover" statements. There are still a handful of moving parts to unfold in this transaction.</li>
</ul>


With under three weeks until Virtus Health (VRT AU) shareholders vote on CapVest's Offer, BGH continues to gradually push out the tendering period for its own Offer.
The outcome of the Scheme Meeting is all but a foregone conclusion assuming BGH sticks to its guns and is not supportive; which then potentially rekindles this competitive bidding situation.
This insight discusses the constraints BGH needs to adhere to in "truth in takeover" statements. There are still a handful of moving parts to unfold in this transaction.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Placements continued to flow in, at a slower pace than last week, with Malaysia and ANZ chipping in.</li>
<li>While the HK IPO scene failed to produce anything noteworthy with its two listing, South Korea appears to be leading the charge, once again.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Placements continued to flow in, at a slower pace than last week, with Malaysia and ANZ chipping in.
While the HK IPO scene failed to produce anything noteworthy with its two listing, South Korea appears to be leading the charge, once again.


ECM Weekly (3rd Apr 2022)- JD, Tencent, Prosus, One Store, SK Shieldus, FWD, Ferretti, Recbio, Belle

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paladin-energy-ltd" target="_blank" data-smartkarma-citation="entities:10117:1" rel="noopener">Paladin Energy (PDN AU)</a> aims to raise around US$150m (A$200m) via selling 277.8m new shares at A$0.72/per share, 8.9% discount to last close.</li>
<li>The proceeds will be geared towards restarting its Langer Heinrich Mine in Namibia and for funding working capital and fees. </li>
<li>In this note, we will talk about the firm’s track record and run the deal through our ECM framework.</li>
</ul>



Paladin Energy (PDN AU) aims to raise around US$150m (A$200m) via selling 277.8m new shares at A$0.72/per share, 8.9% discount to last close.
The proceeds will be geared towards restarting its Langer Heinrich Mine in Namibia and for funding working capital and fees. 
In this note, we will talk about the firm’s track record and run the deal through our ECM framework.


Paladin Energy Placement - Slightly Speculative but Momentum Has Been Strong

Australia

Paladin Energy Ltd operates as a mining company. The Company explores and mines uranium. Paladin Energy serves customers worldwide.

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Paladin Energy (PDN AU)

Sayona Mining Placement - Has Remained on Schedule with Increased Coverage

Sayona Mining (SYA AU) is looking to raise around US$129m in its primary follow-on offering. Proceeds will be used for CAPEX needs and working...

Ethan Aw

Sayona Mining Placement - Speculative in Nature but past Deals Have Done Well

Sayona Mining (SYA AU) is looking to raise US$135m to restart its North American Lithium (NAL) mine. On Mon, the firm published a positive PFS on...

Clarence Chu

Virtus Health & BGH: Truth in Takeovers

Recommendation unchanged: if you're in, hold on for any possible upward revision. If not already in, get involved around here, or on any pullback.

David Blennerhassett

ECM Weekly (3rd Apr 2022)- JD, Tencent, Prosus, One Store, SK Shieldus, FWD, Ferretti, Recbio, Belle

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Paladin Energy Placement - Slightly Speculative but Momentum Has Been Strong

Paladin Energy (PDN AU) aims to raise around US$150m (A$200m) via selling 277.8m new shares at A$0.72/per share, 8.9% discount to last close.

Clarence Chu

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52-week Range

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