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

<ul>
<li>On 2 February, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a> entered a merger with Aura at 1 Aura CDI per 17.2 QOR share. The implied offer price per QOR share is A$0.72.</li>
<li>While the scheme vote is low risk, the gross spread is massive due to the SaaS market sell-off and warranted scepticism about the stated MergerCo valuation.</li>
<li>However, my analysis suggests the risk/reward profile is favourable. If MergeCo trades in line with SaaS peers, it implies a QOR fair value of A$0.40, 30% premium to last close.</li>
</ul>


On 2 February, Qoria (QOR AU) entered a merger with Aura at 1 Aura CDI per 17.2 QOR share. The implied offer price per QOR share is A$0.72.
While the scheme vote is low risk, the gross spread is massive due to the SaaS market sell-off and warranted scepticism about the stated MergerCo valuation.
However, my analysis suggests the risk/reward profile is favourable. If MergeCo trades in line with SaaS peers, it implies a QOR fair value of A$0.40, 30% premium to last close.


Qoria (QOR AU): Risk/Reward in the Aftermath of SaaStrophe

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a> has <a href="https://announcements.asx.com.au/asxpdf/20260202/pdf/06vwfwn5h3qyc3.pdf" target="_blank" rel="noopener">announced</a> a scrip merger with unlisted Boston-based Aura, to form an enlarged digital safety play under the ASX-ticker AXQ. </li>
<li>Scrip terms  - 17.2 QOR shares per AXQ share - will result in QOR shareholders holding 35% of the enlarged entity on a fully diluted basis. </li>
<li>A merger makes sense. Both companies sell software to schools and parents offering "digital seatbelts". There may, however, be a question mark over the reliability of the indicative Offer price. </li>
</ul>



Qoria (QOR AU) has announced a scrip merger with unlisted Boston-based Aura, to form an enlarged digital safety play under the ASX-ticker AXQ. 
Scrip terms  - 17.2 QOR shares per AXQ share - will result in QOR shareholders holding 35% of the enlarged entity on a fully diluted basis. 
A merger makes sense. Both companies sell software to schools and parents offering "digital seatbelts". There may, however, be a question mark over the reliability of the indicative Offer price. 


Aura's Scrip Offer For Qoria (QOR AU) And Backdoor Listing

<ul>
<li>For July 2026, ten new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in July was ~51%, and a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For July 2026, ten new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.
The average premium for the new transactions announced (or first discussed) in July was ~51%, and a year-to-date average of ~48%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [July 2026 Wrap]: Dentsu Soken, Perpetual, OFX, Ns United Kaiun, Gabia, SK Signet, Dida

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jul 24th (reported today). The aggregated short interest was USD45.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in South32, Northern Star Resources, Stockland, James Hardie Industries, Brambles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 24th (reported today). The aggregated short interest was USD45.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in South32, Northern Star Resources, Stockland, James Hardie Industries, Brambles.


ASX Short Interest Weekly (Jul 24th): South32, Northern Star Resources, Stockland, Brambles

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 13th July, published on the 17th July.</li>
<li>The largest industry net increase in the past week was A$0.8bn into "Banks"; the largest industry net decrease was A$0.5bn out of "Diversified Metals". Net shorts declined A$0.2bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/pls-group-limited" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">PLS Group (PLS AU)</a>, <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas (LYC AU)</a>, <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a>, <a href="https://www.smartkarma.com/entities/iluka-resources-ltd" target="_blank" data-smartkarma-citation="entities:10105:1" rel="noopener">Iluka Resources (ILU AU)</a>, and <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 13th July, published on the 17th July.
The largest industry net increase in the past week was A$0.8bn into "Banks"; the largest industry net decrease was A$0.5bn out of "Diversified Metals". Net shorts declined A$0.2bn week-on-week.
Companies mentioned in this regular weekly report include: PLS Group (PLS AU), Lynas (LYC AU), Westpac Banking (WBC AU), Iluka Resources (ILU AU), and Commonwealth Bank of Australia (CBA AU).


Aussie Shorts [13 July 2026]: PLS, Lynas, Westpac, Iluka Resources, Commonwealth Bank

Australia

Qoria Limited provides software solutions. The Company designs and develops cloud-based parental control solutions. Qoria serves customers in Australia.

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Qoria (QOR AU)

Qoria (QOR AU): Risk/Reward in the Aftermath of SaaStrophe

The risk/reward profile is favourable. Scepticism about the stated MergerCo valuation is warranted. My QOR fair value implied by the offer is...

Arun George

Aura's Scrip Offer For Qoria (QOR AU) And Backdoor Listing

Quirky, but ostensibly a fair deal. It's not clear how you're going to hedge this. If you like the terms, play the back-end and buy Qoria outright.

David Blennerhassett

Asia-Pac M&A [July 2026 Wrap]: Dentsu Soken, Perpetual, OFX, Ns United Kaiun, Gabia, SK Signet, Dida

For the month of July, 8 new deals were discussed on Smartkarma with an overall deal size of just ~US$5bn. The average premium for the new deals...

David Blennerhassett

ASX Short Interest Weekly (Jul 24th): South32, Northern Star Resources, Stockland, Brambles

We analyzed ASX short interest report for the past week and highlight short interest changes in South32, Northern Star Resources, Stockland, James...

Ke Yan, CFA, FRM

Aussie Shorts [13 July 2026]: PLS, Lynas, Westpac, Iluka Resources, Commonwealth Bank

The largest industry net increase in the past week was A$0.8bn into "Banks"; the largest industry net decrease was A$0.5bn out of "Diversified...

David Blennerhassett

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