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

<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

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<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 leading chemical and ingredients distributor, is looking to raise A$402m (US$268m) in its IPO and is expected to start trading on the ASX on 3 July.</li>
<li>With the float expected to be over 30%, the stock is eligible for inclusion in the S&amp;P/ASX indices but limited trading history could only mean S&amp;P/ASX300 inclusion in March 2024.</li>
<li>With 70% of the shares subject to lock-up arrangements, buying from ASX300 passive trackers will be small and there will be limited inclusion in other indices too.</li>
</ul>



Redox (RDX AU), a leading chemical and ingredients distributor, is looking to raise A$402m (US$268m) in its IPO and is expected to start trading on the ASX on 3 July.
With the float expected to be over 30%, the stock is eligible for inclusion in the S&amp;P/ASX indices but limited trading history could only mean S&amp;P/ASX300 inclusion in March 2024.
With 70% of the shares subject to lock-up arrangements, buying from ASX300 passive trackers will be small and there will be limited inclusion in other indices too.


Redox (RDX AU) IPO - Offering Details & Index Inclusion

<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, is looking to raise around US$270m in its Australia IPO. </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>In this note, we undertake a quick peer comaprison and talk about valuations.</li>
</ul>



Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. 
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.
In this note, we undertake a quick peer comaprison and talk about valuations.


<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, is looking to raise around US$270m in its Australia IPO. </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>In this note, we will look at the company's past performance.</li>
</ul>



Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. 
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.
In this note, we will look at the company's past performance.


Redox IPO - Family Owned with a Long Track Record

<ul>
<li>There were a few rebalance announcements in the last week and the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index rebalances were implemented at the close on Friday.</li>
<li>There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.</li>
<li>Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX)</a>. </li>
</ul>


There were a few rebalance announcements in the last week and the SSE STAR50 (STAR50 INDEX) and STAR100 Index rebalances were implemented at the close on Friday.
There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.
Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX). 


Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

Australia

Redox Limited and Australia operates as a global chemical, ingredient, and raw material distributor. The Company offers sweeteners, stabilizers, emulsifiers, minerals, antioxidants, phosphates,  vitamins, hydrocolloids, basic and functional ingredients, acidulants, preservatives, and other ingredients. Redox serves customers worldwide.

Redox (RDX AU)

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

Redox (RDX AU) IPO - Offering Details & Index Inclusion

Redox is looking to raise A$402m in its IPO valuing the company at A$1.34bn. Limited trading history could mean ASX300 inclusion in March 24. Lock...

Brian Freitas

Redox IPO - Pricing Is Tricky

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. In this note we undertake a peer...

Sumeet Singh

Redox IPO - Family Owned with a Long Track Record

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. In this note, we will look at the...

Sumeet Singh

Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas