Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</a></strong>, a leading retirement living and aged care service provider in New Zealand, <a href="https://www.arvida.co.nz/investors/nzx-releases/release/arvida-board-unanimously-recommends-stonepeak-acquisition-38581" target="_blank" rel="noopener">announced</a> a Scheme from PE-outfit Stonepeak at NZ$1.70/share, in cash, a 65% premium to undisturbed. </li>
<li>The Offer has unanimous board support. ~18% of shares out are supportive. Standard Scheme voting applies. Consent from NZ's Overseas Investment Office also required. </li>
<li>A Scheme Meeting is expected to be held in 4Q24 with implementation in the same quarter. Optics are a tad opportunistic; but this looks priced to complete. </li>
</ul>



Arvida (ARV NZ), a leading retirement living and aged care service provider in New Zealand, announced a Scheme from PE-outfit Stonepeak at NZ$1.70/share, in cash, a 65% premium to undisturbed. 
The Offer has unanimous board support. ~18% of shares out are supportive. Standard Scheme voting applies. Consent from NZ's Overseas Investment Office also required. 
A Scheme Meeting is expected to be held in 4Q24 with implementation in the same quarter. Optics are a tad opportunistic; but this looks priced to complete. 


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>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>IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.</li>
<li>Placements as well picked up pace, despite the ongoing <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s mega deal set to suck liquidity out of the system for a while. </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.
IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.
Placements as well picked up pace, despite the ongoing Japan Post Bank (7182 JP)'s mega deal set to suck liquidity out of the system for a while. 


ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Ryman Healthcare / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ryman-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:10590:1" rel="noopener">Ryman Healthcare (RYM NZ)</a> announced a US$569m (NZ$902m) raising via a renounceable entitlement offer to reset the firm’s capital structure and reduce its gearing. </li>
<li>The institutional part of the entitlement offer saw a strong take up and the shares have held up above the entitlement offer price since the deal was announced.</li>
<li>In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.</li>
</ul>



Ryman Healthcare (RYM NZ) announced a US$569m (NZ$902m) raising via a renounceable entitlement offer to reset the firm’s capital structure and reduce its gearing. 
The institutional part of the entitlement offer saw a strong take up and the shares have held up above the entitlement offer price since the deal was announced.
In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.


Ryman Healthcare Renounceable Entitlement Offer - Retail Shortfall Manageable

<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>On the IPO front, <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal</a> <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener"></a>is set to make its debut in the coming week.</li>
<li>Placements picked up pace this week, with multiple deals across geographies.</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.
On the IPO front, Pertamina Geothermal is set to make its debut in the coming week.
Placements picked up pace this week, with multiple deals across geographies.


ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ryman-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:10590:1" rel="noopener">Ryman Healthcare (RYM NZ)</a> aims to raise around US$569m (NZ$903m) via a renounceable entitlement offer. </li>
<li>The use of proceeds will be to reset the firm’s capital structure and reduce its gearing.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ryman Healthcare (RYM NZ) aims to raise around US$569m (NZ$903m) via a renounceable entitlement offer. 
The use of proceeds will be to reset the firm’s capital structure and reduce its gearing.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Ryman Healthcare Renounceable Entitlement Offer - Dilutive, but Would Take at the Low End

New Zealand

Ryman Healthcare Limited provides private health care services through its development, management and operation of retirement villages, nursing homes and geriatric hospitals.  The Company's facilities are located in Christchurch, Dunedin, Invercargill and Wellington.

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Ryman Healthcare (RYM NZ)

Arvida (ARV NZ): Stonepeak's Offer

Assuming mid-Dec payment, this is trading at a reasonable gross/annualised spread of 4.9%/12.6%. Also run a ruler over other NZ peers such as...

David Blennerhassett

ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

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

Ryman Healthcare Renounceable Entitlement Offer - Retail Shortfall Manageable

Ryman Healthcare (RYM NZ) managed a US$569m (NZ$902m) raising via a renounceable entitlement offer to reset the firm’s capital structure and reduce...

Ethan Aw

ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

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

Ryman Healthcare Renounceable Entitlement Offer - Dilutive, but Would Take at the Low End

Ryman Healthcare (RYM NZ) aims to raise around US$570m (NZ$903m) via a renounceable entitlement offer. In this note, we will talk about the deal...

Ethan Aw

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