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/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a></strong> has rejected a proposal from a Potentia-led consortium at A$1.27/share, by way of a Scheme. </li>
<li>Mike Cannon-Brookes' Grok Ventures, holding 12.5% and Tyro's largest shareholder, has backed the Offer. </li>
<li>Tyro's board considered the proposal to be materially below Tyro’s fundamental value and highly opportunistic. Tyro's share price was down 66% ytd prior to Potentia's approach.</li>
</ul>



Tyro Payments (TYR AU) has rejected a proposal from a Potentia-led consortium at A$1.27/share, by way of a Scheme. 
Mike Cannon-Brookes' Grok Ventures, holding 12.5% and Tyro's largest shareholder, has backed the Offer. 
Tyro's board considered the proposal to be materially below Tyro’s fundamental value and highly opportunistic. Tyro's share price was down 66% ytd prior to Potentia's approach.


Tyro Payments Rejects Potentia's Proposal. MCB Accepts

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.

<ul>
<li>APM Human Services (APM) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.</li>
<li>APM is an international human services provider, it runs 800 sites spanning 10 countries with its largest market being Australia.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


APM Human Services (APM) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.
APM is an international human services provider, it runs 800 sites spanning 10 countries with its largest market being Australia.
In this note, we will talk about the lock-up dynamics and updates since our last note.


APM Human Services IPO Lock-Up - PE with a US$620m Stake Comes Free

Equity Capital Markets

Australia & New Zealand Bankin / Equity Capital Markets

<ul>
<li>ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.</li>
<li>The institutional part of the entitlement offer saw a strong take up and the retail take up was within our expectations as well.</li>
<li>In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.</li>
</ul>


ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
The institutional part of the entitlement offer saw a strong take up and the retail take up was within our expectations as well.
In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

<ul>
<li>Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.</li>
<li>Judo Capital (JC) focuses on lending to small and medium-sized enterprises (SMEs) in Australia. It also offers a range of personal term deposit products to consumers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.
Judo Capital (JC) focuses on lending to small and medium-sized enterprises (SMEs) in Australia. It also offers a range of personal term deposit products to consumers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Judo Capital IPO Lock-Up - Gearing up for a A$650m Lock-Up Release

<ul>
<li>
<a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a> is looking to raise around A$225m from its placement to fund the acquisition of Insurance Brands Australia, an insurance distribution firm.</li>
<li>The company had undertaken a similar sized deal last year for another acquisition, that deal did well.</li>
<li>In this note, we will talk about the acquisition and run the deal through our ECM framework.</li>
</ul>



Steadfast (SDF AU) is looking to raise around A$225m from its placement to fund the acquisition of Insurance Brands Australia, an insurance distribution firm.
The company had undertaken a similar sized deal last year for another acquisition, that deal did well.
In this note, we will talk about the acquisition and run the deal through our ECM framework.


Steadfast Group Placement - Another Accretive Acquisition, past Deals Have Done Well

Australia

Sydney Airport operates the Sydney, Australia airport. The Company develops and maintains the airport infrastructure and leases terminal space to airlines and retailers.

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Sydney Airport (SYD AU)

Tyro Payments Rejects Potentia's Proposal. MCB Accepts

Given MCB's support for Potentia's Offer is void with a competing proposal over A$0.25 higher - or $1.52+/share - is illustrative. Currently...

David Blennerhassett

APM Human Services IPO Lock-Up - PE with a US$620m Stake Comes Free

APM Human Services (APM) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire...

Sumeet Singh

ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. In this note...

Sumeet Singh

Judo Capital IPO Lock-Up - Gearing up for a A$650m Lock-Up Release

Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.

Sumeet Singh

Steadfast Group Placement - Another Accretive Acquisition, past Deals Have Done Well

Steadfast (SDF AU) is looking to raise around A$225m from its placement to fund the acquisition of Insurance Brands Australia, an insurance...

Sumeet Singh

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