IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Primer: IDP Education (IEL AU) - Aug 2026

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Event-Driven

<ul>
<li>In response to an AFR article, <a href="https://www.smartkarma.com/entities/idp-education-ltd" target="_blank" data-smartkarma-citation="entities:1098:1" rel="noopener">IDP Education (IEL AU)</a> disclosed that it rejected a non-binding proposal from <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> at A$2.50 (received on 9 September).</li>
<li>The offer is light on several metrics. Based on its weighted-average purchase price, Southeastern (which has quickly grown to be the largest shareholder) would need a A$3.00+ offer. </li>
<li>Several factors suggest that Blackstone is likely to return with at least a third offer. An offer of at least A$3.00 is required to pressure the Board to engage. </li>
</ul>


In response to an AFR article, IDP Education (IEL AU) disclosed that it rejected a non-binding proposal from Blackstone (BX US) at A$2.50 (received on 9 September).
The offer is light on several metrics. Based on its weighted-average purchase price, Southeastern (which has quickly grown to be the largest shareholder) would need a A$3.00+ offer. 
Several factors suggest that Blackstone is likely to return with at least a third offer. An offer of at least A$3.00 is required to pressure the Board to engage. 


IDP Education (IEL AU): Blackstone’s Offer Rejection Justified, Third Approach Likely