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

Ingenia (INA AU): Warburg’s Revised Offer Rejected, but the Gap to Fair Value Narrows

Ingenia (INA AU): Warburg’s NBIO Was Rightly Rejected, but This Is Not Done Yet

Peet (PPC AU): Risk/Reward as Ingenia’s Offer Hangs in the Balance

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> received a revised Warburg Pincus proposal at A$5.25, a 4.0% premium to the prior A$5.05 offer and 22.7% to the undisturbed price. The Board is assessing it.</li>
<li>The offer implies only a modest control premium to sell-side price targets and peer multiples, but a third outright rejection would be hard to justify amid mounting shareholder pressure. </li>
<li>The offer lapses on Friday 2 October unless the Board grants due diligence. I expect engagement, and no “<em>best and final</em>” wording leaves room for a higher bid. </li>
</ul>



Ingenia Communities (INA AU) received a revised Warburg Pincus proposal at A$5.25, a 4.0% premium to the prior A$5.05 offer and 22.7% to the undisturbed price. The Board is assessing it.
The offer implies only a modest control premium to sell-side price targets and peer multiples, but a third outright rejection would be hard to justify amid mounting shareholder pressure. 
The offer lapses on Friday 2 October unless the Board grants due diligence. I expect engagement, and no “best and final” wording leaves room for a higher bid. 


Ingenia (INA AU): Warburg’s Third Offer at A$5.25 Puts the Board on the Clock