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

Weekly Deals Digest (18 Aug) - JTower, Piolax, Fancl, China TCM, CPMC, PropertyGuru, Orora, WeRide

Merger Arb Mondays (19 Aug) - China TCM, Henlius, Canvest, CPMC, JTower, Fuji Soft PropertyGuru

CrossASEAN Ground Zero - MR DIY Thailand IPO, PropertyGuru, Fibre Battles, and GoTo

PropertyGuru IPO: Website Traffic Analysis Undermines Premium Rating

PropertyGuru (PGRU US): KKR/TPG Mulling a Buyout

Fangdd Network IPO Initiation: Home Truths

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a> entered into a definitive merger agreement with <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> at US$6.70 per share, a 51.9% premium to the undisturbed price of US$4.41 (21 May).</li>
<li>The shareholder vote is done (two-thirds voting threshold) due to <a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a>/<a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a>’s support and drag-along rights relating to <a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group Ltd (REA AU)</a>’s shares.  </li>
<li>This is a clean deal as there is no dissenting condition or requirement for country antitrust approvals. At the last close and for end-of-year payment, the gross/annualised spread is 2.3%/6.4%.</li>
</ul>



PropertyGuru (PGRU US) entered into a definitive merger agreement with EQT (EQT SS) at US$6.70 per share, a 51.9% premium to the undisturbed price of US$4.41 (21 May).
The shareholder vote is done (two-thirds voting threshold) due to TPG Inc (TPG US)/KKR &amp; Co (KKR US)’s support and drag-along rights relating to REA Group Ltd (REA AU)’s shares.  
This is a clean deal as there is no dissenting condition or requirement for country antitrust approvals. At the last close and for end-of-year payment, the gross/annualised spread is 2.3%/6.4%.


PropertyGuru (PGRU US): EQT’s US$6.70 Offer Is A Done Deal