In today’s briefing:
- Guzman Y Gomez IPO: Listing & Index Inclusion Timeline
- Capitol Health (CAJ AU): All-Scrip Non-Binding Merger with Integral Diagnostics
- Guzman Y Gomez IPO Trading – Strong Demand, Not All Shares in Escrow
- MMA Offshore (MRM AU): Cyan Lifts Offer
- Telix Pharmaceuticals (TLX AU): Nasdaq IPO Plan Dropped; Future Growth Prospect Remains Intact
Guzman Y Gomez IPO: Listing & Index Inclusion Timeline
- Guzman Y Gomez (0817833D AU) has raised A$335.1m in a primary + secondary offering, valuing the company at A$2.23bn. The stock starts trading on the ASX Ltd (ASX AU) today.
- Just over 54% of the shares are escrowed which means there is a lot of stock that will be available for sale on listing day.
- Guzman Y Gomez (0817833D AU) could be added to the S&P/ASX 300 Index in September and there could be global index inclusions in November and December.
Capitol Health (CAJ AU): All-Scrip Non-Binding Merger with Integral Diagnostics
- On 17 June, Capitol Health (CAJ AU) disclosed a non-binding merger proposal from Integral Diagnostics (IDX AU) at 0.12849 Integral shares per Capitol share.
- Integral has been granted a four-week exclusivity period that ends on 15 July. The transaction will require approval from the ACCC and Capitol shareholders.
- The offer is attractive compared to historical exchange ratios, trading ranges and peer multiples. At the last close, the gross spread was 11.7%.
Guzman Y Gomez IPO Trading – Strong Demand, Not All Shares in Escrow
- Guzman Y Gomez raised around US$221m in its upsized Australian IPO.
- GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
- We have looked at the company’s performance and valuation in our past notes. In this note, we talk about the trading dynamics.
MMA Offshore (MRM AU): Cyan Lifts Offer
- Back on 25 March, marine and subsea services provider MMA Offshore (MRM AU) entered into a Scheme with Singapore’s Cyan Renewables, a wholly-owned vehicle of Seraya Partners.
- The A$2.60/share Offer in cash, a 11% premium to last close, was within the IE’s fair value range of A$2.03 to A$2.83. However, shares have consistently traded through terms.
- Cyna has now bumped the Offer to A$2.70/share – best & final. Thorney (7.95% of shares out) is supportive. The Scheme Meeting will still be held on the 1 July.
Telix Pharmaceuticals (TLX AU): Nasdaq IPO Plan Dropped; Future Growth Prospect Remains Intact
- Telix Pharmaceuticals (TLX AU) has withdrawn its proposed IPO in the U.S. due to unfavorable market condition. The proposed Nasdaq listing was not predicated on the need to raise capital.
- As a profitable, cash generative company, Telix is confident that its existing and upcoming cash resources will be sufficient to meet R&D and commercialization needs.
- Following the successful commercial launch of Illuccix, Telix has demonstrated its ability to develop and commercialize innovative product portfolio, which should accelerate its growth trajectory.
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