In today’s briefing:
- Aditya Birla Sun Life AMC OFS – Share Price Has Corrected in Anticipation of the Current Deal
- Jeil Machine & Solution IPO Preview
- Reddit IPO – Well-Known Brand but Sustainability of Growth Is Questionable
- Trial Holdings IPO Trading – Demand and Valuation Are Towards the Higher Side
- Baazar Style Retail Limited Pre-IPO Tear Sheet
Aditya Birla Sun Life AMC OFS – Share Price Has Corrected in Anticipation of the Current Deal
- Promoters in Aditya Birla Sun Life AMC (ABSLAMC IN) are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment option is exercised.
- This appears to be done in a bid to meet SEBI’s 75% free-float requirement for listed firms in India. .
- News of the selldown had surfaced a week earlier leading to a correction in share price. As such, we would argue that the deal here is well flagged
Jeil Machine & Solution IPO Preview
- Jeil Machine & Solution is getting ready for an IPO in April in the Korean stock market. The IPO price range is 15,000 won to 18,000 won.
- The total offering amount ranges from 36 billion won to 43.2 billion won. The book building for the institutional investors will last from 5 to 12 April.
- According to the bankers’ assessment, the implied market cap of the company ranges from 309 billion won to 371 billion won.
Reddit IPO – Well-Known Brand but Sustainability of Growth Is Questionable
- Reddit (RDDT US) is looking to raise up to US$750m in its US IPO.
- Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.
- In this note, we talk about the company’s historical performance.
Trial Holdings IPO Trading – Demand and Valuation Are Towards the Higher Side
- Trial Holdings (5882 JP) (TH) raised around US$259m after pricing its IPO at the top-end in its Japan IPO.
- TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
- We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.
Baazar Style Retail Limited Pre-IPO Tear Sheet
- Baazar Style Retail (1635104D IN) is the fastest growing value retailer in eastern and north- eastern India, with market leadership in West Bengal, Odisha, and Assam.
- The proposed IPO is a combination of fresh issue of equity shares worth INR1,850M and OFS of up to 16.9M equity shares by promoter group entities and other selling shareholders.
- The company may consider raising INR370M in a pre-IPO placement round. If the pre-IPO placement is undertaken, the amount raised from such placement will be reduced from the fresh issue.
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