In today’s briefing:
- Allied Blenders and Distillers – RHP Updates & Thoughts on Valuation
- Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth
Allied Blenders and Distillers – RHP Updates & Thoughts on Valuation
- Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.
- ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
- In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.
Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth
- Tianju Dihe Technology, a provider of integrated API-enabled data exchange services in China, set terms for an IPO and plans to raise ~HK$400M in June.
- The initial public offering is expected to be priced at HK$83.33 per H share, valuing the technology company at ~HK$4.2B or $535M based on 50.1M outstanding shares.
- Cornerstone investors have agreed to acquire ~3.8M H shares, representing 80% of the offer shares or ~8% of the total outstanding shares.
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