In today’s briefing:
- Atour Lifestyle Holdings Placement – Well Flagged Deal, past Selldowns Have Done Well
- New Gonow Recreational Vehicles Pre-IPO Tearsheet
- Sanstar IPO- Forensic Analysis
Atour Lifestyle Holdings Placement – Well Flagged Deal, past Selldowns Have Done Well
- Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$168m through a secondary selldown.
- This will be the third selldown by Legend Capital in just over a year’s time. Hence, the deal is well flagged.
- In this note, we will talk about the placement and run the deal through our ECM framework.
New Gonow Recreational Vehicles Pre-IPO Tearsheet
- New Gonow Recreational Vehicles (NGRV HK) is looking to raise US$100m in its upcoming Hong Kong IPO. The bookrunner on the deal is Huatai International.
- New Gonow Recreational Vehicles (NGRV) is a recreational vehicle (RV) platform with an extensive presence in Australasia that designs, develops, manufactures and sells bespoke towable RVs.
- According to Frost & Sullivan (F&S), the firm held the second-largest market share in Australasia’s RV industry in terms of 2023 sales volume.
Sanstar IPO- Forensic Analysis
- Sanstar (SANSTAR123 IN) is primarily focused in producing maize based specialty products and ingredient solutions in India. It currently occupies a market share of around 7.8%.
- The company has shown good growth in the last two years; however, when it comes to accounting and forensic checks there are several grey areas/unique policies.
- Examples: Revenues are stated gross of GST and are net of freight and brokerage costs. Classification of some of free reserves into revaluation reserve, Salaries paid to some senior personnel,etc.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
