In today’s briefing:
- Big Honda (7267) Offering – Flow Timing Matters
- Invincible Investment Corp Placement – Another Accretive Acquisition, past Deals Have Done Well
- Premier Energies Pre-IPO – Still Ramping up but Already Profitable
Big Honda (7267) Offering – Flow Timing Matters
- The ¥500bn Offering of Honda shares is now priced (¥1,664.5/share) making it ¥497.46bn. Bookbuilding for retail – 80% of the book – is now. The price today closed at ¥1,665/share.
- The Offering has follow-on “non-discretionary” demand which is non-negligible. It is worth understanding the amounts and timing.
- The lockups and non-discretionary demand, along with Honda’s relative cheapness as a large cap OEM and likely upcoming offerings on competitors means it has support.
Invincible Investment Corp Placement – Another Accretive Acquisition, past Deals Have Done Well
- Invincible Investment (8963 JP) is looking to raise around US$375m in its primary follow-on offering. The proceeds will be used to partially acquire 12 assets from its Sponsor’s affiliates.
- The REIT has been very active on the acquisition front, and has highlighted its ongoing discussions with its Sponsor for acquisitions. Thus, the current deal should be well flagged.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Premier Energies Pre-IPO – Still Ramping up but Already Profitable
- Premier Energies Limited (0377949D IN) is looking to raise US$300m in its upcoming India IPO. It is a manufacturer of solar photovoltaic (PV) cells, and solar modules.
- It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&M) services.
- In this note, we talk about the company’s historical performance.
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