In today’s briefing:
- Broad General Holding Pre-IPO Tearsheet
- Initial Thoughts on the HD Hyundai Global Service IPO in 2024 – Impact on HD Hyundai
Broad General Holding Pre-IPO Tearsheet
- Broad General Holding (BG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are Deutsche Bank and Everbright Securities.
- Broad General Holding is a private investment fund manager with a focus on serving high network individuals (HNWIs).
- As per F&S, the firm was the second largest private investment fund manager in China focused on serving HNWIs in terms of total AUM as of Dec 22.
Initial Thoughts on the HD Hyundai Global Service IPO in 2024 – Impact on HD Hyundai
- HD Hyundai Global Service is getting ready to complete its IPO in 2024.
- The local media currently estimates the value of HD Hyundai Global Service to be about 2 trillion won to 3 trillion won.
- According to our NAV analysis, it suggests a base case valuation of 75,260 won per share for HD Hyundai, representing a 22% upside from current levels.
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