In today’s briefing:
- CALB IPO: Trading Debut
- I-Tail Corporation Pre-IPO – The Positives – For the Pampered Pets
- Greatpower Nickel and Cobalt Materials Pre-IPO Tearsheet
- I-Tail Corporation Pre-IPO – The Negatives – Non-Uniform Growth
CALB IPO: Trading Debut
- CALB (3931 HK) priced its H Share at HK$38.00 per share to raise net proceeds of HK$9.9 billion (US$1.3 billion). The H Share will start trading tomorrow.
- Grey market prices across various platforms show the shares last traded at HK$37.30-38.00 per share i.e., -2% down to unchanged compared to the IPO price.
- Despite peer multiple derating, the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. CALB should be, at least, valued in line with peer multiples.
I-Tail Corporation Pre-IPO – The Positives – For the Pampered Pets
- I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB).
- As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
- In this note, we talk about the positive aspects of the deal.
Greatpower Nickel and Cobalt Materials Pre-IPO Tearsheet
- Greatpower Nickel & Cobalt Materials (1919613D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by Haitong and China Securities International.
- Greatpower Nickel and Cobalt Materials (GNCM) is a supplier of new energy battery materials in China, with a dual focus on nickel and cobalt for the production of cathode materials.
- The company is principally engaged in the processing and sales of refined cobalt products as well as the trading of nickel and cobalt-related products.
I-Tail Corporation Pre-IPO – The Negatives – Non-Uniform Growth
- I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB).
- As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
- In this note, we talk about the not-so-positive aspects of the deal.
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