In today’s briefing:
- China Resources Beverage IPO Trading – Still a Bit of Fizz Left
- CR Beverage (2460 HK) IPO: Trading Debut
- Ajax Engineering Limited Pre-IPO Tearsheet
China Resources Beverage IPO Trading – Still a Bit of Fizz Left
- China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO, after pricing at the top-end.
- China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
CR Beverage (2460 HK) IPO: Trading Debut
- China Resources Beverage (2460 HK) priced its IPO at HK$14.50 per share to raise the gross proceeds of US$649 million. The shares will start trading on 23 October.
- The IPO was discussed in CR Beverage IPO: The Bull Case, CR Beverage IPO: The Bear Case, CR Beverage IPO: The Investment Case, CR Beverage (2460 HK) IPO: Valuation Insights.
- The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.
Ajax Engineering Limited Pre-IPO Tearsheet
- Ajax Engineering Limited (0896529D IN) is looking to raise about US$100m through its upcoming IPO in India. The lead bookrunners for the deal are ICICI , CITI, JM, Nuvama, SBI
- Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
- It is one of the top three global SLCM manufacturers, holding about 75% market share in India. In FY24, SLCMs contributed to 12% of India’s concrete production.
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