In today’s briefing:
- Cleanaway Waste Management Placement – Accretive Acquisition Could Outweigh Weak Momentum
- BA Airport Leasehold REIT Pre-IPO – First Airport-REIT, Expect Stable Income
- SoCar IPO Trading – Weak Subscription Rates and Remains Overvalued
Cleanaway Waste Management Placement – Accretive Acquisition Could Outweigh Weak Momentum
- Cleanaway Waste Management (CWY AU) is looking to raise US$242m (A$350m) to fund its acquisition of Global Renewables Holdings (GRL) and for funding its Blueprint 2030 initiatives.
- Cleanaway Waste Management (CWY) had recently released its update for the Blueprint 2030 initiative. Short interest on the stock has been on the rise as well.
- The deal is relatively large at 21.3 days of three month ADV, representing 6.3% of current mcap.
BA Airport Leasehold REIT Pre-IPO – First Airport-REIT, Expect Stable Income
- BA Airport Leasehold REIT (BAREIT TB) (BAREIT) is looking to raise about US$290m in its Thailand IPO.
- BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.
- It aims to utilise the IPO proceeds, combined with a debt issuance to lease a number of properties located in Samui Airport.
SoCar IPO Trading – Weak Subscription Rates and Remains Overvalued
- SOCAR (403550 KS) raised around US$78m in its South Korea IPO, after the deal was priced at 28,000 KRW/share, below the bottom end of its initial IPO price range.
- Subscription rates for SoCar have been tepid, and previous deals with similar subscription rates as that of SoCar have had poor debuts, closing -8.2% on average.
- The lack of instis opting for lockup will likely result in a selldown given its weak fundamentals and lofty valuations.
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