In today’s briefing:
- Embassy Office Parks REIT Block – Likely Well Flagged and Overhang Will Be Removed
- Inox India IPO Trading – Hot Demand for Cryogenics
Embassy Office Parks REIT Block – Likely Well Flagged and Overhang Will Be Removed
- Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from Embassy Office Parks REIT (EMBASSY IN).
- The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.
- In this note, we will talk about the selldown and run the deal through our ECM framework.
Inox India IPO Trading – Hot Demand for Cryogenics
- INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on 21st Dec 2023.
- Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
- We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.
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