In today’s briefing:
- Endeavour Group Placement – Recent Momentum Has Been Very Weak
- Sula Vineyards IPO: Forensic Analysis
- TEMC IPO Preview
- KFin Technologies Pre-IPO – Large Domestic Player Continues to Get Larger
- Weilong Delicious Global IPO Trading – Liked by Retail but Still at a Premium
Endeavour Group Placement – Recent Momentum Has Been Very Weak
- Woolworths Ltd (WOW AU) plans to raise around US$438m via selling 5.5% of Endeavour Group (EDV AU).
- Endeavour Group was demerged from Woolworths in Jun 2021 and it runs the drinks and hospitality business of Woolworths.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Sula Vineyards IPO: Forensic Analysis
- Sula Vineyards (1332009D IN) has currently come up with its IPO. The ~INR 9.6 bn IPO comprises offer for sale and has a price band of INR 340-357 per share.
- The company is a market leader with a market share crossing 50% in a relatively nascent INR 13.45 bn domestic 100% grape wine market.
- Key forensic takeaways that one should consider is high litigation liabilities, emphasis on related party transactions, irrational dividends and absurd trend of line items.
TEMC IPO Preview
- TEMC is getting ready to complete its IPO in Korea in January 2023. TEMC is a materials company that produces specialty gases for the semiconductor and display production processes.
- The IPO price range is from 32,000 won to 38,000 won and the expected market cap is expected to be from 361 billion won to 429 billion won.
- The company’s sales increased at a 57.4% CAGR from 2019 to 2021. Its sales exploded higher by 254% YoY to reach 238 billion won in 1Q-3Q 2022.
KFin Technologies Pre-IPO – Large Domestic Player Continues to Get Larger
- KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO.
- KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
- Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.
Weilong Delicious Global IPO Trading – Liked by Retail but Still at a Premium
- Weilong Delicious Global (WDG), a spicy snack food company in China, raised around US$130m in its Hong Kong IPO.
- According to F&S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.
- We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
