In today’s briefing:
- ESR-Logos REIT Placement – Implied Yield Attractive Enough to Take the Deal
- Rakuten Bank IPO Early Look – The Negatives – Is Already Slowing Down
- ZJLD Group Pre-IPO – The Positives – Larger Network Led to Sales Growth. Poised for Market Tailwind
- ZJLD Group Pre-IPO – The Negatives – Small Fish in a Big Pond. Drunk on Inventory Buildup
ESR-Logos REIT Placement – Implied Yield Attractive Enough to Take the Deal
- ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties.
- Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).
- The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We’ll talk about the deal dynamics.
Rakuten Bank IPO Early Look – The Negatives – Is Already Slowing Down
- Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m (estimated) in its Japan listing in April 2023.
- RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn.
- In this note we take an early look at the IPO and talk about the not-so-positive aspects of its past performance.
ZJLD Group Pre-IPO – The Positives – Larger Network Led to Sales Growth. Poised for Market Tailwind
- ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO
- ZJLD is a Chinese liquor company primarily producing baijiu. As per F&S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.
- In this note, we will talk about the positive aspects of the deal.
ZJLD Group Pre-IPO – The Negatives – Small Fish in a Big Pond. Drunk on Inventory Buildup
- ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
- ZJLD is a Chinese liquor company primarily producing baijiu. As per F&S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.
- In this note, we will talk about the not-so-positive aspects of the deal.
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