In today’s briefing:
- Evolution Mining Placement – Back to Equity Markets Again to Fund Another M&A Deal
- Atour Lifestyle Holdings Placement – Coming Back for Round Two This Year
- Dekon Food and Agriculture Group IPO Trading – Tight Float at Listing, Subscription Rates Were Tepid
- ZKH Group Pre-IPO – Refiling Updates – Hardly Looks Any More Attractive
Evolution Mining Placement – Back to Equity Markets Again to Fund Another M&A Deal
- Evolution Mining (EVN AU) is looking to raise around US$350m to partially fund its acquisition of an 80% stake in the Northparkes copper and gold mines.
- While the acquisition wasn’t explicitly flagged, the firm has guided that it had been eyeing acquisitions into gold/copper pathways. Thus, we would argue that the deal is somewhat well flagged.
- That being said, at 14 days of three month ADV, the deal isn’t a particularly small one for the firm to digest.
Atour Lifestyle Holdings Placement – Coming Back for Round Two This Year
- Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$124m through a secondary selldown.
- The deal is a large one to digest, at approximately 22.6 days of three month ADV and 5.5% of current mcap.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Dekon Food and Agriculture Group IPO Trading – Tight Float at Listing, Subscription Rates Were Tepid
- Dekon Food and Agriculture Group (DFAG CH) raised around US$128m in its Hong Kong IPO.
- Dekon Food and Agriculture Group (DFAG) is a vertically integrated livestock farming enterprise in China.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
ZKH Group Pre-IPO – Refiling Updates – Hardly Looks Any More Attractive
- ZKH Group (ZKH US) is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.
- ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.
- We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.
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