In today’s briefing:
- H World (HTHT) Follow-On Offering – A More Genuine Need
- SBFC Finance IPO: Forensic Analysis
- Aequitas 2023 Asia IPO Pipeline – Hong Kong
- Bharat Highways InVIT Pre-IPO Tearsheet
H World (HTHT) Follow-On Offering – A More Genuine Need
- H World Group (HTHT US) aims to raise around US$260m via a follow-on ADS offering.
- The company plans to use the proceeds mostly for investment. This will be the first deal by the company post its H-share listing in 2020.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
SBFC Finance IPO: Forensic Analysis
- SBFC Finance Limited (SBFC123 IN) plans to come up with INR 16 bn IPO which comprises INR 7.5 bn worth of fresh issue.
- The company is MSME focused NBFC-ND-SI, and has shown attractive growth in AUM, disbursements in the last few years. SBFC also offers loans against gold.
- However, there are a few perils that must not be overlooked, such as lack of provisioning, low NII growth, mixed peer positioning, and few governance setbacks.
Aequitas 2023 Asia IPO Pipeline – Hong Kong
- In this note, we will take a look at the Asia Pacific IPO pipeline for 2023, starting with Hong Kong.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
Bharat Highways InVIT Pre-IPO Tearsheet
- Bharat Highways InVIT (BHINV IN) is looking to raise about US$242m in its upcoming India IPO. The deal will be run by ICICI Securities, Axis Capital, HDFC Bank and IIFL Securities.
- Bharat Highways InVIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India.
- The InVIT’s initial asset portfolio will consist of seven road assets, in the states of Punjab, Gujarat, Andhra Pradesh, Maharashtra and Uttar Pradesh with an aggregate length of approximately 497.292km.
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