In today’s briefing:
- Hamamatsu Photonics Placement – Peculiar Timing
- ECM Weekly (2nd Sep 2024) – Midea, Terumo, Indigo, KIT, Kioxia, Bajaj Housing, Niva Bupa, Premier
- CR Beverage IPO: The Bull Case
- Premier Energies IPO Trading – Very Strong Insti Demand, Looks Ready to Pop
Hamamatsu Photonics Placement – Peculiar Timing
- Toyota Motor (7203 JP) aims to raise around US$190m via selling over a 4% stake in Hamamatsu Photonics Kk (6965 JP).
- This is another cross-shareholding unwind and hence, won’t be a huge surprise. Although given the recent share price weakness, the timing appears peculiar.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
ECM Weekly (2nd Sep 2024) – Midea, Terumo, Indigo, KIT, Kioxia, Bajaj Housing, Niva Bupa, Premier
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, we looked at Kioxia Holdings (6600 JP), Bajaj Housing Finance (BHF IN) and Niva Bupa Health along with Premier Energies.
- Placement were flowing through again this week, mainly across India and Japan.
CR Beverage IPO: The Bull Case
- China Resources Beverage (CRB HK), China’s largest purified drinking water company, has received HK listing approval for a US$1 billion IPO.
- CR Beverage has a product portfolio of 13 brands, including C’estbon, Zhi Ben Qing Run, Mi Shui Series, Holiday Series and Zuo Wei Cha Shi, comprising 56 SKUs.
- The bull case rests on a large TAM, a core business in good health, beverages providing the second growth leg, profitability, and strong cash conversion.
Premier Energies IPO Trading – Very Strong Insti Demand, Looks Ready to Pop
- Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.
- It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&M) services.
- 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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