In today’s briefing:
- Infratil Placement – Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish
- Redox IPO – Family Owned with a Long Track Record
- Skymark Airlines Lockup Expiry – Still Doesn’t Seem Cheap with 50% of the Shares Being Unlocked
- YSB IPO: Core Business Lacks Profitability
Infratil Placement – Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish
- Infratil Ltd (IFT NZ) aims to raise around US$456m (NZ$750m) via an institutional placement.
- Proceeds from the placement will be used to acquire the remaining stake on One New Zealand from Brookfields.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Redox IPO – Family Owned with a Long Track Record
- Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO.
- In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.
- In this note, we will look at the company’s past performance.
Skymark Airlines Lockup Expiry – Still Doesn’t Seem Cheap with 50% of the Shares Being Unlocked
- Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. The shares began to trade on 14th Dec 2022, its six-month lockup will expire on 11th Jun 2023.
- Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
YSB IPO: Core Business Lacks Profitability
- YSB Inc (YSB HK) is a digital pharmaceutical platform serving businesses outside of hospitals in China. The company operates a self-operating business as well as an online marketplace.
- The company’s application for a HKEx IPO has been approved and according to news media outlets, the company plans to raise proceeds of around US$300-500m.
- The company’s core business; Self-operations accounts for around 95% of revenues, however, it is a low-margin business and the other businesses help absorb most of the costs.
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