In today’s briefing:
- Japan Post Bank (7182 JP): The Current Playbook
- Carsales Renounceable Entitlement Offer – Following up on a Decade-Old Acquisition
- Ryman Healthcare Renounceable Entitlement Offer – Retail Shortfall Manageable
- Shum Yip Property Operations Group Pre-IPO Tearsheet
- DPC Dash Pre-IPO – Refiled PHIP Updates – Growth Picking up Again
Japan Post Bank (7182 JP): The Current Playbook
- Since the offer announcement, Japan Post Bank (7182 JP)/JPB’s shares have risen by 4.4%. On 1 March, JPB completed the ToSTNeT-3 buyback by acquiring 59.5 million shares for JPY70 billion.
- To understand JPB’s trading pattern, it is instructive to look at Japan Post Insurance (7181 JP)/JPI’s 2019 offering and Japan Post Holdings (6178 JP)/ JPH’s 2021 offering.
- JPB’s shares should follow the trading pattern playbook of JPI’s 2019 and JPH’s 2021 offerings and start trading below the pre-offer last trading price during the subscription period.
Carsales Renounceable Entitlement Offer – Following up on a Decade-Old Acquisition
- Carsales.Com Ltd (CAR AU) aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at 28.2 days of three month ADV.
- The use of proceeds will be to acquire 40% of Webmotors SA and strengthen its balance sheet.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Ryman Healthcare Renounceable Entitlement Offer – Retail Shortfall Manageable
- Ryman Healthcare (RYM NZ) announced a US$569m (NZ$902m) raising via a renounceable entitlement offer to reset the firm’s capital structure and reduce its gearing.
- The institutional part of the entitlement offer saw a strong take up and the shares have held up above the entitlement offer price since the deal was announced.
- In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.
Shum Yip Property Operations Group Pre-IPO Tearsheet
- Shum Yip Property Operations Group (SYPOG HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- Shum Yip Property Operations Group (SYPOG) is a property management, commercial operational and city services provider in China.
- As per Frost & Sullivan (F&S), the firm was eighth among comprehensive property management, commercial operational and city services providers in China as per 2021 revenue.
DPC Dash Pre-IPO – Refiled PHIP Updates – Growth Picking up Again
- DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.
- The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
- In this note, we talk about the updates from its refiled PHIP.
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