In today’s briefing:
- Midea Group H Share Listing (300 HK): Trading Debut
- Auckland Airport Placement – Large NZ$1.4bn Raising, with ACC’s Overhang to Contend With
- P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand
- Sung Woo IPO Preview
- Sagility India Pre-IPO – Healthcare-Tech Exposure Although Alarming Concentration Risks to Watch For
Midea Group H Share Listing (300 HK): Trading Debut
- Midea Group Co Ltd A (000333 CH) priced its H Share at HK$54.80 to raise HK$31,014 million (US$4.0 billion) in gross proceeds. The H Share will be listed tomorrow.
- The H Share listing price implies an AH discount of 21.4% at the A Share price of RMB63.51. This compares to Haier Smart Home (6690 HK)‘s AH discount of 13.8%.
- Futu grey market data shows that the H Shares closed 5.1% higher at HK$57.60. Our valuation analysis suggests that the H Share listing price is attractive.
Auckland Airport Placement – Large NZ$1.4bn Raising, with ACC’s Overhang to Contend With
- Auckland Intl Airport (AIA NZ) is looking to raise NZ$1.4bn (US$863m) in its primary follow-on offering. The offering includes a NZ$1.2bn underwritten placement, together with a NZ$200m non-underwritten retail offer.
- The underwritten placement alone is a large one for the stock to digest at 168 days of three month ADV.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand
- P N Gadgil Jewellers (1742652D IN) raised around US$130m in its India IPO.
- It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
- In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.
Sung Woo IPO Preview
- Sung Woo is getting ready to complete its IPO in KOSDAQ in October 2024. Founded in 1992, Sung Woo produces components for cylindrical rechargeable battery, energy storage system, and automotive.
- The IPO price range is from 25,000 won to 29,000 won. According to the bankers’ valuation, the expected market cap is 376 billion won to 436 billion won.
- The book building for the institutional investors will be conducted from 10 to 16 October. The lead underwriter of this IPO is Korea Investment & Securities.
Sagility India Pre-IPO – Healthcare-Tech Exposure Although Alarming Concentration Risks to Watch For
- Sagility India (2058883D IN) is looking to raise US$500m in its upcoming India IPO.
- Sagility India is a pure-play healthcare focused solutions and services provider to Payers and Providers.
- In this note, we look at the firm’s past performance.
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