In today’s briefing:
- Midea: Thoughts on HK Listing and Valuation
- Sona Blw Precision QIP – Well Flagged Raising, past Deal Record Has Been Decent
- The Born Korea IPO Preview
Midea: Thoughts on HK Listing and Valuation
- Chinese appliance maker Midea’s application to list its shares on the HKEx has been approved and the company plans to list up to 10% of its shares to raise $4bn.
- Midea Group Co Ltd A (000333 CH) has a diversified product portfolio, well-balanced exposure to domestic as well as overseas markets and M&A’s that have helped significantly grow its business.
- Our analysis on previous secondary listings of Chinese-listed companies on HKEx shows that the HK listings were priced at a significant discount to their A-Shares.
Sona Blw Precision QIP – Well Flagged Raising, past Deal Record Has Been Decent
- Sona Blw Precision Forgings Lt (SONACOMS IN) is looking to raise INR24bn (US$286m) from its qualified institutional placement (QIP).
- The capital raising is well flagged having gone through rounds of board approvals, and having been well covered by various media outlets as well.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
The Born Korea IPO Preview
- The Born Korea is getting ready to complete its IPO in Korea in November. The total IPO offering is expected to range from 69 billion won to 84 billion won.
- Based on the bankers’ valuation, the expected market cap of the company ranges from 357 billion won to 419 billion won.
- The Born Korea was founded by Baek Jong-Won, the most famous celebrity chef in Korea.
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