In today’s briefing:
- Nexus Select Trust IPO: Valuation Insights
- Ventia Services Group Placement – Well-Flagged and Last Deal Held up Well
- DXN Holdings IPO – Peer Comparison & Valuation
- Growatt Technology Pre-IPO – Revised Peer Comparison and Thoughts on Valuation
Nexus Select Trust IPO: Valuation Insights
- Nexus Select Trust (NST IN), a consumption centre REIT, is seeking to raise up to Rs32 billion (US$392 million). The offer opens from 9-11 May.
- We previously discussed the IPO in Nexus Select Trust IPO: The Investment Case. NST is sponsored by Blackstone Group (BX US).
- Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in this IPO.
Ventia Services Group Placement – Well-Flagged and Last Deal Held up Well
- Ventia (VNT AU)‘s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$166m via a secondary block deal.
- The deal is a slightly large one to digest at 12.5 days of three month ADV, 23 days of ADV and about 11.5% of current mcap.
- In this note, we will talk about the placement and run the deal through our ECM framework.
DXN Holdings IPO – Peer Comparison & Valuation
- DXN Holdings (2080694D MK) is looking to raise around US$159m in its Malaysia IPO.
- DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
- In this note, we will undertake a peer comparison, discuss our earnings assumptions, and share our thoughts on valuation.
Growatt Technology Pre-IPO – Revised Peer Comparison and Thoughts on Valuation
- Growatt Technology (1833969D CH) is looking to raise about US$400m in its upcoming Hong Kong IPO, after downsizing from an earlier US$1bn float in Nov 2022.
- Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.
- In this note, we will provide a quick peer comparison update and our latest thoughts on valuation.
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