In today’s briefing:
- Rakuten Bank IPO Early Look – The Positives – Has Grown Fast over the past Few Years
- Ryman Healthcare Renounceable Entitlement Offer – Dilutive, but Would Take at the Low End
- Interglobe Aviation (Indigo) Placement – Has Sold Before, Will Sell Again
- SoCar Lock-Up – US$242m Pre-IPO Lock-Up Expiry, Expect Scattered Selling
Rakuten Bank IPO Early Look – The Positives – Has Grown Fast over the past Few Years
- Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m (estimated) in its Japan listing in April 2023.
- RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn.
- In this note we take an early look at the IPO and talk about the positive aspects of its past performance.
Ryman Healthcare Renounceable Entitlement Offer – Dilutive, but Would Take at the Low End
- Ryman Healthcare (RYM NZ) aims to raise around US$569m (NZ$903m) via a renounceable entitlement offer.
- The use of proceeds will be to reset the firm’s capital structure and reduce its gearing.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Interglobe Aviation (Indigo) Placement – Has Sold Before, Will Sell Again
- Indigo’s co-founder Rakesh Gangwal aims to raise around US$375m via selling around 4.0% of the company.
- He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with the other co-founder. He last sold in Sep 2022.
- In this note, we will talk about the placement and run the deal through our ECM framework.
SoCar Lock-Up – US$242m Pre-IPO Lock-Up Expiry, Expect Scattered Selling
- SOCAR (403550 KS) was listed on 22nd Aug 2022, where it raised US$78m in its Korea IPO. Its six-month lockup will expire on 21st Feb 2023.
- SoCar is a Korean car sharing business which aims to become an all-in-one mobility solutions provider beyond car sharing, with approximately 78% domestic market share in the car sharing space.
- Coming up for six-month lockup expiry are the firm’s pre-IPO investors, but the bulk of the shares unlocked will come from its strategic investors.
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