In today’s briefing:
- Rakuten Bank IPO – Thoughts on Valuation
- Samsung SDS Placement – Well Flagged and the Last One Did Well
- MLT Placement – Small Deal but Recent Deals Didn’t Do Well
- Huolala Parent Lalatech Files for Hong Kong IPO
Rakuten Bank IPO – Thoughts on Valuation
- Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
- RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
- In our earlier notes, we have looked at the company’s past performance and undertook a peer comparison. In this note, we provide our thoughts on valuation.
Samsung SDS Placement – Well Flagged and the Last One Did Well
- Lee Seo-Hyun, via KEB Hana Bank, is looking to sell her entire stake in Samsung Sds (018260 KS) to raise US$132m.
- While a relatively large one to digest, the deal is very flagged.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
MLT Placement – Small Deal but Recent Deals Didn’t Do Well
- Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.
- We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.
- In this note, we will run the deal through our ECM framework and talk about deal dynamics.
Huolala Parent Lalatech Files for Hong Kong IPO
- Lalatech Holdings Co. Ltd., the operator of on-demand delivery services known as Lalamove in Hong Kong and other global markets and as Huolala on the Chinese mainland, filed for an initial public offering Tuesday on the Hong Kong Stock Exchange.
- The company didn’t disclose a fundraising target or a timeline.
- The startup originally filed an IPO application confidentially in U.S. in June 2021 with an aim to raise at least $1 billion, but it later pulled out of the plan after Beijing’s crackdown on overseas share sales.
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