Daily Brief ECM: Rakuten Possible US$2.2bn Placement - Will Be a Huge Deal to Digest and more

In today’s briefing:

Rakuten Possible US$2.2bn Placement – Will Be a Huge Deal to Digest, but It’s Not All Bad
Five Star IPO Lock-Up – Over US$1.3bn Lockup Release with Less than US$1m ADV
Growatt Technology Pre-IPO – Latest Thoughts on Valuation

Rakuten Possible US$2.2bn Placement – Will Be a Huge Deal to Digest, but It’s Not All Bad

Rakuten (4755 JP) is considering raising around US$2.2bn (JPY300bn), as per Reuters reports. The company hasn’t confirmed or denied the same in its press release.
The company has been listing some of its subsidiaries and monetising investments to raise cash and has recently hinted at a possible equity issuance.
While there is no guarantee that the deal will ever materialize, in this note, we take an early look at the possible deal dynamics.

Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we will talk about the lock-up dynamics and updates since our last note.

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.
Previously, we looked at the company’s past performance, peer comparison and shared our earlier thoughts on valuation. In this note, we will provide our latest thoughts on valuation.

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