In today’s briefing:
- Samsung Electronics Placement – Somewhat Well Flagged but Could Have Timed It Better
- Lasertec (6920) Accelerated Block Offering – ¥60bn Likely Easily Taken Up
- Lasertec Placement – Opportunistic Selldown Will Be Easily Digested by the Market
- Aequitas India IPOs + Placements Broker Performance 2023
- Aequitas Japan IPOs + Placements Broker Performance 2023
- Amer Sports IPO: The Bear Case
Samsung Electronics Placement – Somewhat Well Flagged but Could Have Timed It Better
- KEB Hana Bank, on behalf of the Lee family, is looking to raise up to US$1.6bn via selling 0.5% of Samsung Electronics (005930 KS)
- The deal appears to be somewhat well flagged, however, the timing could have been much better.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Lasertec (6920) Accelerated Block Offering – ¥60bn Likely Easily Taken Up
- Today after the close, there was word of an Accelerated Block Offering by two banks on Lasertec Corp (6920 JP), selling ¥61+bn or US$425mm of shares.
- The Nikkei 225 hit a new 34-year high today, and this caused some tech stocks and high-weights to perform very well vs their peers.
- This should cause the deal to get taken up easily. HOWEVER, it pays to know where the stock is. The register isn’t what volume tells you it might be.
Lasertec Placement – Opportunistic Selldown Will Be Easily Digested by the Market
- MUFG Bank and Mitsubishi UFJ Trust and Banking are looking to raise around US$425m from selling their respective stakes in Lasertec Corp (6920 JP).
- Given the strong momentum on the stock, combined with the wave of shareholders ending their cross-shareholdings in Japan, we would argue that the deal is somewhat expected.
- Despite the remaining overhang on the stock, the deal would be easily digested by the market as well, representing just 0.14 days of the firm’s three month ADV.
Aequitas India IPOs + Placements Broker Performance 2023
- In this note, we will take a look at broker performance for Indian IPOs and placements in 2023.
- The following dataset includes all Indian IPOs and placements above US$100m, which amounted to a total of 66 deals.
- The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.
Aequitas Japan IPOs + Placements Broker Performance 2023
- In this note, we will take a look at broker performance for Japanese IPOs and placements in 2023.
- The following dataset includes all Japanese IPOs and placements above US$100m, which amounted to a total of 32 deals.
- The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.
Amer Sports IPO: The Bear Case
- Amer Sports (AS US) is a global iconic sports and outdoor brand group. According to press reports, it has filed for a NYSE IPO to raise US$2 billion.
- In Amer Sports IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on ball & racquet sports’ deteriorating performance, EBIT margin not materially improving under the consortium’s ownership, cash burn and high leverage.
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