In today’s briefing:
- Shift Up IPO: Valuation Insights
- AMMB Holdings Placement – Last Selldown Did Well, This One Will Remove the Overhang
Shift Up IPO: Valuation Insights
- Shift Up (462870 KS) is Korea’s leading game development studio. It is seeking to raise up to US$320 million.
- We previously discussed the IPO in Shift Up IPO: The Investment Case.
- We examine the syndicate’s valuation methodology. Our analysis suggests that Shift Up is attractively valued in the IPO price range. We would participate in the IPO.
AMMB Holdings Placement – Last Selldown Did Well, This One Will Remove the Overhang
- ANZ Funds is looking to raise around US$149m from selling its remaining stake in AMMB Holdings (AMM MK).
- ANZ has sold the majority of its stake in AMMB earlier in Mar 2024. Coming to markets again to sell its remaining stake, the deal here should be well flagged.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
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