In today’s briefing:
- Socar IPO: Slightly Revises IPO Prospectus Details
- ECM Weekly (17th Jul 2022) – Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD
Socar IPO: Slightly Revises IPO Prospectus Details
- SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August).
- The IPO price range remains at 34,000 won to 45,000 won. The IPO base offering size is also between US$120 million to US$159 million.
- We maintain our base case valuation of Socar (target price of 27,967 won), which is 18% lower than the low end of the IPO price range of 34,000 won.
ECM Weekly (17th Jul 2022) – Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- Tianqi’s soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while
- There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.
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