In today’s briefing:
- Ventia Services Group US$450m Placement Lockup Expiry – Past Deals Have Done Well
- Integral Corporation Pre-IPO – The Positives – Strong Track Record
- Integral Corporation IPO: The Bull Case
- Integral Corporation Pre-IPO – The Negatives – Ambitious Indicative Pricing
- Sichuan Baicha Baidao Industrial Pre-IPO Tearsheet
Ventia Services Group US$450m Placement Lockup Expiry – Past Deals Have Done Well
- Ventia Services Group Pty (VNT AU)’s two largest shareholders, Apollo Global Management and CIMIC Group, will come off their placement linked lockup soon.
- The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.
- In this note, we will talk about the likely placement and past deal performance.
Integral Corporation Pre-IPO – The Positives – Strong Track Record
- Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
- Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
- In this note, we talk about the positive aspects of the deal.
Integral Corporation IPO: The Bull Case
- Integral Corporation (5842 JP) is an independent Japanese private equity firm seeking to raise about US$175 million. The pricing is on 4 September, and the listing is on 20 September.
- Integral primarily targets investments in Japanese medium-sized companies and invests its own capital both through investments in funds under management and through direct investments.
- The bull case rest on rising AUM, strong operating income growth, cash flow potential through material unrealised carried interest and solid potential returns on its principal investments.
Integral Corporation Pre-IPO – The Negatives – Ambitious Indicative Pricing
- Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
- Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
- In this note, we talk about the not-so-positive aspects of the deal.
Sichuan Baicha Baidao Industrial Pre-IPO Tearsheet
- Sichuan Baicha Baidao Industrial (SCBCBDID CH) is looking to raise up to US$300m in its upcoming HK IPO. The deal will be run by CICC.
- Sichuan Baicha Baidao Industrial (SBBI) sells new-style tea drinks through its ChaPanda stores, most of which are franchised.
- As of the Latest Practicable Date (8th Aug 2023), ChaPanda’s store network comprised 7,117 stores, spanning across 31 provinces and municipalities in mainland China.
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