In today’s briefing:
- Ventive Hospitality Pre-IPO Tearsheet
- K Bank IPO: The Bear Case
Ventive Hospitality Pre-IPO Tearsheet
- Ventive Hospitality Ltd (0807075D IN) is looking to raise up to US$238m in its upcoming India IPO. The deal will be run by JMF, Axis, HSBC, ICICI, IIFL, Kotak, SBI.
- Ventive is the largest hospitality asset owner amongst public listed market peers and is focused primarily on luxury offerings across business and leisure in India and Maldives.
- All of its hospitality assets are operated or franchised by renowned global operators i.e. Marriott, Hilton, Minor and Atmosphere.
K Bank IPO: The Bear Case
- K Bank (279570 KS) is a Korean internet bank. It has launched an IPO to raise up to US$734 million.
- In K Bank 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 rising competitive intensity, the smallest deposit base among Internet banks, below-peer loan book growth, and a high-risk crypto play due to the Dunamu partnership.
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