In today’s briefing:
- VinFast IPO Preview – Too Big to Fail In Vietnam
- Seazen Group Placement – Won’t Do Much to Debt Profile, However Momentum Has Been Very Strong
VinFast IPO Preview – Too Big to Fail In Vietnam
- VinFast Auto (“VinFast”) is getting ready to complete its IPO on Nasdaq in January 2023.
- We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company’s comps in the past year.
- The fact that the company is trying to hurry up to complete this IPO in early 2023 suggests that there could be some bigger concerns about long-term financing of VinFast.
Seazen Group Placement – Won’t Do Much to Debt Profile, However Momentum Has Been Very Strong
- Seazen (Formerly Future Land) (1030 HK) is looking to raise US$175m from its top-up placement.
- The deal is a relatively small one at just 9.5 days of three month ADV and 4.9% of current mcap.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
💡 Before it’s here, it’s on Smartkarma
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