In today’s briefing:
- Wa Inc (7683 JP) – Equity Offering, and TOPIX Inclusion But Very Lopsided Register
- BenQ BM Pre-IPO – Core Operations Are Steady but Has Been Losing Market Share
- JD Industrials Pre-IPO – Refiling Updates – Few Hits, Few Misses
- AUB Group Placement – Well Flagged Selldown Will Clear the Overhang
- Horizon Robotics IPO – Peers Are Down a Lot, Its Valuation Isn’t
- NTPC Green Pre-IPO – The Negatives – Competitive Marketspace and Some Risks to Watch
Wa Inc (7683 JP) – Equity Offering, and TOPIX Inclusion But Very Lopsided Register
- Yesterday WA Inc (7683 JP) announced that on the five year anniversary of its listing in 2019, the stock would move to TSE Prime on 1 November 2024
- They also announced a secondary offering of 2.86mm shares including greenshoe. That’s 15% of shares out but the offering will double total float. This is almost a re-IPO.
- This will lead to a TOPIX inclusion on 27 December which will be smaller than the offering. This will be all retail.
BenQ BM Pre-IPO – Core Operations Are Steady but Has Been Losing Market Share
- BenQ BM Holding Cayman Corp. (BBHC HK) is looking to raise at least $US100m in its upcoming Hong Kong IPO.
- It is a leading private for-profit general hospital group in mainland China, operating two general hospitals – Nanjing BenQ Hospital and Suzhou BenQ Hospital.
- In this note, we look at the firm’s past performance.
JD Industrials Pre-IPO – Refiling Updates – Few Hits, Few Misses
- JD Industrial Technology is looking to raise about US$1bn in its upcoming HK IPO.
- JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.
AUB Group Placement – Well Flagged Selldown Will Clear the Overhang
- Odyssey is looking to raise A$277m (US$186m) from selling its entire stake in AUB Group Limited (AUB AU).
- The PE has been invested since May 2022 with its stake subjected to a two-year escrow period. There have been media reports surrounding the selldown over the past few months.
- In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.
Horizon Robotics IPO – Peers Are Down a Lot, Its Valuation Isn’t
- Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO.
- Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.
NTPC Green Pre-IPO – The Negatives – Competitive Marketspace and Some Risks to Watch
- NTPC Green Energy Ltd (2214556D IN) is looking to raise around US$1.2bn in its upcoming India IPO.
- NTPC Green Energy Limited (NGEL) is a renewable energy public sector enterprise and a wholly owned subsidiary of NTPC Limited, a Maharatna central public sector enterprise (PSU).
- In this note, we will talk about the not so positive aspects of the deal.
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