In today’s briefing:
- Why Is APR IPO Getting Delayed?
- Amer Sports IPO Preview
- Aequitas 2024 Asia IPO Pipeline – ASEAN and ANZ
- NHPC OFS – While the Overhang Remains, Momentum on the Stock Has Been Very Strong
Why Is APR IPO Getting Delayed?
- APR announced it will delay its IPO. Now, APR’s book building has been postponed to 2 to 8 February. The IPO price range remains the same.
- The company has provided updated preliminary sales and operating profits for 2023 in the revised IPO prospectus. Revenue was a bit light but OP was better than expected in 4Q23.
- Our base case valuation of APR is 370,809 won per share which represents an 85% upside from the high end of the bankers’ valuation range (200,000 won).
Amer Sports IPO Preview
- The biggest risk for Amer Sports is its excessive leverage. It had net debt of $5.9 billion and equity of only $8.8 million at the end of 3Q 2023.
- Many investors are likely to emphasize the negatives more (especially the excessive leverage and inconsistent operating margins), rather than the positives such as China representing increasing percentage of total sales.
- Amer Sports is trying to raise nearly $1 billion in this IPO which could value the company at about $10 billion.
Aequitas 2024 Asia IPO Pipeline – ASEAN and ANZ
- In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
NHPC OFS – While the Overhang Remains, Momentum on the Stock Has Been Very Strong
- The GoI is looking to raise US$199m in trimming a portion of its stake in NHPC (NHPC IN). There is an upsize option to increase the deal size to US$279m.
- Assuming that the deal upsizes, the deal here would be a relatively large one to digest at 11 days of the stock’s ADV.
- The deal appears to be well flagged, with the selldown by the GoI appearing to be part of its divestment drive across PSUs in India.
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