In today’s briefing:
- Soosan Industries IPO Trading – Weak Subscription Rates Don’t Make for a Rosy Debut
- PCOMP Index Rebalance: Semirara Mining (SCC) Replaces Security Bank (SECB)
Soosan Industries IPO Trading – Weak Subscription Rates Don’t Make for a Rosy Debut
- Soosan Industries (126720 KS) raised around US$153m in its South Korea IPO, after the deal was priced at the bottom end of its IPO price range.
- Subscription rates for SSI have been tepid, to say the least, and previous deals with similar subscription rates as that to SSI’s have had dismal debuts.
- A lack of instis opting for lockup meant that a large percentage of outstanding shares will be available for trading on debut.
PCOMP Index Rebalance: Semirara Mining (SCC) Replaces Security Bank (SECB)
- Semirara Mining And Power Corp (SCC PM) will replace Security Bank (SECB PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 5 August.
- Passive trackers will need to buy 5.5 days of ADV on Semirara Mining And Power Corp (SCC PM) and sell nearly 30 days of ADV on Security Bank (SECB PM).
- Historically, the adds have outperformed the deletes and there has been a pop/drop in the adds/deletes the day after announcement. Square off existing pre-positions by mid week.
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