In today’s briefing:
- I Squared & TDR/Applus: Competing Offer at €9.75
- INOX India Pre-IPO Tearsheet
- IMotion Automotive Technology Pre-IPO – PHIP Updates – Concentration Risk Even More Apparent Now
I Squared & TDR/Applus: Competing Offer at €9.75
- On 14 September, a “competing” acquisition offer for Applus has been made by Amber Equity, a vehicle of I Squared and TDR Capital, at €9.75/share, in cash, cum dividend.
- The offer represents 10.7x EV/Fwd NTM EBIT and a 2.6% increase over Apollo’s offer, which seems to signal Amber will not raise its offer by much more.
- I believe there will be an increased offer from Apollo, probably at least around €10/share (c. 2.6% increase). I’d be long Applus.
INOX India Pre-IPO Tearsheet
- INOX India Limited (INOX IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Axis Capital, and ICICI Securities.
- INOX India (INOX) is a manufacturer of cryogenic equipment, with over 30 years of experience in designing, engineering, manufacturing and installation of equipment and systems for cryogenic conditions.
- As per CRISIL, the firm was the largest exporter of cryogenic tanks from India in terms of FY22 sales.
IMotion Automotive Technology Pre-IPO – PHIP Updates – Concentration Risk Even More Apparent Now
- IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.
- The company possesses advanced full-stack R&D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
- We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.
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