In today’s briefing:
- Jeil Machine & Solution IPO Preview
- Gubel/Prosegur: Offer Results & Potential Delisting Bids
- Amaero International Ltd – 2nd EIGA ordered, tick, corporate financing organised, tick
- Amaero International Ltd – Several milestones tracking ahead of schedule
- Millennium Services Group Ltd – Bid implies an EV/EBITDA multiple in line with peers
Jeil Machine & Solution IPO Preview
- Jeil Machine & Solution is getting ready for an IPO in April in the Korean stock market. The IPO price range is 15,000 won to 18,000 won.
- The total offering amount ranges from 36 billion won to 43.2 billion won. The book building for the institutional investors will last from 5 to 12 April.
- According to the bankers’ assessment, the implied market cap of the company ranges from 309 billion won to 371 billion won.
Gubel/Prosegur: Offer Results & Potential Delisting Bids
- The voluntary partial (15% of share capital) takeover bid launched by Gubel for Prosegur (PSG SM) has been accepted by 13.23%, thus 88.23% acceptance, and no proration. Gubel increases its grip to 73.14%.
- The free float has been reduced to 17.5% on a market cap of just €994 million. A delisting offer could well happen in the future and would make sense financially.
- Prosegur has 81.45% of Prosegur Cash, which could also become target of a delisting offer. Its shares have low liquidity, hence are overlooked and cheap (6.9x Fwd P/E vs. 9.7x Securitas).
Amaero International Ltd – 2nd EIGA ordered, tick, corporate financing organised, tick
- Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors.
- The company is developing an 800+-tonne a year critical metals alloy powder manufacturing facility in Tennessee, USA, with the initial focus on producing refractory alloy powder, C103, a critical metal powder used in hypersonics weaponry, strategic metals and satellites.
- The company is moving apace with its planned commercialisation, recently announcing it had secured A$7.5m in corporate financing and that it had executed a binding purchase order for its second gas atomiser, the next generation Electrode Induction Melting Inert Gas Atomiser (or EIGA premium).
Amaero International Ltd – Several milestones tracking ahead of schedule
- Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors.
- The company is developing a 1,000+-tonne-a-year critical metals alloy powder manufacturing facility in Tennessee, USA with its initial focus on producing refractory alloy powder, C103, a critical metal powder used in hypersonics weaponry.
- On December 19, the company provided an update to investors on its progress to date this month with several milestones tracking ahead of schedule.
Millennium Services Group Ltd – Bid implies an EV/EBITDA multiple in line with peers
- Human services company Millennium Services Group Ltd (ASX:MIL) has entered a Scheme of Arrangement with an entity associated with Softbank Robotics Singapore for the acquisition of 100% of shares at $1.15/share cash.
- Shareholders also have the option to accept a mix of cash and scrip in the new unlisted entity, with certain management committing not less than a total of 30% for this option.
- The bid price represents an 89% premium to the last RaaS update note (October 23) and 360% premium from July 1, 2023.
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