In today’s briefing:
- Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes
- WCP IPO: Order Table, Revised Terms, & Passive Flow Schedule
- CALB IPO: What’s It Worth?
Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes
- The FTSE Straits Times Index (STI) (STI INDEX) has a quarterly rebalancing cycle with index reviews performed in March, June, September, and December every year.
- The March and September reviews are complete index reviews while the June and December reviews are only for new listings.
- In this insight, we take a look at the potential index changes that can take place between now and the end of the March 2023 index review.
WCP IPO: Order Table, Revised Terms, & Passive Flow Schedule
- WCP’s institutional subscription rate was 33.28 to 1, one of the lowest for an IPO this size. And nearly all orders sit below the lower end.
- WCP set the price at ₩60,000, even lower than the floor, at an implied market cap of ₩2T. And the issuer also reduced the offering volume from 9M to 7.2M.
- Passive flows equivalent to about 3% of SO will likely flow into WCP by March next year. It is substantial enough to consider designing a flow trade setup.
CALB IPO: What’s It Worth?
- CALB (CALBLZ CH), a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.
- We previously discussed the IPO in CALB IPO: The Bull Case, CALB IPO: The Bear Case and CALB IPO: Updates Support the Bull Case.
- In this note, we present our forecasts and take the first look at CALB’s potential valuation range.
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