In today’s briefing:
- WCP Delays IPO
- MACA: Thiess’s Friendly Cash Offer
- WCP IPO – Peer Comparison and Valuation – Needs a Price Cut Not a Timeline Extension
WCP Delays IPO
- WCP announced today that it will delay its IPO. The book building for the institutional investors will start on 14 September (from 1 August previously).
- Our guess for the delay is because the company may have tapped some major institutions and they may not have been so bullish on the IPO at current IPO valuation.
- Our base case valuation of WCP is price of 87,805 won. Given the lack of upside relative to the IPO price range, we would PASS on this IPO deal.
MACA: Thiess’s Friendly Cash Offer
- MACA Ltd (MLD AU) recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.
- The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.
- The Offer has unanimous support from MACA’s board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.
WCP IPO – Peer Comparison and Valuation – Needs a Price Cut Not a Timeline Extension
- WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
- WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
- In this note, we talk about the recent refiling updates, peer comparison and valuations.
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