In today’s briefing:
- I-Tail Corporation IPO – Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation
- I-Tail Corporation IPO: Valuation Insights
I-Tail Corporation IPO – Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation
- I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB) .
- As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
- In our previous notes, we have looked at various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.
I-Tail Corporation IPO: Valuation Insights
- I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, has launched its SET listing at THB30-32 per share to raise up to US$593 million.
- We previously discussed the IPO in I–Tail Corporation IPO: The Bull Case, I-Tail Corporation IPO: The Bear Case and I-Tail Corporation IPO: A Strong 3Q Results Update.
- I-Tail is attractively valued at the IPO price range. We would participate. Pricing will be announced on 28 November.
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