In today’s briefing:
- ECM Weekly (18th Nov 2024) – SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit
- KKR/Greenvolt: Squeeze-Out Coming Next
ECM Weekly (18th Nov 2024) – SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPOs front, the usual year end deal flow appears to be picking up with US elections now out of the way.
- On the placements front, Kansai Electric Power (9503 JP) launched a large primary offering, while Varun Beverages (VBL IN) did the same in India.
KKR/Greenvolt: Squeeze-Out Coming Next
- Core shareholders holding 60.86% accepted KKR’s €8.30/share offer, triggering a mandatory tender for minorities. Greenvolt’s revised offer price (€8.3107/share) represented a 95.5% IPO premium, but faced critiques for modest value.
- By October 25, KKR held 97.64% of Greenvolt’s share capital, surpassing the 90% threshold for a squeeze-out and delisting.
- The delisting is expected by late 2024 or early 2025, following squeeze-out completion. Minority shareholders will be compelled to sell, receiving €8.3107/share. Gross spread is 0.8%. Long.
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