Equity Capital Markets: Air New Zealand, Jiangsu Recbio Technology, Ferretti SpA, V3 Brands Asia and more

In today’s briefing:

Air New Zealand Rights and Possible Shortfall – Delayed Boarding but Its Priced to Fly
RecBio (江苏瑞科) IPO Trading: Fairly Valued for Vaccine Hype
Ferretti IPO Trading: Weak Demand and High Share Concentration
V3 Brands Asia Pre-IPO – The Positives – Margins and Revenue Have Grown

Air New Zealand Rights and Possible Shortfall – Delayed Boarding but Its Priced to Fly

Air New Zealand (AIR) aims to raise around US$827m (NZ$1.2bn) via a renounceable rights issue.
The deal has been in the works for months and has been put off multiple times before owing to COVID-19 induced New Zealand (NZ) lockdowns.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

Jiangsu RecBio raised HKD 672m (USD 86m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, March 31st.
In the previous note, we looked at the company’s core products, including its HPV portfolio and the COVID-19 vaccine.
In this note, we provide an update for the IPO before trading debut.

Ferretti raised HKD 1,771million (USD 226m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, Mar 31st.
In our previous note, we looked at the company’s key product segments, operating metrics, financials, and industry. We also compared the company with a close peer.
In this note, we provide an update before trading debut.

V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.
V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.
It has also recorded a bounce back post-COVID as average revenue per store surged. Margins have expanded as well owing to operating leverage and the firm’s partnership with Daito-OSIM.

Before it’s here, it’s on Smartkarma