In today’s briefing:
- Emperador SGX Secondary Listing: Scotch, Not so Neat
- HPSP IPO Book Building Results Analysis
- Deewin Tianxia IPO – Largest Segment Has Slowed and Generates Bulk of Sales from Related Parties
- Allied Blenders and Distillers Pre-IPO Tear Sheet
Emperador SGX Secondary Listing: Scotch, Not so Neat
- Emperador Inc (EMP PM) is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports.
- Emperador has established a track record of decent revenue growth, profitability and cash generation over the years.
- While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges.
HPSP IPO Book Building Results Analysis
- HPSP (403870 KS) announced its IPO book building results. The IPO price has been determined at 25,000 won, which is at the high end of the IPO price range.
- There were 1,577 institutions that were involved in the IPO survey and the demand ratio was 1,511 to 1. The IPO offering amount is 75 billion won.
- Our base case valuation of HPSP is target price of 38,228 won per share, which represents 53% higher than the high end of the IPO price range of 25,000 won.
Deewin Tianxia IPO – Largest Segment Has Slowed and Generates Bulk of Sales from Related Parties
- Deewin Tianxia (2418 HK) is looking to raise up to US$147m in its Hong Kong IPO.
- Deewin Tianxia (DT) is a service provider in the commercial automobile service industry in China.
- The firm continues to generate the bulk of its revenue from its controlling shareholder and the latter’s associates.
Allied Blenders and Distillers Pre-IPO Tear Sheet
- Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak and Equirus.
- ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.
- It had a market share of 8.2% in the IMFL market by sales volumes in FY21. Its products are retailed at over 64,000 outlets in India.
Before it’s here, it’s on Smartkarma
