In this briefing:
- Wuxi Apptec (药明康德) IPO: What You Need to Know Before the Trading Debut
- Sonic Healthcare Placement – Accretive Acquisition, Placement Discount Should Help
1. Wuxi Apptec (药明康德) IPO: What You Need to Know Before the Trading Debut
Wuxi Apptec’s USD 1 billion IPO was priced at HKD 68/share and will start trading today. We summarize the latest information with updates on our valuation in this short note, prior to the trading debut.
Our previous coverage on Wuxi Apptec listing
- WuXi Apptec (药明康德) IPO: This A+H Listing Will Be Different
- WuXi Apptec (药明康德) IPO:Upside at Middle and Low End
- Wuxi Apptec (药明康德) IPO: Pricing Update Before Book Close
2. Sonic Healthcare Placement – Accretive Acquisition, Placement Discount Should Help
Sonic Healthcare (SHL AU) plans to raise US$434m (A$600m) via an institutional placement to part fund its US$540m acquisition of Aurora Diagnostic.
As per the company, the acquisition is likely to be earnings accretive and will increase the revenue contribution of US operations to around 26%. While the deal appears attractive, SHL hasn’t provided many details about the past financial performance for Aurora. Some of the earlier filings by Aurora seem to indicate that revenue has been growing much faster than EBITDA.
