ECM Weekly (13 Jul 2019) - Budweiser APAC IPO Cancelled, Douyu Listing Next Week
Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
It's an unfortunate week for Asia's ECM market as Budweiser Brewing Company APAC (1876 HK) was not able to price its IPO on Friday and, as of this morning, AB InBev announced that the IPO has been called off. Perhaps the massive deal size without cornerstone investors and the tight valuation discount were too much for investors to digest. In any case, it will likely affect the sentiment of any upcoming mega IPOs in Hong Kong.
Beyond that, next week will be filled with trading debuts. In Hong Kong, there are Zhongliang Holdings (2772 HK), Edvantage Group (382 HK), and Jinshang Bank Co Ltd (2558 HK) listing on Tuesday and Thursday. Zhongliang priced close to the bottom of its price range while Edvantage and Jinshang priced at and slightly above their mid-point respectively.
In Singapore, Prime Us Reit (PRIME SP) is listing on Friday while Douyu International Holdings (DOYU US) is listing on Wednesday. We heard that Douyu's books have already been covered.
- Douyu (斗鱼直播) IPO: Valuation Reasonable Even at High End
- Douyu (斗鱼直播) IPO: Detailed E-Sports Broadcasting Comparison with Huya
Beyond that, this week's IPO performance in Hong Kong had been lacklustre. CIMC Vehicle Group Co Ltd (1839 HK) closed below its IPO price on the first day while IVD Medical (1931 HK) struggled and closed right at its IPO price.
Accuracy Rate:
Our overall accuracy rate is 72.5% for IPOs and 64% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- SinoMab Bioscience (Hong Kong, ~US$200m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.
News on Upcoming IPOs
- Chinese streaming site DouYu seeks up to $944m in US IPO
- Anheuser-Busch InBev Calls Off IPO of Asia Unit
- KinderWorld delays IPO until 'more favourable time'
- Sanitary Pad Producer Aims for One of Indonesia's Largest IPOs
- KKR invites bank to pitch for Pepper Group IPO
Analysis on Upcoming IPOs
- TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline
- Emami Cement Pre-IPO - Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO
- Douyu (斗鱼直播) IPO: Detailed E-Sports Broadcasting Comparison with Huya
- Douyu (斗鱼直播) IPO: Valuation Reasonable Even at High End
- Topsports Pre-IPO - Quick Take - Nike & Adidas Data Throws up Some Interesting Nuggets
- Topsports International Pre-IPO - History Has a Lot to Tell About Growth and Margins
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- FINEOS IPO Review - Capitalised Costs to Look Profitable22 Jul 2019
- ECM Weekly (20 Jul 2019) - Home Credit, SinoMab, CloudMinds, Wanda Sports, Tasly Pharma, Henlius20 Jul 2019
- Douyu (斗鱼直播) IPO: Valuation Reasonable Even at High End09 Jul 2019
- Budweiser Brewing APAC IPO - Valuation Corrigendum, Index Inclusion Timeline and Quick Take on M&A08 Jul 2019
- ECM Weekly (6 Jul 2019) - Budweiser APAC, Prime US REIT, Topsports, Douyu, JS Global, China Feihe06 Jul 2019