ECM Weekly (16 Feb 2020) - ThaiBev Brewery, ByteDance, China Bright Culture, Equitas SFB, LIC
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
ECM activity has been slow this week. We saw some signs of life earlier this week with the launch of a handful of placements such Innovent Biologics Inc (1801 HK) and Prime US REIT (PRIME SP) which Ke Yan, CFA, FRM covered in:
- Prime US REIT Placement: Upbeat 4Q Results and a DPU Accretive Deal
- Innovent Biologics Placement: Positive Newsflow Bodes Well for Capital Raising
Lion Air has decided push back its IPO to Q2 citing uncertainty from the coronavirus outbreak, according to news report. The company was said to be pre-marketing earlier towards the end of January. 58 Home has also decided to delay its US IPO plans citing the similar reasons. The company was supposed to list in 1H of 2020 as per news reports. In Hong Kong, Japanese restaurant chain Daikiya has also pulled its Hong Kong IPO
That said, UOB Hampshire REIT, which comprised of US-based grocery stores, is still moving ahead with pre-marketing for a Singapore listing to gauge demand. SPH was also said to be picking banks for the REIT listing of its UK student accommodation asset.
In anticipation of ThaiBev's potential IPO of its brewery business, we looked at the unit in an early note to understand its past performance, estimated valuation, and implications.
- ThaiBev Beer Brewery Pre-IPO/Spin-Off - Early Take - Aiming to Build an ASEAN Champion?
- ThaiBev Beer Brewery Pre-IPO/Spin-Off - Valuation Estimates and Implications
Sumeet Singh also shared some early thoughts on the upcoming mega IPO, LIC, in India as well as Equitas SFB's listing in:
- Equitas Holding/Small Finance Bank Pre-IPO - Valuation And Pre-Listing Trade Idea
- Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO
Last, but not least, Ke Yan, CFA, FRM covered the recently approved IPO, China Bright Culture, and continued his coverage on ByteDance which was rumored to be exploring listing options.
Accuracy Rate:
Our overall accuracy rate is 73.6% for IPOs and 65.1% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Ayala REIT (Philippines, US$300m)
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
Analysis on Upcoming IPOs
- ThaiBev Beer Brewery Pre-IPO/Spin-Off - Early Take - Aiming to Build an ASEAN Champion?
- ThaiBev Beer Brewery Pre-IPO/Spin-Off - Valuation Estimates and Implications
- ByteDance (字节跳动) Pre-IPO: A Winner in 2020 Chinese New Year
- China Bright Culture (煜盛文化) Pre-IPO: Unfavorable Regulatory Environment
- Equitas Holding/Small Finance Bank Pre-IPO - Valuation And Pre-Listing Trade Idea
- Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO
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- ThaiBev Beer Brewery Pre-IPO/Spin-Off - Valuation Estimates and Implications14 Feb 2020
- ByteDance (字节跳动) Pre-IPO: A Winner in 2020 Chinese New Year13 Feb 2020
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