ECM Weekly (21 Sep 2019) - Lendlease Global REIT, Budweiser APAC, Shanghai Henlius Bio
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.
Things were fairly quiet as IPO bookbuilds were moving along quickly this week. Budweiser Brewing Company APAC (1876 HK) announced its price range but the implied valuation is expensive towards the top-end and only looks fair at the bottom-end. Books were said to be covered.
Lendlease Global REIT (LREIT SP) prospectus was finally available on MAS website this week. The REIT's assets include 313@Somerset and an Italy office fully let by Sky Italia. We heard that books have been covered. Considering the positive risk to reward skew and strong trading of REITs post-placement this week, we think that there could be a small upside in Lendlease REIT's IPO.
- Lendlease REIT IPO Early Thoughts - Looking Forward Without Historical Data
- Lendlease REIT IPO Review - Orchard Malls Comparison - Cheaper but Not Necessarily Better
- Lendlease REIT IPO Review - Risk Reward Positively Skewed
In the Philippines, AllHome (HOME PM)'s bookbuild will close next week and we heard that books are covered. Other the other hand, Axelum Resources (1729371D PM)'s IPO price got lowered twice, first to PHP5.72 per share and finally pricing at PHP5.00 per share, suggesting poor sentiment.
Other upcoming IPOs we are looking out for are Latitude Financial Services (1272471D AU) which is said to attempting to list for the second time in Australia and Ping An OneConnect which was reported to be attempting a November listing.
Accuracy Rate:
Our overall accuracy rate is 72.7% for IPOs and 64.5% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Lendlease Global Commercial REIT (Singapore, US$540m)
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
- SBI Cards appoints bankers for $1bn IPO, likely FY20's biggest
- Equitas Small Finance Bank to initiate IPO
- Axelum cuts maximum price of IPO to Ps5.72
- Philippine retailer AllHome to list next month
- Australia's Latitude Financial to list in $2.5 bln IPO
- Ping An's OneConnect reportedly readying New York IPO
Analysis on Upcoming IPOs
- Lendlease REIT IPO Early Thoughts - Looking Forward Without Historical Data
- Lendlease REIT IPO Review - Orchard Malls Comparison - Cheaper but Not Necessarily Better
- Lendlease REIT IPO Review - Risk Reward Positively Skewed
- Budweiser Brewing APAC IPO - Thoughts on Valuation
- Budweiser Brewing APAC IPO - Beer Is Flat, Other Trades Might Have More Fizz
- Shanghai Henlius (复宏汉霖) IPO: Take-Aways from Peer PD-1 Sales in China
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- ECM Weekly (6 Oct 2019) - Latitude Financial, Bytedance, Youdao, 36Kr, Ujjivan SFB06 Oct 2019
- Budweiser APAC IPO Trading - Book Colour, Investor Feedback, Index Inclusion and Deal Dynamics28 Sep 2019
- ECM Weekly (28 Sep 2019) - Metro Pacific Hospitals, Topsports, ESR Cayman, JS Global28 Sep 2019
- Shanghai Henlius (复宏汉霖) IPO: Take-Aways from Peer PD-1 Sales in China18 Sep 2019
- Budweiser Brewing APAC IPO - Beer Is Flat, Other Trades Might Have More Fizz17 Sep 2019
- ECM Weekly (14 Sep 2019) - Budweiser APAC, ESR Cayman, Henlius, AllHome, Topsports14 Sep 2019