ECM Weekly (27 Jul 2019) - Wanda Sports, AMTD Intl, Alphamab, Napier Port
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.
IPO activity eased in Hong Kong while placements took the spotlight with China Literature (772 HK) and Weimob.com (2013 HK)'s tapping the market. The former was a secondary share sale which saw Carlyle coming onto the market pare down their stake. The stock reacted poorly to the news as the market started to price in the potential overhang of Carlyl's remaining 6.5% stake in the company. Sumeet Singh shared his thoughts on the placement in:
Weimob's placement wasn't great either, even though it was a primary placement. The company did not give a clear explanation on the use of proceeds while its operations continue to burn through cash to sustain its expansion.
Other than placements, Ke Yan, CFA, FRM shared his thoughts on Alphamab's IPO which was just filed with the Hong Kong Exchange about two weeks ago.
Back in the U.S, Wanda Sports Group (WSG US)'s 35% decline on debut reminds us of the disastrous performance by Ruhnn Holding Ltd (RUHN US). But WSG's bookbuild takes the cake with two rounds of price cuts just before its IPO from US$12 - 15 to US$ 9 - 11 then to price at US$8 per share.
Accuracy Rate:
Our overall accuracy rate is 72.4% for IPOs and 64.4% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- ChangSha Broad Homes Industrial (Hong Kong, ~US$100m)
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
- LPG charterer Oriental Energy eyes Singapore IPO
- Toshiba Memory to postpone IPO to next year due to low chip demand amid trade disputes
- Thailand’s Dohome launches compact ToGo chain
- iflix raises more than RM205m ahead of possible IPO
- NetEase e-learning arm builds up content and reach ahead of IPO
- China's Fosun picks Kotak, Citi & Haitong as bankers for $350-400m Gland Pharma India IPO
Analysis on Upcoming IPOs
- FINEOS IPO Review - Capitalised Costs to Look Profitable
- FINEOS IPO Valuation - Hoping for High Valuation
- Napier Port Holdings IPO - Steady Operations with Growth Driven by Forestry Linked Products
- Napier Port IPO - Valuations, Can't Say No at the Low-End
- Alphamab (康宁杰瑞) IPO: Strong R&D Capability and Innovative Platforms
- Wanda Sports (万达体育) Update - Existing Shareholders No Longer Selling but the Intention Remains
- AMTD International (尚乘国际) IPO Review - Still an Avoid
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