Nirvana ASIA IPO: sound fundamentals, yet valuation unappealing

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul><li>Nirvana went into a trading halt on 30 June 2016; several days later, talks of CVC Capital Partners being the acquirer made headlines</li><li>Nirvana IPOed not too long ago (December 2014), reminding us of Dalian Wanda Commercial Properties ("3699 HK") which IPOed in the same period as Nirvana and is in the midst of a privatization</li><li>The offer comes in at HKD 3.00 which is exactly what Nirvana was priced at during their IPO</li><li>We have identified shareholders' vote as the key condition for the success or failure of this transaction</li><li>In this insight, we examine the fairness of the offer and the likelihood of a deal completion </li></ul>

Nirvana went into a trading halt on 30 June 2016; several days later, talks of CVC Capital Partners being the acquirer made headlinesNirvana IPOed not too long ago (December 2014), reminding us of Dalian Wanda Commercial Properties ("3699 HK") which IPOed in the same period as Nirvana and is in the midst of a privatizationThe offer comes in at HKD 3.00 which is exactly what Nirvana was priced at during their IPOWe have identified shareholders' vote as the key condition for the success or failure of this transactionIn this insight, we examine the fairness of the offer and the likelihood of a deal completion 

Nirvana Asia

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