APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Sawai Pharmaceutical / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/19147" target="_blank" data-smartkarma-citation="entities:19147:1">Sawai Pharmaceutical Co Ltd (4555 JP)</a> is looking to raise US$314m by selling 5m primary shares and 1m treasury shares (with 900,000 over-allotment). The proceeds raised will be used to pay down debt.</p><p>The deal scores marginally positive on our framework owing to its inexpensive valuation and earnings momentum. Sawai is raising cash to pay down part of the debt that was used to finance the acquisition of Upsher-Smith Laboratories (USL). Although the equity raise will improve the balance sheet, the…</p>

Sawai Pharmaceutical Co Ltd (4555 JP) is looking to raise US$314m by selling 5m primary shares and 1m treasury shares (with 900,000 over-allotment). The proceeds raised will be used to pay down debt.The deal scores marginally positive on our framework owing to its inexpensive valuation and earnings momentum. Sawai is raising cash to pay down part of the debt that was used to finance the acquisition of Upsher-Smith Laboratories (USL). Although the equity raise will improve the balance sheet, the…

Sawai Pharm Placement - Dilution & Negative Sentiment Should Be Priced in After 18% Price Correction