Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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TPG plans to raise upto US$711m by selling down part of its stake in Ingham's. As a part of the IPO, Ingham's will also raise US$140m through an issuance of primary shares, bringing the total deal size up to US$850m.In this insight, we run the deal through our framework. We also comment on sluggish top-line growth despite which bottom line growth has been strong. Moreover, chicken prices seem to be under pressure lately,  in fact, they have not risen much over the past three decades.We also highlight how TPG has made more than 3x on its investment over the past three years. IPO investors might not be able to do the same, over the next few years at least.

TPG plans to raise upto US$711m by selling down part of its stake in Ingham's. As a part of the IPO, Ingham's will also raise US$140m through an issuance of primary shares, bringing the total deal size up to US$850m.In this insight, we run the deal through our framework. We also comment on sluggish top-line growth despite which bottom line growth has been strong. Moreover, chicken prices seem to be under pressure lately,  in fact, they have not risen much over the past three decades.We also highlight how TPG has made more than 3x on its investment over the past three years. IPO investors might not be able to do the same, over the next few years at least.

Ingham's IPO - TPG Made a Killing, Others Will Be Lucky to Do as Well

Australia

Inghams Group Limited produces poultry products. The Company offers production, processing, and distribution of chickens, turkeys, stockfeed, and other meat products. Inghams Group serves retailers throughout Australia and New Zealand.

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Inghams (ING AU)

Ingham's IPO - TPG Made a Killing, Others Will Be Lucky to Do as Well

TPG plans to raise upto US$711m by selling down part of its stake in Ingham's. As a part of the IPO, Ingham's will also raise US$140m through an...

Sumeet Singh

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