In today’s briefing:
- Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging
- Nippon Building Fund Placement – Small Deal but Lacks Accretion
- Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares
- Samyang Comtech IPO Preview
- Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well
Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging
- Macquarie might fast-track its 21.5% LG CNS stake sale, shifting from patience to action — weighing staggered sell-down vs. OTC block to limit price impact.
- Macquarie’s well in the money — even with a deal discount, they can offload the stake, cover remaining debt, and still lock in solid upside.
- LG CNS is flying on AI hype, but Macquarie’s post-August 5 exit risk could flip the tape fast — overhang setup worth watching vs. other local AI plays.
Nippon Building Fund Placement – Small Deal but Lacks Accretion
- Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.
- Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares
- Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.
- The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.
- Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.
Samyang Comtech IPO Preview
- Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.
- The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.
- The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.
Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well
- Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
- Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between FY16-9M24, as per the CBRE report.
- In this note, we talk about the not-so-positive aspects of the deal.
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