In today’s briefing:
- DN Solutions IPO Officially Withdrawn: Background and Key Takeaways
- DN Solutions Cancels IPO
- Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors
- Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet
- Hanwha Aerospace Rights Offering – Third Time Is a Charm?
- Green Tea Group Pre-IPO – PHIP Updates – Still Being Driven Purely by Store Expansion
- Chery Auto Pre-IPO – The Positives – Very Strong Earnings Growth
DN Solutions IPO Officially Withdrawn: Background and Key Takeaways
- Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.
- The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.
- They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.
DN Solutions Cancels IPO
- DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO.
- The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
- The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year.
Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors
- The first pricing is May 20, ex-rights on May 22, and rights trading runs June 16-20. Final pricing is June 26, with subscription July 1, and shares trade July 21.
- The FSS is unlikely to make this a political issue, especially with Hanwha’s detailed amended filing. The rights offering should go ahead, so we’re prepping for that in trading.
- It’s similar to SDI, focusing on stock rights to lower entry cost. The offering size dropped 30%, but defense sector volatility and intense short action could still cause price swings.
Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet
- Prestige Hospitality Ventures Ltd (1831338D IN) (PHVL) is looking to raise around US$317m in its upcoming India IPO. The bookrunners for the deal are JM Fin, CLSA, JPM, Kotak.
- PHVL is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
- As of Dec 24, PHVL’s portfolio includes seven operating hospitality assets with a total of 1,445 keys, including one property under renovation with 190 keys.
Hanwha Aerospace Rights Offering – Third Time Is a Charm?
- Hanwha Aerospace (012450 KS) has once again provided a revised rights offering prospectus following another request from the Financial Supervisory Service (FSS).
- Rights offering amount remains the same at 2.3 trillion won. Expected rights offering price is 539,000 won which is subject to change. New shares listing date is 21 July 2025.
- Hanwha Aerospace reported sales of 5.5 trillion won (14.3% better than consensus) and operating profit of 560.8 billion won (11.7% better than consensus) in 1Q 2025.
Green Tea Group Pre-IPO – PHIP Updates – Still Being Driven Purely by Store Expansion
- Green Tea Group (GTG) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMBI.
- GTG is a leading Casual Chinese restaurant chain operator in Mainland China, its revenue growth has been driven mainly via rapid store expansion.
- Persistently negative SSSG post-COVID could signal potential cannibalization or a negative impact from a shift in consumer spending behavior.
Chery Auto Pre-IPO – The Positives – Very Strong Earnings Growth
- Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
- In this note, we look at the company’s past performance.
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