In today’s briefing:
- Endeavour Group Placement – While There Is an Overhang, Selldown Now Appears Well Flagged
- Super Hi International US ADS – Has Been Doing Well but Doesn’t Really Need the Cash
- TBO Tek Pre-IPO – Refiling Updates & Peer Comparison
- Premier Energies Ltd IPO- Forensic Analysis
Endeavour Group Placement – While There Is an Overhang, Selldown Now Appears Well Flagged
- Woolworths Ltd (WOW AU) is looking to raise A$468m (US$305m) from selling its stake in Endeavour Group /Australia (EDV AU).
- Endeavour Group was demerged from Woolworths in Jun 2021 and it runs the drinks and hospitality business of Woolworths.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Super Hi International US ADS – Has Been Doing Well but Doesn’t Really Need the Cash
- Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADR IPO. MS and Huatai are on the deal.
- Super Hi International (SHI) is a Chinese cuisine restaurant brand, operating Haidilao hot pot restaurants in the international market.
- In this note, we talk about the deal dynamics and the listing impact.
TBO Tek Pre-IPO – Refiling Updates & Peer Comparison
- TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO.
- TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
- In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.
Premier Energies Ltd IPO- Forensic Analysis
- Premier Energies Limited (0377949D IN) is into manufacturing of solar cells and modules. The company is the second largest integrated player (cell+module) in India with a market share of 28%
- The business has picked up in the last two years. Revenues, order book and capacities have increased and margins have also seen improvement.
- However, the company is struggling on cash conversion on the back of highly levered balance sheet. Focus should also be on few questionable related party transactions.
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