In today’s briefing:
- Green Tea Group IPO – Peer Comp & Thoughts on Valuation
- Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One
- Canara Robeco AMC Pre-IPO Tearsheet
- American Integrity Insurance Group (AII): Sector Dedicated Buyers Get a Winner on Opening Pop
Green Tea Group IPO – Peer Comp & Thoughts on Valuation
- Green Tea Group (GTG) is looking to raise US$157m (HKD 1.2bn) in its upcoming Hong Kong IPO.
- GTG is the fourth largest Casual Chinese Cuisine player in Mainland China, it has been gaining market share historically and is likely to continue.
- GTG plans to accelerate its expansion of the restaurant network, focusing on expansion into tier two cities and below, with small restaurants rather than large ones.
Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One
- The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.
- According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.
- The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.
Canara Robeco AMC Pre-IPO Tearsheet
- Canara Robeco AMC (570515Z IN) is looking to raise about US$176m in its upcoming India IPO. The deal will be run by Axis, JM Fin and SBI Caps.
- Canara Robeco is an asset management company engaged in managing mutual funds and providing investment advice on Indian equities to Robeco Hong Kong Limited, a member of the Promoter Group.
- According to CRISIL, it is India’s second oldest asset management company.
American Integrity Insurance Group (AII): Sector Dedicated Buyers Get a Winner on Opening Pop
- Specialty insurer American Integrity Insurance Group (AII US) came to market Thursday with solid interest from sector-dedicated investors producing a 15.6% winner at first trade.
- According to our sources, the deal was well-oversubscribed which equates to roughly 5x-6x in terms of granular subscription levels.
- Given the choppiness of the broad market in April and the temporary pause in the IPO market, the insurance sector was the perfect area to lead the comeback.
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