In today’s briefing:
- Initial Thoughts on the Hanwha Energy IPO
- Austal Placement: Thematically Hot, Relatively Low Valuation
- Bank of Baroda QIP Early Look – Well Flagged but Last Deal Did Not Do Well
- AvePoint SGX Secondary Listing – Strong Growth and Large Client Base but Unclear Metrics
Initial Thoughts on the Hanwha Energy IPO
- Hanwha Energy, which is 100% owned by the Hanwha Group owner family members, has started the process of going public. Hanwha Energy could complete its IPO in 2025/2026.
- One of the scenarios involving Hanwa Energy is that once it completes its IPO, it could merge with Hanwha Corporation (000880 KS).
- Hanwha Energy generated revenue of 4.7 trillion won (up 20% YoY) and operating profit of 215 billion won (up 306.5% YoY).
Austal Placement: Thematically Hot, Relatively Low Valuation
- Austal Ltd (ASB AU) is looking to raise US$157m, with US$125m from a primary placement and the remainder, a secondary placement contingent on the primary being fully subscribed.
- The deal will be a large one to digest at 58 days of the stock’s three month ADV, representing 15.3% of its shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Bank of Baroda QIP Early Look – Well Flagged but Last Deal Did Not Do Well
- Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
- In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
- The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.
AvePoint SGX Secondary Listing – Strong Growth and Large Client Base but Unclear Metrics
- AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
- As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
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