Daily Brief ECM: Messed up Korea IPO Pipeline and Unexpected Beneficiaries and more

In today’s briefing:

Messed up Korea IPO Pipeline and Unexpected Beneficiaries
Visit to a Haidilao Restaurant in London & Listing of Super Hi International in Hong Kong
ECM Weekly (7th Aug 2022) – Zomato, Orica, China Tourism, Hongjiu Fruit, Giant Biogene, Socar

Messed up Korea IPO Pipeline and Unexpected Beneficiaries

Hyundai Oilbank, this year’s biggest fish, dropped the IPO. Another big fish, CJ Olive Young, also officially announced that it would give up its listing.
The bookbuilding results of SOCAR turned out to be disastrous, suggesting an increased possibility that a higher-than-typical flow level will likely be seen in WCP and K Bank.
In particular, despite the valuation issues, we should pay attention to the possibility of an unexpected level of local institutional flows flocking to WCP, which has less schedule risk.

In this insight, we discuss our recent visit to a Haidilao restaurant in London and the listing of Super Hi International in Hong Kong.
On 13 July, Haidilao (6862 HK) provided the IPO prospectus of Super Hi International for a separate listing in Hong Kong bourse.
By spinning off Super Hi and listing this newco in Hong Kong, Haidilao is capitalizing on its best known global brand for hot pots amid zero COVID policy in China.

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Placements continued to take center stage this week, beginning with Uber’s clean-up sale of Zomato.
Socar launched its one-day bookbuild earlier in the week. We continued looking at the upcoming deals in our pipeline.

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