In today’s briefing:
- MODEC (6296 JP): The Current Playbook
- Raspberry Pi IPO Preview
- AUB Group Placement – Good Track Record, Accretive Acquisition
MODEC (6296 JP): The Current Playbook
- Since the US$535 million secondary placement announcement, Modec Inc (6269 JP)’s shares are down 15% from the undisturbed price of JPY3,320 per share (14 May).
- Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Modec’s shares have followed the pattern of previous large placements.
- The offering will likely be priced on 22 May. Investors who have participated in previous large Japanese placements tend to secure positive returns.
Raspberry Pi IPO Preview
- Established in 2012, Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers.
- Raspberry Pi is backed by Sony and ARM Holdings. Nearly 72% of the company’s sales come from commercial customers embedding its products into various consumer devices and other systems.
- The company generated sales of US$265.8 million (up 41.5% YoY) and operating profit of US$37.5 million (up 87% YoY) in 2023.
AUB Group Placement – Good Track Record, Accretive Acquisition
- AUB Group Limited (AUB AU) is looking to raise up to AUD200m (US$133m) to fund the acquisition of Pacific Indemnity.
- The company has a good track record and the deal will be accretive to EPS.
- In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.
💡 Before it’s here, it’s on Smartkarma
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