In today’s briefing:
- SK Square Placement: Clean up by Kakao
- SBI Possible US$3bn QIP – Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well
- Tenneco Clean Air India Ltd Pre-IPO Tearsheet
- Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet
- CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?
- S&SYS IPO Preview
SK Square Placement: Clean up by Kakao
- Kakao Corp (035720 KS) is looking to raise US$316m from a clean-up sale in SK Square (402340 KS) .
- The deal is a small one, representing 5.4 days of the stock’s three month ADV, and 1.7% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
SBI Possible US$3bn QIP – Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well
- As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.
- SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.
- In this note, we will talk about the possible fund raising and other deal dynamics.
Tenneco Clean Air India Ltd Pre-IPO Tearsheet
- Tenneco Clean Air India Ltd (1880671D IN) (TCAIL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, Axis, HSBC.
- TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
- According to the CRISIL Report, TCAIL was the largest supplier of Clean Air Solutions to Indian commercial truck (CT) OEMs with a 60% market share in FY24.
Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet
- Shanghai MediTrust Health Technology Group Co., Ltd. (SMHTG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, HSBC, and CICC.
- SMHTG is the largest innovative healthcare payor platform in China, according to Frost & Sullivan (F&S).
- SMHTG is transforming the healthcare payment system in China by addressing funding and payment challenges faced by patients, health insurers and pharmaceutical companies.
CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?
- CStone Pharmaceuticals (2616 HK) announced the placement of 100M shares for subscription at HK$4.72 per share. Placing shares represent approximately 7.33% of existing issued shares capital of the company.
- The company intends to use 90% of the net proceeds from the for further research and development relating to assets in the company’s “Pipeline 2.0”.
- Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets augurs well, but concerns remain.
S&SYS IPO Preview
- S&SYS is getting ready to complete its IPO in KOSDAQ in August. S&SYS is a shipbuilding equipment integrated solution company.
- The company plans to offer 1.9 million shares in this public offering. The IPO price range is from 27,000 won to 30,000 won.
- To value S&SYS, the bankers used Sejin Heavy Industries Co Ltd (075580 KS), Halla IMS, HD Hyundai Marine Solution (443060 KS), and Ksp Co Ltd (073010 KS) as comps.
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