In today’s briefing:
- Tenneco Clean Air India Ltd Pre-IPO Tearsheet
- Nidec (6594 JP): New Factory in China
- What’s New(s) in Amsterdam – 10 July (ABN Amro | Aalberts | Volksbank)
- S&SYS IPO Preview
- Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light
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.
Nidec (6594 JP): New Factory in China
- Nidec has opened a new motor factory in China to meet an anticipated increase in demand for home appliances.
- Sensing an opportunity for growth, management is already considering the construction of a second factory.
- This fits with the Chinese government’s efforts to promote domestic demand and with Nidec’s need for a new growth driver in China.
What’s New(s) in Amsterdam – 10 July (ABN Amro | Aalberts | Volksbank)
- In this edition: • ABN Amro | court dismisses mass claim regarding overcharging on variable-rate loans • Aalberts | to acquire Grand Venture Technology • Volksbank | to remain state-owned for at least another year
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.
Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light
- A month ago, Integrated building services provider Johns Lyng (JLG AU) fielded a non-binding Offer, by way of a Scheme, from Aussie fund manager Pacific Equity Partners (PEP).
- JLG and PEP have now entered into a SID at A$4/share, a 77% premium to undisturbed. CEO Scott Didier, JLG’s largest shareholder with 17.64%, is supportive.
- A shareholder vote is expected to take place in October, with the transaction potentially wrapping up in November. This may need more gruel.
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