In today’s briefing:
- What’s Up – Or Rather, Down – With ReNew Energy Global (RNW US)?
- Maynilad Water Services IPO Trading – Main Peer Has Corrected, Still at a Yield Discount
What’s Up – Or Rather, Down – With ReNew Energy Global (RNW US)?
- On the 10th December 2024, ReNew Energy Global (RNW US), an Indian renewable energy play, announced US$7.07/share NBIO. The bidding consortium subsequently bumped terms to US$8/share on the 3rd July.
- After shares traded through terms for a week, the Consortium increased (best & final) non-binding terms to US$8.15/share, a 29% premium to undisturbed. The Offer is via a UK Scheme.
- That last bump was on the 10th October. JERA, with 11.7% of shares out, and 25.7% of minorities, is supportive, IF terms are firmed. The Special Committee is still mulling.
Maynilad Water Services IPO Trading – Main Peer Has Corrected, Still at a Yield Discount
- Maynilad Water Services (MWS) raised around US$520m in its Philippines IPO.
- MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
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