In today’s briefing:
- Air New Zealand Shortfall – Not a Great Take-Up Probably Because of the Large Retail Holding
- Life Insurance Corporation of India IPO – Anchor Book Results Weren’t Great
- Initial Thoughts on the LG CNS IPO
- PAG Pre-IPO – The Positives – Past Record Has Been Decent
Air New Zealand Shortfall – Not a Great Take-Up Probably Because of the Large Retail Holding
- Air New Zealand (AIR) was aiming to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. It has now launched a shortfall of around US$153m, at last close.
- We have covered the background of the rights and expected shortfall in our earlier note, Air New Zealand Rights and Possible Shortfall – Delayed Boarding but Its Priced to Fly.
- In this note, we talk about the recent updates and shortfall pricing.
Life Insurance Corporation of India IPO – Anchor Book Results Weren’t Great
- Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
- This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
- We have looked at various aspects of the deal in our earlier notes. In this note, we compare it’s anchor book results with recent listings.
Initial Thoughts on the LG CNS IPO
- LG CNS is getting ready to complete its IPO in 2023. LG CNS is one of the largest system integration (SI) companies in Korea.
- LG Corp owns 49.95% stake in LG CNS. Local media mentioned the LG CNS value could reach about 4 trillion won to 5 trillion won after it completes its IPO.
- If LG CNS is valued at 5 trillion won, a 50% stake would be valued at 2.5 trillion won which is more than 12x book value on its balance sheet.
PAG Pre-IPO – The Positives – Past Record Has Been Decent
- PAG aims to raise around US$2bn via its Hong Kong IPO.
- PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.
- In this note, we will talk about the positive aspects of the deal.
Before it’s here, it’s on Smartkarma
