In today’s briefing:
- Hyundai Engineering IPO Initiation: Building on Good Foundations
- CTOS Digital Lock-Up Expiry:High Chance of Slow Motion Creador Exit but There Should Be Ample Buyers
- Huitongda (汇通达) Pre-IPO – PHIP Updates and Competitive Landscape
Hyundai Engineering IPO Initiation: Building on Good Foundations
- Hyundai Engineering Co Ltd (HEC KS)/HEC is a leading global EPC (Engineering, Procurement and Construction) contractor. It is seeking to raise up to $1 billion.
- HEC is offering 16.0 million shares with a primary/secondary split of 25/75 at an indicative price range of KRW57,900-66,800 per share.
- HEG has attractive fundamentals with a strong backlog, healthy book-to-bill, improving 3Q21 revenue growth and improving margins.
CTOS Digital Lock-Up Expiry:High Chance of Slow Motion Creador Exit but There Should Be Ample Buyers
- CTOS Digital (CTOS) raised around US$291m in its Malaysian IPO in Jul 2021. It is majority owned by Creador, a PE firm.
- The stock has done well since listing and is now trading 72% above its IPO price.
- In this note, we talk about the updates since listing and the upcoming lock-up expiry.
Huitongda (汇通达) Pre-IPO – PHIP Updates and Competitive Landscape
- Huitongda (1566215D CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
- While the numbers from the growth of member stores look promising, it did not translate to stronger revenue from member stores and HTD did not give a clear explanation.
- In this note, we look at PHIP updates and competitive landscape.
Before it’s here, it’s on Smartkarma
