Daily BriefsIPOs and Placements

Equity Capital Markets: LG Energy Solution, Aquila Acquisition Corporation, Delhivery, KakaoBank and more

In today’s briefing:

  • LG Energy Solution IPO: Record Retail Demand Amount
  • Aquila Acquisition Corporation: Hong Kong’s CMB-Backed SPAC
  • Delhivery IPO Initiation: Can It Deliver?
  • Kakao Bank Six-Month Lock-Up – Over US$2.5bn Stock Release Will Only Add to the Recent Rout

LG Energy Solution IPO: Record Retail Demand Amount

By Douglas Kim

  • LG Energy Solution completed its two days retail subscription demand on 18-19 January. 
  • LG Energy Solution raised 114 trillion won in IPO subscription margin and achieved a new record in the Korean IPO market. The retail demand ratio was 69.3 to 1. 
  • In this insight, we provide a detailed retail demand analysis of the LG Energy Solution IPO, which is getting ready to start trading on 27 January.

Aquila Acquisition Corporation: Hong Kong’s CMB-Backed SPAC

By David Blennerhassett

  • Aquila Acquisition Corporation (AAC HK), a SPAC backed by China Merchants Bank, has applied for listing in Hong Kong.
  • Aquila is the first SPAC company to seek listing since new rules allowing such listings came into effect on the 1 January 2022. 
  • Aquila is targeting technology-enabled companies in “new economy” sectors (such as green energy, life sciences, advanced technology and manufacturing) in Asia, with a focus on China.

Delhivery IPO Initiation: Can It Deliver?

By Arun George

  • Delhivery (1058656D IN) is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  
  • The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  
  • Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  

Kakao Bank Six-Month Lock-Up – Over US$2.5bn Stock Release Will Only Add to the Recent Rout

By Sumeet Singh

  • Kakao Bank’s six month IPO lock-up will end on 6th Feb 2022. 
  • It will result in freeing up another US$2.5bn+ worth of shares held by a number of pre-IPO and local IPO investors.
  • In this note, we will talk about the upcoming lock-up expiry.

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