Daily BriefsIPOs and Placements

Equity Capital Markets: Vista REIT, Thai Beverage and more

In today’s briefing:

  • Vista REIT IPO – Smallest of the Lot, Sector Has Been Under Pressure
  • ThaiBev BeerCo 2022 Pre-IPO – Peer Comp and Thoughts on Valuation

Vista REIT IPO – Smallest of the Lot, Sector Has Been Under Pressure

By Clarence Chu

  • Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. 
  • VREIT’s larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.
  • VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap.

ThaiBev BeerCo 2022 Pre-IPO – Peer Comp and Thoughts on Valuation

By Sumeet Singh

  • On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
  • We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
  • In this note we undertake a peer comparison and talk about valuations

Before it’s here, it’s on Smartkarma