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
- 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
- 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
