ECM Weekly (14 Sep 2019) - Budweiser APAC, ESR Cayman, Henlius, AllHome, Topsports

Momentum from previous two weeks finally built up to Budweiser Brewing Company APAC (1876 HK) and ESR Cayman (ESR HK) relaunching their IPO. Budweiser APAC re-filed its PHIP whiled ESR Cayman re-filed its draft prospectus. Sumeet Singh provided updates from Budweiser's new PHIP and trade ideas surrounding the mega IPO.

• Budweiser Brewing Company APAC IPO - PHIP Updates - Last Call for Happy Hour
• Budweiser Brewing Company APAC IPO - Quick Recap of Peripheral Trades

Shanghai Henlius Biotech (2696 HK) also launched its IPO bookbuild this week, looking to raise up to US$477m. Ke Yan, CFA, FRM looked at the company's valuation and the seemingly positive newsflow in the midst of IPO bookbuild.

• Shanghai Henlius (复宏汉霖) IPO: Newsflow on HLX10 Clinical Trial and ASEAN Commercialization
• Shanghai Henlius (复宏汉霖) IPO: Thoughts on Price Range, Cornerstone, Valuation Trap

Other IPOs that are looking to launch in the coming weeks are Home Credit (HC HK) and Topsports International (TOP HK), which has just filed its PHIP this week. China Mobile Games Adr (CMGE US) is also looking to seek listing approval next week. We have covered the IPOs in:

• Home Credit Pre-IPO - PHIP Updates - Origination Flatlining, NPLs Remain High
• Topsports Pre-IPO - PHIP (Not Very Encouraging) Updates - Shifting More Towards Adidas
• CMGE Tech (中手游) Pre-IPO Review - Unfortunate Timing

ECM activity in other countries have also been looking up. Asset World Corporation (AWC TB) and AllHome (HOME PM) launched their IPO bookbuild this week while Home Consortium has set terms for its IPO.

• AllHome IPO Valuation - Cutting It Close

We are also hearing that Metro Pacific Hospital Holdings is looking to IPO soon in the Philippines and, for the longest time, we are waiting for Lendlease REIT's prospectus to be filed on MAS website as the bookbuilding was last said to be launching in the coming weeks.