Hulic Placement - Accretion will take time, needs to be priced at wide discount
Hulic is looking to raise about US$1.1bn in its follow-on offering to pursue development and acquisition of properties.In this note, we will look at past deals, deal dynamics, comment briefly on fundamentals, and run the deal through our ECM framework.
Hulic and its affiliates are mainly engaged in the real estate business with four segments. Real Estate segment is involved in the leasing, development, allotment sale, investment of properties; the asset management business; the management of buildings; and the provision of security and cleaning services of buildings. Insurance Agency segment provides non-life and life insurance agent services. Staffing segment is engaged in the temporary staffing and staffing agency business. Others segment is involved in the provision of repairing and interior decorating services, the design and construction management businesses, the food-service operation business, and the hotel operation business.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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