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IPO Chilli Ratings

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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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China Sports International Limited


IPO booth at Raffles Place
China Sports International Limited designs, manufactures, and sells branded sports fashion, footwear and apparel products. The prospectus is here.

Public offer: 3 million shares at 80 cents
Placement offer: 97 million shares at 80 cents.
Manager: Sterling Coleman

This is the blockbuster IPO for July as it is in the very hot sector of "Consumers China" and the stellar performance of China Hong Xing post IPO is another key reason why this Company will do well. Its closest peer listed on SGX, China Hongxing is trading at a phenomenal historical '06 PER of 49x and a forward '07 PER of 34x. While a not-so-related peer, Hong Guo is also trading at 25x '06 PER and 20x '07 PER. I have excluded Li Ning that is listed in Hong Kong as it is trading in the PEs in excess of 50s.



Based on listed peers valuation, my fair value for China Sports is at least $1.70

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