Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY Capital Markets May 30, 8:02 AM EDT

Grab

Grab merger with Altimeter still pending as SPAC window closes in Southeast Asia

Southeast Asia's super app Grab announced its intention to go public through a merger with Altimeter in early April, but market conditions have created uncertainty around timing and valuation expectations.

ReadingOperators in Southeast Asia now understand: SPAC speed trades against market credibility. The next unicorn IPO in the region will price lower or wait longer.

WatchIf Grab's merger completes within 60 days, every pending SPAC deal in Asia accelerates. If it slips past Q3, five more collapse quietly.

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HENRI IV M&A Intelligence May 30, 8:02 AM EDT

Carousell

Strait Times ↗

Carousell exits L Catterton SPAC merger amid market rout

Online classifieds marketplace Carousell has ended talks to go public through a merger with blank-cheque company L Catterton Asia Acquisition Corp.

ReadingAsian classifieds platforms are returning to private status. The public equity market has priced them at 'mature utility' valuations, and founders know the difference.

WatchL Catterton's deal pipeline now carries reputational liability. Their next target will need to demonstrate why SPAC speed still matters.

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MACALLAN 1926 Capital Markets May 30, 8:02 AM EDT

Keystone Realtors

Mint ↗

Keystone Realtors IPO allotment finalized; listing scheduled this week

The finalisation of the basis of share allotment for Keystone Realtors has been completed, with all eyes now on the listing of the company's shares expected this week.

ReadingInstitutional allocators are rotating down-market. The proof: allotment completion happens without headline velocity.

WatchIf Keystone's first-day performance is flat to negative, the next three realty IPOs in India will reduce share counts by 20-30%.

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LOUIS XIII Capital Markets May 30, 8:02 AM EDT

SMR Jewels / NFP Foods

Analytics Insight / MSN Money ↗

₹67.23 crore SMR Jewels IPO opens May 26; multiple mid-cap issues live this week

SMR Jewels plans to raise ₹67.23 crores at a price band of ₹128 to ₹135, backed by revenue growth trajectory. NFP Sampoorna Foods IPO closes on May 20 at ₹52-55 per share.

ReadingMid-market India sees steady institutional demand. The glamour is gone. The discipline is present.

WatchIf two of these three IPOs overshoot their price bands, tier-two founders will flood the calendar for Q3. If both undershoot, the pipeline contracts by 40%.

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PAPPY 23 Capital Markets May 30, 8:02 AM EDT

Wipro

Financial Express ↗

Wipro sets June 5 record date for ₹15,000 crore buyback at ₹250 per share

Wipro has finalized June 5 as the record date for its ₹15,000 crore share buyback programme at ₹250 per share, representing 5.72% of the company's outstanding equity.

ReadingIndian IT services chiefs are returning capital because M&A pipelines are quiet and organic growth has plateaued. Buybacks are the language of the mature, not the aggressive.

WatchIf TCS or Infosys announces a buyback within 60 days at a lower per-share price, the sector has confirmed a downside reset.

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JOHNNIE BLUE Luxury Sector May 30, 8:02 AM EDT

Luxury Sector

MarketWatch ↗

Hermès and Gucci Q1 earnings miss; Middle East exposure now priced as structural risk

Hermès International saw shares decline sharply after reporting slower-than-expected first-quarter sales, with the luxury sector broadly disappointing on Middle East geopolitical uncertainty and regional demand softness.

ReadingLuxury's invincibility narrative has cracked. The sector spent Q1 learning that geopolitical exposure is not diversification.

WatchIf LVMH's earnings in June show similar Middle East decline, the entire luxury sector re-ratings downward 15-20%. If LVMH holds, Hermès was idiosyncratic and buyable.

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WELL POUR Capital Markets May 30, 8:02 AM EDT

Billionaire Families & Ultra-High Net Worth

Business Times / Yahoo Finance ↗

Ultra-wealthy cutting PE allocations; US$20B buyout wave losing fuel from top tier

Almost a third of 87 individuals commanding 10-figure fortunes surveyed by UBS are looking to cut contributions to private equity vehicles over the next 12 months, even as billionaire families fuel a US$20 billion buyout wave.

ReadingPE's momentum is no longer coming from the ultra-wealthy. It is coming from newer money and institutional capital. The exit of UHNW capital signals the end of the PE bull thesis for that cohort.

WatchIf 40%+ of surveyed UHNW clients cut PE allocations in H2, mega-fund fundraising in 2025 will struggle to reach 2024 targets.

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