GENCO 3 – IPO Results – 20180213

• The Genco 3 IPO auction on February 9th, 2018 was not wellreceived by investors. Given its high leverage and unfavorable short-term prospects, this should have come as no surprise. Nonetheless, we did a little post-mortem of the IPO to dig into the underlying results of the failure. With a series of recent unsuccessful SOE IPOs including that of Vietnam Rubber Group and Becamex, we think there are lessons to be learnt for investors looking to participate in the SOE divestment process.

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