First Rock
IPO Opening
January 13, 2020



Offer Details

First Rock Capital Holdings is seeking to raise approximately US$12.32 million in equity through this initial public offering (IPO). They have a right to upsize this offer (increase available shares being offered) by an additional 53,041,666 Shares on oversubscription.

If this right to upsize is completed and all the additional shares are successfully allocated, the company would have issued a total of 159,124,998 shares valuing US$18.48 million.

Download First Rock IPO Prospectus

Outlook and Recommendation

We conducted a valuation exercise on the shares of First Rock which yielded an average fair value estimate for FRCH of US$0.1406 with a valuation range of between US$0.1206 to US$0.1551 implying a potential capital gain of 17.15% over a 2 year horizon. This fair value estimate reflects expectations that the Company will be able to optimally deploy the capital raised through this offer over the immediate term as outlined. We believe this investment may be best suited for investors with a medium to long-term horizon whose portfolios could benefit from diversifying into a real estate linked investment.

Giving consideration to the pros and cons of this investment coupled with the results of the valuation exercise we believe investors should PARTICIPATE in this offer. We however advise you to consult an investment advisor at Barita Investments Limited to discuss your individual circumstances before making any investment decision.

Listing PriceUS$ 0.12
Estimated Fair ValueUS$ 0.1406
Implied Price Upside17.15%
RecommendationPARTICIPATE

View First Rock IPO Analysis

Disclaimer: This review is for information purposes only. The information stated herein may reflect the opinion of the analyst. Any opinion, estimates or forecasts reflects judgment as at the date of the report in relation to available data and market conditions. This does not constitute any representation or warranties in relation to investment returns and the credibility of the sources of information relied upon in the preparation of this report, without further research and verification. The value of any securities or securities for any issuer referred to in this document may rise or fall for several reasons including but not limited to market conditions. Before making any investment decision, please consult an investment advisor at Barita Investments Limited.

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