AIN Holdings INC. (9627 JP) is raising approximately US$239m through an issuance of  3.45m shares, out of which 3.27m will be primary shares (including 450k for over-allotment) and 180k of treasury shares. The deal scores marginally positive on our framework owing to its strong track record. The score has been weighed down by valuation which seems expensive relative to its past 5-year average multiples. However, if we compare the company to its peers, its valuations seems...(continued)

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