Tiger Air

Tiger Air: may extend yday’s 4% decline. Pre-IPO investor Indigo Partners has done a 2nd placement of 18m Tiger shares at $1.82/sh, 0.5% discount to last close at $1.83. Post sell-down, Indigo’s stake will decrease to 5% from 8.3%. Indigo will have a lockup period of 30 days on its remaining shares.
While the exit of Indigo is expected (it is a PE firm), the market might question why this placement was done at a lower price than the first one at $1.90/sh…

Prior to the placement, Macquarie had a Neutral rating with $1.80 target. Heard to be the placement manager.

StanChart initiates at Outperform with $2.50 target. May not yet be aware of the new sh/h change.