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Special situations

All
M&A
Spin-offs
Buyback
Restructuring
Activism
Dissolution / Liquidation
Uplisting
Delisting
Odd-lot tender
Track record

Special situations

All
M&A
Spin-offs
Buyback
Restructuring
Activism
Dissolution / Liquidation
Uplisting
Delisting
Odd-lot tender
Track record

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radar · special situations

Spin-offs

A company separates a division and lists it by handing its shares to existing holders. There is no buyer and no offer price: the opportunity is not a spread, it is a mispricing at debut.

Live cases

0

Median spread

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Median horizon

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Why it matters

Forced index selling often leaves the spun-off unit mispriced at debut.

How the money is made

The separation is announced along with the distribution ratio.
At debut many funds sell by mandate: the unit fits neither their index nor their size band.
That forced selling, unrelated to information, pushes the price down.
You buy into the pressure and wait for the shareholder base to normalise.

What to watch

Size of the unit relative to the parent: smaller means more forced selling.
Which indices it leaves, and which it does not yet enter.
Debt split: how much stays with the unit versus the parent.
Whether management moves across, and on what incentives.
Process dates: announcement, when-issued trading and debut.

Typical risks

No offer price means no guaranteed floor.
The unit can be sent out carrying the group's worst debt.
Normalisation can take quarters, not weeks.
Very thin liquidity in the first sessions.

Live cases

No live cases in this category right now.

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