APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metis-techbio-co-ltd" target="_blank" data-smartkarma-citation="entities:48022:1" rel="noopener">Metis TechBio (MTB HK)</a>  raised US$270m in its Hong Kong IPO.</li>
<li>It is a pioneer in AI-empowered nanomaterial innovation, dedicated to the delivery and application of functional payloads across life forms.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Metis TechBio (MTB HK)  raised US$270m in its Hong Kong IPO.
It is a pioneer in AI-empowered nanomaterial innovation, dedicated to the delivery and application of functional payloads across life forms.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Metis IPO Trading- Heavily Subscribed

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The business model of Metis can be summarized as a dual wheel drive model of "platform cooperation + product licensing", with the core competitiveness being AI driven nanomaterial platform NanoForge.</li>
<li>The significant increase in revenue validates the feasibility of its business model. However, the customer concentration, a cumulative loss of RMB1.84 billion, and the uncertainty of R&amp;D pose major risks.</li>
<li>Metis has a prominent scarcity of technology but the commercialization verification is still at an early stage. We think the valuation of Metis would be between <a href="https://www.smartkarma.com/entities/xtalpi-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">XtalPi </a>and <a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">InSilico Medicine</a>.</li>
</ul>


The business model of Metis can be summarized as a dual wheel drive model of "platform cooperation + product licensing", with the core competitiveness being AI driven nanomaterial platform NanoForge.
The significant increase in revenue validates the feasibility of its business model. However, the customer concentration, a cumulative loss of RMB1.84 billion, and the uncertainty of R&amp;D pose major risks.
Metis has a prominent scarcity of technology but the commercialization verification is still at an early stage. We think the valuation of Metis would be between XtalPi and InSilico Medicine.


Pre-IPO Metis TechBio (PHIP Updates) - The Business Model, the Concerns, and Thoughts on Valuation

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Metis TechBio has launched HK IPO consists of 201M shares at HK$10.50 per share. Subscriptions will close on May 8, with the listing slated on May 13.    </li>
<li>The company intends to raise ~$242M to fund R&amp;D of AI infrastructure and AI-driven nanomaterial platforms, and ongoing and planned clinical trials of AI-developed pipeline products.</li>
<li>Metis follows dual-pathway business model that has established a solid commercial foundation. Moreover, possibility of additional product outlicensing deal cannot be ruled out.</li>
</ul>


Metis TechBio has launched HK IPO consists of 201M shares at HK$10.50 per share. Subscriptions will close on May 8, with the listing slated on May 13.    
The company intends to raise ~$242M to fund R&amp;D of AI infrastructure and AI-driven nanomaterial platforms, and ongoing and planned clinical trials of AI-developed pipeline products.
Metis follows dual-pathway business model that has established a solid commercial foundation. Moreover, possibility of additional product outlicensing deal cannot be ruled out.


Metis TechBio IPO: Niche AI Drug Discovery Platform Lays Strong Foundation for Profitable Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metis-techbio-co-ltd" target="_blank" data-smartkarma-citation="entities:48022:1" rel="noopener">Metis TechBio (MTB HK)</a> is looking to raise up to US$270m in its upcoming Hong Kong IPO.</li>
<li>It is a pioneer in AI-empowered nanomaterial innovation, dedicated to the delivery and application of functional payloads across life forms.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Metis TechBio (MTB HK) is looking to raise up to US$270m in its upcoming Hong Kong IPO.
It is a pioneer in AI-empowered nanomaterial innovation, dedicated to the delivery and application of functional payloads across life forms.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Metis Techbio Pre-IPO - Trading at a Fraction of InSilico Despite Twice the Revenue Size

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metis-techbio-co-ltd" target="_blank" data-smartkarma-citation="entities:48022:1" rel="noopener">Metis TechBio (MTB HK)</a>, an AI-driven nanomaterial platform technology company, is pre-marketing an HKEx IPO to raise US$300 million.</li>
<li>Metis has over 10 pipeline products, comprising 4 pre-clinical candidates, 3 clinical-stage products (MTS-201, MTS-105, MTS-109), 1 pre-NDA product (MTS-004) and 2 animal health products (PTS-201, PTS-101).</li>
<li>The investment case is bullish, driven by MTS-004's first-mover position, promising clinical-stage products, and strong licensing agreements.</li>
</ul>



Metis TechBio (MTB HK), an AI-driven nanomaterial platform technology company, is pre-marketing an HKEx IPO to raise US$300 million.
Metis has over 10 pipeline products, comprising 4 pre-clinical candidates, 3 clinical-stage products (MTS-201, MTS-105, MTS-109), 1 pre-NDA product (MTS-004) and 2 animal health products (PTS-201, PTS-101).
The investment case is bullish, driven by MTS-004's first-mover position, promising clinical-stage products, and strong licensing agreements.


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Metis TechBio (MTB HK)

Aequitas: Metis IPO Trading- Heavily Subscribed

Metis TechBio raised US$270m in its Hong Kong IPO. Subscription was strong. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Pre-IPO Metis TechBio (PHIP Updates) - The Business Model, the Concerns, and Thoughts on Valuation

The IPO pricing is HK$10.5.If based on 2026 revenue forecast of RMB150-250mn,P/S is 42-70x, falling between the P/S of XtalPi (44x) and Insilico...

Xinyao (Criss) Wang

Metis TechBio IPO: Niche AI Drug Discovery Platform Lays Strong Foundation for Profitable Growth

Metis TechBio has launched HK IPO consists of 201M shares at HK$10.50 per share. Subscriptions will close on May 8, with the listing slated on May...

Tina Banerjee

Aequitas: Metis Techbio Pre-IPO - Trading at a Fraction of InSilico Despite Twice the Revenue Size

Metis Techbio is looking to raise up to US$270m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Metis TechBio IPO: The Investment Case

Metis TechBio, an AI-driven nanomaterial platform technology company, is pre-marketing an HKEx IPO to raise US$300 million. In this note, I discuss...

Arun George

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