ECM Daily Briefs | Page 24 of 160

In today’s briefing:

Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely
Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers
IFBH Pte. Ltd Pre-IPO Tearsheet
Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation
Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One
Park Medi World Pre-IPO: Some Points Worth Attention

Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely

By Sanghyun Park

KRX’s move on SK Enmove this morning ramps up the odds of an SKI rights issue.
Timing’s again the key — unlike POSCO Future M, this isn’t a clean setup. Word is SK may wait for H2 rate cuts and a more risk-on market backdrop.
So, doesn’t look near-term — likely post-June once local tape firms up. Watch quirky local hot money flows that front-run moves like this.

Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers

Chagee Holdings (CHA US) raised around US$411m in its US IPO, after pricing the deal at the top of the range at US$28/share.
Chagee (CG) is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
In this note, we talk about the trading dynamics and added a new peer to compare with

IFBH Pte. Ltd Pre-IPO Tearsheet

IFBH (IFBH HK) is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.
IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.
As per CIC, IFBH has led mainland China’s coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.

Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation

In the past week, Reuters reported that Shein has received approval from the UK’s Financial Conduct Authority (FCA) for its IPO in London.
In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.
Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion.

Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One

By IPO Boutique

Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00 (high-end of the range) and Opened at $33.75 for a 20.5% gain.
The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time.
Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation

Park Medi World Pre-IPO: Some Points Worth Attention

By Tina Banerjee

Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
The company aims to raise INR9.6B through issuing fresh shares. Founder and Chairman, Dr. Ajit Gupta is the selling shareholder offering shares worth of INR3B for sale.
IPO proceeds will be utilized for debt repayment, funding capex for development of new hospital, expansion of existing hospital, and purchase of medical equipment.

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Apr 17

Daily Brief ECM: Giant Biogene Placement – Great Track Record but Previous Deal Didn’t Do Well and more

In today’s briefing:

Giant Biogene Placement – Great Track Record but Previous Deal Didn’t Do Well
Rigaku IPO Lockup – Large PE Investors Can Still Break Even
CR Beverage (2460 HK): Keep Calm Heading into the Lock-Up Expiry
Manycore Pre-IPO: Losses Narrowed but Future Growth May Be Lower
Pre-IPO TCMTech – The Business Model and the Outlook

Giant Biogene Placement – Great Track Record but Previous Deal Didn’t Do Well

Giant Biogene (2367 HK) aims to raise up to US$250m via a top-up placement.
We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash and the previous deal didn’t go well.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

Rigaku IPO Lockup – Large PE Investors Can Still Break Even

Rigaku Holdings (268A JP) raised around US$750m in its Japan IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In this note, we will talk about the lockup dynamics and possible placement.

CR Beverage (2460 HK): Keep Calm Heading into the Lock-Up Expiry

China Resources Beverage (2460 HK) trades 4.0% below its IPO of HK$14.50 per share. The first six-month lock-up period expires on 22 April.
At the end of the first lock-up expiry, shares representing 727.1m (30.32% of outstanding) will be eligible for sale. However, there is a low risk of substantial sales.
The fundamentals remain good, with margin improvement, beverage’s fast-paced growth, narrowing of the margin gap with Nongfu and undemanding valuation.

Manycore Pre-IPO: Losses Narrowed but Future Growth May Be Lower

Manycore Tech (KOOL US) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
Manycore (MC) is a fast-growing, disruptive design and visualization platform powered by artificial intelligence (AI) technologies and purpose-built graphic processing unit (GPU) clusters.
In this note, we look at the firm’s past performance.

Pre-IPO TCMTech – The Business Model and the Outlook

TCMTech’s business model is directly targeted at industry pain points.The innovation point lies in using AI technology and offline clinics to break the time/space limitations of traditional TCM business model.
The current revenue scale is small. We have already seen a sharp decline of YoY revenue growth in 24Q1-Q3, thus raising questions about the sustainability of future growth momentum.
Considering Gushengtang’s scale, business model, and the control of core renowned physician resources have been validated by the market, we think that TCMTech’s reasonable valuation should be lower than Gushengtang.

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Apr 16

Daily Brief ECM: LG Electronics India IPO: The Bear Case and more

In today’s briefing:

LG Electronics India IPO: The Bear Case
Chagee IPO: Is It Worth the Risks? Peer Comparison and Valuation Analysis.
Lotte Global Logistics IPO – Thoughts on Peer Comp and Valuation
Pre-IPO BenQ BM Holding (PHIP Updates) – Some Points Worth the Attention

LG Electronics India IPO: The Bear Case

LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.5 billion through a secondary offering (15% of outstanding shares).
In LG Electronics India IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on bottom-quartile revenue growth, revenue decline in the largest product category, dividends to the parent far exceeding FCF and significant share overhang.

Chagee IPO: Is It Worth the Risks? Peer Comparison and Valuation Analysis.

By Devi Subhakesan

Chagee Holdings (CHA US) ‘s IPO valuation discount to its peers, including HK-listed tea-beverage players as well as US-listed China-based coffee-beverage player, suggest a strong potential upside on listing.
US Investor concern over impact of tariffs and caution due to lingering memories of the Luckin Coffee scandal could translate to higher risk premium for the stock.
Expect Chagee to trade at a discount to budget beverage peers like Mixue Group (2097 HK) given its limited room for network expansion within China and likely slower overseas growth.

Lotte Global Logistics IPO – Thoughts on Peer Comp and Valuation

By Akshat Shah

Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.
Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

Pre-IPO BenQ BM Holding (PHIP Updates) – Some Points Worth the Attention

The expansion space of BenQ is severely limited as the market has been saturated in Jiangsu Province. Due to DRG, future revenue/net profit growth would continue to be under pressure.
Low profit margin of general hospitals is a common problem in this industry due to pain points of business model.It’s difficult to achieve improvement.Investors need to be aware of this.
BenQ’s valuation should be lower than Hygeia due to weaker profitability, smaller revenue scale, lower growth outlook.Post-money valuation before IPO of US$375 million (or about RMB2.7 billion) is already expensive

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Apr 15

Daily Brief ECM: Chagee Holdings (CHA US) IPO: Valuation Insights and more

In today’s briefing:

Chagee Holdings (CHA US) IPO: Valuation Insights
TV Asahi Placement – Mini Share Buyback Should Buffer Deal
Anjoy Foods (安井) A/H: Needed by Families, But Besieged by Similar Industries and Health Concerns
Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book
China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release
Duality Biotherapeutics (映恩生物) Trading Update
Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27

Chagee Holdings (CHA US) IPO: Valuation Insights

Chagee Holdings (CHA US), a leading premium tea drinks brand, is seeking to raise US$382-411 million through a Nasdaq IPO.
We previously discussed the IPO in Chagee Holdings (CHA US) IPO: The Bull Case and Chagee Holdings (CHA US) IPO: The Bear Case.
There are four cornerstone investors. Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.

TV Asahi Placement – Mini Share Buyback Should Buffer Deal

A group of shareholders are looking to raise US$133m from selling their respective stakes in TV Asahi Holdings (9409 JP) .
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
In this note, we will talk about the placement and run the deal through our ECM framework.

Anjoy Foods (安井) A/H: Needed by Families, But Besieged by Similar Industries and Health Concerns

By Ming Lu

A typical Chinese family needs quick-frozen foods and Anjoy is the largest producer.
Fresh foods and well-done foods compete with quick frozen foods.
Customers are concerned that producers may use too much preservative.

Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book

By IPO Boutique

Chagee’s order book is heavily influenced from Asian Investors as the deal is considered multiple-times oversubscribed.
The underwriters and company came to market with a manageable size transaction and an attractive valuation.
The geopolitical headwinds, specifically between China and the United States, is forcing many traditional IPO investors to stay on the sidelines.

China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release

China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its cornerstone investors is set to expire soon.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China and is one of the largest players in its categories.
In this note, we will talk about the lockup dynamics and possible placement.

Duality Biotherapeutics (映恩生物) Trading Update

By Ke Yan, CFA, FRM

Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.
In our previous note, we looked at the company’s business lines of ADC products and analyzed its valuation.
In this note, we provide an update for the IPO before trading debut.

Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27

By e27

Fore Coffee, a leading premium coffee retail chain in Indonesia, has announced its intentions to launch an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX).
Trading under the ticker symbol “FORE”, this strategic move is designed to bolster the company’s ambitious expansion plans.
Fore Coffee will offer 1.8 billion ordinary shares to the public, representing 21.08 per cent of its total issued and fully paid-up capital.

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Apr 14

Daily Brief ECM: Timing the Announcement of POSCO Future M’s Rights Issue and more

In today’s briefing:

Timing the Announcement of POSCO Future M’s Rights Issue
Weekly Deals Digest (13 Apr) – Suzuki, Canvest, Fengxiang, HKBN, Goldlion, Tsuruha/Welcia, Shibaura
Chagee IPO: Luckin X Starbucks of Tea. Pricing, Valuation, Key Facts & Financials
Pre-IPO Chagee Holdings – IPO Pricing Is Attractive, But Share Price May Underperform
ECM Weekly (14 Apr 2025) – Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental
Jiangsu Zenergy Battery Technologies IPO Trading – Muted Overall Demand, No Stabilisation

Timing the Announcement of POSCO Future M’s Rights Issue

By Sanghyun Park

All three local CRAs are pushing hard — an equity raise isn’t optional, it’s the only shot at keeping the AA- rating intact. Street says it’s not if, it’s when.
Late April to mid-May looks like the key window. And start keeping tabs on the flow real tight.
Leak channels are still active. FSC’s pointed at IB sales and law firm staff. If we see outsized sell prints—especially from local hedge funds, that’s our cue to act.

Weekly Deals Digest (13 Apr) – Suzuki, Canvest, Fengxiang, HKBN, Goldlion, Tsuruha/Welcia, Shibaura

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Suzuki Motor (7269 JP) secondary offering; DN Solutions (298440 KS), Chagee Holdings (CHA US) and LG Electronics India (123D IN) IPOs.
Event-Driven developments: Canvest, Shandong Fengxiang (9977 HK), HKBN Ltd (1310 HK), Goldlion Holdings (533 HK), Tsuruha Holdings (3391 JP), Shibaura Electronics (6957 JP), Abacus Storage King (ASK AU).

Chagee IPO: Luckin X Starbucks of Tea. Pricing, Valuation, Key Facts & Financials

By Devi Subhakesan

Chagee Holdings (CHA US) is offering 14.68 million shares for USD26 to USD28 each to raise upto USD411 million in its initial public offering in the US.
Chagee’s premium branded teahouses blend traditional tea culture with modern, tech-driven service, distinctly setting itself apart from bubble tea kiosks.
Chagee’s IPO is priced at a discount to forward valuations of recently listed (in HK) China-based freshly brewed drinks players and leading Cafe companies.

Pre-IPO Chagee Holdings – IPO Pricing Is Attractive, But Share Price May Underperform

Chagee is seeking up to US$411 million by offering nearly 14.7 million ADS priced between US$26 and US$28 each, with market value to reach about US$4.8-US$5.1 billion.
Chagee is facing performance headwinds. Whether the current high growth of Chagee is sustainable in the future is uncertain. This makes us tend to be conservative in Chagee’s valuation expectations
Based on our forecast, P/E is about 11.5-12.3x if based on 2025 net profit. Such valuation is attractive, but “valuation discount” may occur due to market turmoil and geopolitical conflicts.

ECM Weekly (14 Apr 2025) – Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at the possible A/H premium for Jiangsu Hengrui Medicine (600276 CH), along with two live deals in Hong Kong .
On the placements front, only Suzuki Motor (7269 JP)‘s shareholders were brave enough to launch a placement in the turbulent markets.

Jiangsu Zenergy Battery Technologies IPO Trading – Muted Overall Demand, No Stabilisation

By Akshat Shah

Jiangsu Zenergy Battery Technologies (JSZENERGY CH) raised US$130m in its Hong Kong IPO.
Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Apr 13

Daily Brief ECM: MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV and more

In today’s briefing:

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

By Andrei Zakharov

MNTN, Inc. (pronounced “mountain”), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position, high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.

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Apr 12

Daily Brief ECM: Clearing Up the Confusion: Ex-Rights Trading in Korean Rights Offerings and more

In today’s briefing:

Clearing Up the Confusion: Ex-Rights Trading in Korean Rights Offerings
Chagee Holdings Limited (CHA): Chinese Tea Company Moves Forward with IPO Despite Macro Risks
Chagee IPO: Trading at a Discount to Peers but with Geopolitical Overhang
Suzuki Motor (7269 JP): The Current Playbook
Jiaxin International Resources Investment Limited Pre-IPO Tearsheet

Clearing Up the Confusion: Ex-Rights Trading in Korean Rights Offerings

By Sanghyun Park

Not much juice at ex-rights — price move’s small, and shorting’s risky with recall risk and having to compensate the lender for lost rights.
Some locals chase rights instead, but it’s not really a go-to trade with all the cost/efficiency uncertainty.
First round price pre–ex-rights sets the floor for arb margins and anchors rights pricing once they start trading — key level to keep in the playbook.

Chagee Holdings Limited (CHA): Chinese Tea Company Moves Forward with IPO Despite Macro Risks

By IPO Boutique

Chinese Tea Company is moving ahead with the IPO despite heavy Macro-Economic winds.
The company is seeking up to $412m with a high-end pricing and already includes $205m worth of buying on the cover of the prospectus.
There are. more questions than answers regarding this IPO due to the current uncertainty in the market.

Chagee IPO: Trading at a Discount to Peers but with Geopolitical Overhang

Chagee Holdings (CHA US) is looking to raise up to US$411m in its upcoming US IPO.
It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
We have looked at the company’s past performance and provided our initial thoughts on valuations. In this note, we talk about the IPO pricing.

Suzuki Motor (7269 JP): The Current Playbook

Since the announcement of the US$1.1 billion secondary offering, Suzuki Motor (7269 JP)’s shares have remained broadly unchanged at the undisturbed price of JPY1570.5 per share (7 April).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Suzuki’s share performance is the joint best among recent large placements.
However, the shares have underperformed the Nikkei 225 index (up 7.9%). The offering will likely be priced on 14 April. The average large Japanese placement tends to generate positive returns.

Jiaxin International Resources Investment Limited Pre-IPO Tearsheet

By Troy Wong

Jiaxin International Resources Investment Limited (JIRI) is looking to raise about US$140m in its upcoming Hong Kong IPO. The deal will be run by CICC.
It’s a pre-revenue tungsten mining company with the world’s largest open-pit tungsten mine in terms of mineral resources of tungsten trioxide (WO3) in 2024, as per Frost & Sullivan (F&S).
Mining operation is conducted by a local subsidiary while JIRI is responsible for the processing operation and sales of the product to its customers.

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Apr 11

Daily Brief ECM: Huge Dental Pre-IPO – China’s Leading Dental Materials Player Rides Industry Tailwinds and more

In today’s briefing:

Huge Dental Pre-IPO – China’s Leading Dental Materials Player Rides Industry Tailwinds
Chagee Holdings IPO Valuation Analysis
EBOS Group Placement – Accretive Deal with Synergies
IndiQube Spaces Pre-IPO – Capacity Has Been Expanding, Though Margins Remain Unstable

Huge Dental Pre-IPO – China’s Leading Dental Materials Player Rides Industry Tailwinds

By Troy Wong

HD as a leading dental materials player in China, has achieved robust topline growth over the track record period, driven by its core product lines and favorable industry tailwinds
The company generates most of its revenue from the Chinese market, relying heavily on a distribution-led strategy for market expansion.
Some areas of concern include signs of a slowdown in growth and potential margin compression if the shift in product mix continues.

Chagee Holdings IPO Valuation Analysis

Our base case valuation of Chagee Holdings is target price of $46.7 per share, representing 67% higher than the high end of the IPO price range ($28 per share).
Our base case valuation is based on a P/E of 21.4x on our estimated net profit of 2.9 billion RMB in 2025.
We used a very conservative valuation multiple, mainly due to the extremely high macro risks related to the ongoing tariff dispute between China and the United States.

EBOS Group Placement – Accretive Deal with Synergies

Ebos Group Ltd (EBO NZ) aims to raise around US$122m in order to partly fund its acquisition of SVS Veterinary Supplies (SVS).
This will complement the company’s strategy of investing for growth and the second acquisition done in 2H25.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

IndiQube Spaces Pre-IPO – Capacity Has Been Expanding, Though Margins Remain Unstable

IndiQube Spaces Ltd (1628202D IN) (ISL) is planning to raise about US$100m in its upcoming India IPO.
ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.

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Apr 10

Daily Brief ECM: LG Electronics India IPO: The Bull Case and more

In today’s briefing:

LG Electronics India IPO: The Bull Case
Samsung SDI: Rights Offering Capital Raise Amount Lowered by 14% to 1.7 Trillion Won
Jiangsu Hengrui Pharma A/H Listing – Recent Updates and Thoughts on A/H Premium
Pre-IPO Chagee Holdings – Some Points Worth the Attention
Jain Resource Recycling Pre-IPO Tearsheet
Runwal Enterprises Ltd Pre-IPO Tearsheet

LG Electronics India IPO: The Bull Case

LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.5 billion through a secondary offering (15% of outstanding shares).
According to Redseer, as of 30 June 2024, LGEIL was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume.
The bull case rests on a strong market position, solid revenue growth, top-tier operating and FCF margin profile.

Samsung SDI: Rights Offering Capital Raise Amount Lowered by 14% to 1.7 Trillion Won

Samsung SDI (006400 KS) has lowered the rights offering capital raise amount by 14% to 1.7 trillion won, mainly due to the recent carnage in the global equity markets.
The expected rights offering price has been lowered to 146,200 won, which is 14.9% lower than current price.
We remain negative on Samsung SDI’s rights offering capital raise mainly due to shares dilution risk. We also remain concerned that the weak demand for EVs globally could last longer.

Jiangsu Hengrui Pharma A/H Listing – Recent Updates and Thoughts on A/H Premium

Jiangsu Hengrui Medicine (600276 CH) (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.
JHP has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and provide our thoughts on the possible A/H premium.

Pre-IPO Chagee Holdings – Some Points Worth the Attention

The main reason behind declining performance is related to the increase in regional market density brought about by newly opened teahouses. Franchisees would be more cautious about investing in Chagee.
With the passage of time and the declining same store GMV, the low teahouse closure rate will gone. Product strategy of “flagship product + classic basics ” also has risks.
Based on our forecast of 2025 net profit of about RMB3 billion (or US$400 million) and US IPO market value of US$5 billion, P/E is about 12.5x.

Jain Resource Recycling Pre-IPO Tearsheet

By Akshat Shah

Jain Resource Recycling (2300699D IN) is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
According to CRISIL, it was the largest and fastest-growing non-ferrous metal recycling business, in terms of revenue for FY22-24 in India.

Runwal Enterprises Ltd Pre-IPO Tearsheet

Runwal Enterprises Limited (2300329D IN) (REL) is planning to raise about US$117m through its upcoming India IPO. The lead bookrunners for the deal are ICICI, Jefferies.
REL is a real estate developer engaged across the full spectrum of real estate, with a focus on residential (affordable to luxury), commercial spaces, retail malls, and educational buildings.
As per JLL Report, between Jan 19 and Sept 24, Runwal Enterprises ranked 2nd in Mumbai for both new launches (5.69%) and sales (5.25%).

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Apr 09

Daily Brief ECM: Hanwha Aerospace – Lowers Rights Offering Capital Raise Amount To 2.3 Trillion Won and more

In today’s briefing:

Hanwha Aerospace – Lowers Rights Offering Capital Raise Amount To 2.3 Trillion Won
Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk
LG Electronics India Pre-IPO – Peer Comparison – Largest but One of the Slowest
Chagee IPO: Peer Comp and Thoughts on Valuation
Jiangsu Zenergy Battery Tech IPO: Forecasts and Valuation
Beijing Yunji Technology Ltd Pre-IPO Tearsheet
LG Electronics India Pre-IPO – Thoughts on Valuation
Park Medi World Pre-IPO Tearsheet

Hanwha Aerospace – Lowers Rights Offering Capital Raise Amount To 2.3 Trillion Won

On 8 April, Hanwha Aerospace (012450 KS) announced that it plans to lower its rights offering capital raise amount from 3.6 trillion won to 2.3 trillion won (US$1.6 billion).
The remaining 1.3 trillion won will be secured through a third-party allocation paid-in capital increase targeting three companies, including Hanwha Energy, Hanwha Impact Partners, and Hanwha Energy Singapore.
Hanwha Aerospace disclosed today that it expects sales of 30 trillion won (58% higher than consensus) and operating profit of 3 trillion won (20% higher than consensus) in 2025.

Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

By Ke Yan, CFA, FRM

Duality, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$200m via a Hong Kong listing.
We look at the deal dynamics and latest developments in the biotech sector.
The deal initially presented upside for investors but there’s a portion of its valuation now at risk due to the latest development.

LG Electronics India Pre-IPO – Peer Comparison – Largest but One of the Slowest

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
We have looked at the company’s past performance in our previous note. In this note, we undertake a peer comparison.

Chagee IPO: Peer Comp and Thoughts on Valuation

By Shifara Samsudeen, FCMA, CGMA

Chagee Holdings (CHA US) is planning to raise up to US$500m through its upcoming US IPO.
It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.

Jiangsu Zenergy Battery Tech IPO: Forecasts and Valuation

Jiangsu Zenergy Battery Technologies (JSZENERGY CH) has announced the terms for its IPO. The company plans to issue 121.5m shares at HK$8.27 per share, raising HK$1.0bn (US$130m).
The company’s earnings have seen strong growth during the last 3-4 years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.
However, our analysis on the company’s valuation shows that JZBT’s IPO is expensive and with the ongoing geopolitical tensions, we would remain on the sidelines.

Beijing Yunji Technology Ltd Pre-IPO Tearsheet

Beijing Yunji Technology Ltd (1860671D CH) (BYTL) is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citic, CBB International.
BYTL provides hospitality robotic AI agents, using advanced robotics and AI to enhance customer experiences. Its solutions include physical-interaction robots and AI-driven digitalization systems for streamlined decision-making and operational efficiency.
According to the F&S Report, BYTL ranked first globally in 2024 among robotic AI agent companies with multi-layer adaptable robots, leading in concurrent robot operations and total consumers served.

LG Electronics India Pre-IPO – Thoughts on Valuation

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.

Park Medi World Pre-IPO Tearsheet