ECM Daily Briefs | Page 35 of 161

In today’s briefing:

2024 Greater China Logistics & Transport ECM Review & A Look at Potential 2025 Deals

2024 Greater China Logistics & Transport ECM Review & A Look at Potential 2025 Deals

By Daniel Hellberg

2024 ECM offerings in the Greater China logistics & transport segment included TS Lines (in Hong Kong), SF Holding(Hong Kong), and BingEx (US)
Generally, recent share offerings in the segment have not performed well at all
Looking to 2025, we see several deals, including SHEIN and a possible Didi return

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Dec 26

Daily Brief ECM: Pre-IPO Duality Biotherapeutics – Has the Potential to Surpass RemeGen and more

In today’s briefing:

Pre-IPO Duality Biotherapeutics – Has the Potential to Surpass RemeGen

Pre-IPO Duality Biotherapeutics – Has the Potential to Surpass RemeGen

Founder Zhu Zhongyuan is a key figure in biotech landscape.So, when Duality first started its entrepreneurial financing, the process was smooth and the starting point of Duality was not low.
The R&D progress of Duality’s pipelines is slower than competing candidates, so they would be in a passive position after market launch. So, Duality’s valuation would be lower than Kelun Bio.
Duality’s pipeline still has “good stories” to tell. There’s a chance its valuation could be higher than RemeGen, whose business model/investment logic have been falsified due to weak sales data.

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Dec 25

Daily Brief ECM: Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+ and more

In today’s briefing:

Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Minieye Technology, a fast-growing provider of intelligent driving and cabin solutions in China, will price its IPO this week.
The company was backed by CICC Capital, Beijing Siwei, Shenzhen Zeyi, and Mr. Wu Yongming, the current CEO of Alibaba, among others.
IPO valuation multiples appear justified given the company’s top-line growth of 30%+ and full-stack in-house R&D capabilities.

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Dec 23

Daily Brief ECM: ECM Weekly (22nd Dec 2024) – LG CNS and more

In today’s briefing:

ECM Weekly (22nd Dec 2024) – LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

ECM Weekly (22nd Dec 2024) – LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

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, all of the India listings managed to do well, while Kioxia Holdings (285A JP) managed to provide steady returns as well.
On the placements front, there were only a few deals in India, led by Mankind Pharma.

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Dec 21

Daily Brief ECM: Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying? and more

In today’s briefing:

Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?
Ventive Hospitality IPO – Quick Thoughts on Peer Comp and Valuation
Continuum Green Energy Pre-IPO Tearsheet

Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?

Bloks Group, a fast-growing toy company in China, will disclose the proposed size and the initial price range for the share sale soon.
In my insight, I discuss IPO valuation, update relative valuation table and set a target valuation for Bloks Group ahead of an IPO.
Bloks Group enjoys higher relative growth profile and superior gross profit margins. The company has over RMB600M in cash and equivalents and no debt.

Ventive Hospitality IPO – Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

Continuum Green Energy Pre-IPO Tearsheet

Continuum Green Energy Ltd (1580973D IN) is looking to raise about US$430m in its upcoming India IPO. The deal will be run by Kotak, Ambit, Citi and JM Fin.
Continuum Green Energy Limited is an independent power producer with over 14 years of experience in identifying, developing, constructing and operating renewable energy projects in India.
It acquired its first 16.50 MW wind project in 2010 and has grown its portfolio to a total operational and under-construction capacity of 3.52 GWp, as of Dec 9, 2024.

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Dec 20

Daily Brief ECM: LG CNS Pre-IPO – Thoughts on Valuation – Retail Demand Appears Hot and more

In today’s briefing:

LG CNS Pre-IPO – Thoughts on Valuation – Retail Demand Appears Hot, Digestible Val at Bottom End
Bloks Group IPO: Just a Traditional Toy Company in Red Ocean Market
IGI (India) IPO Trading – Decent Anchor and Strong Overall Demand
LG Electronics India IPO Valuation Analysis
Bluestone Jewellery and Lifestyle Ltd Pre-IPO Tearsheet
Ventive Hospitality Pre-IPO – Leveraging Expanded Portfolio to Drive Growth

LG CNS Pre-IPO – Thoughts on Valuation – Retail Demand Appears Hot, Digestible Val at Bottom End

By Clarence Chu

LG CNS (LGCNSZ KS) is looking to raise around US$850m in its upcoming Korea IPO.
LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.
In our previous notes, we looked at the firm’s past performance and undertook a peer comparison. In this note, we discuss our thoughts on valuation.

Bloks Group IPO: Just a Traditional Toy Company in Red Ocean Market

By John Liu

Bloks Group, founded in 2014, is China’s top assembly character toy company, targetting primiary school students.
Bloks faces competition from multiple domestic competitors in a slow growing market. The company’s aggressive market expanison in the past 2 years has come at a significant cost .
The IPO valuation may be high, considering the industry’s low barriers to entry and the company’s unstainable growth.

IGI (India) IPO Trading – Decent Anchor and Strong Overall Demand

International Gemmological Institute (India) raised around US$500m in its India IPO.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
We have looked at the company’s past performance and IPO valuations in our previous notes. In this note, we talk about the trading dynamics.

LG Electronics India IPO Valuation Analysis

Our base case valuation of LG Electronics India is implied market cap of 1,256 billion INR or US$14.7 billion.
Several media accounts have mentioned that LGEI could be targeting a valuation of about US$13 billion to US$15 billion.
LGEI’s valuation would need to be about US$13 billion or less in order for us to be Bullish on this IPO.

Bluestone Jewellery and Lifestyle Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is planning to raise about US$118m through its upcoming India IPO. The lead bookrunners for the deal are Axis, IIFL, Kotak.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand.
It is a digital-first direct-to-consumer (DTC) brand and is the second largest digital-first omni-channel jewellery brand in India in terms of revenues for FY24 as per RedSeer Report.

Ventive Hospitality Pre-IPO – Leveraging Expanded Portfolio to Drive Growth

Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
In this note, we talk about the company’s historical performance.

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Dec 19

Daily Brief ECM: Mr DIY Indonesia IPO Trading – Recent Indo Listings Trade with Limited Liquidity and more

In today’s briefing:

Mr DIY Indonesia IPO Trading – Recent Indo Listings Trade with Limited Liquidity
Travel Food Services Ltd Pre-IPO Tearsheet
Bloks Group IPO: PHIP Updates, Revenue Continues To Post Hyper Growth As IPO Nears
Paras Healthcare Pre-IPO: Increasing Efficiency but Patients Are Spending Less
Pre-IPO HealthyWay (PHIP Updates) – Some Points Worth the Attention

Mr DIY Indonesia IPO Trading – Recent Indo Listings Trade with Limited Liquidity

By Clarence Chu

PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (2517930D IJ) raised US$296m from its Indonesia IPO.
Mr DIY Indonesia (MRDIYI) is a home improvement retailer. The entity is the Indonesian entity under the Mr DIY group’s list of subsidiaries.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Travel Food Services Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Travel Food Services Ltd (1450229D IN) (TFS) is planning to raise about US$236m in its upcoming India IPO. The lead bookrunners for the deal are Kotak, HSBC, ICICI, B&K.
The company was established in 2009 and operates in the airport travel quick-service restaurant (Travel QSR) and lounge sectors.
TFS holds a market share of 24% in the Indian airport travel QSR sector based on revenue for FY24, according to CRISIL Report.

Bloks Group IPO: PHIP Updates, Revenue Continues To Post Hyper Growth As IPO Nears

Bloks Group, a founder-led leader in China’s assembly character toy segment, updated its PHIP and continued to post hyper growth.
In the nine months ended Sep-24, the company’s revenue totaled ~RMB1629m, representing a y/y growth of ~177%, due to significant increase in product sales volume.
According to the most recent PHIP, Ultraman IP license in China was extended to 2027 and TRANSFORMERS IP license with Hasbro will expire only in 2028.

Paras Healthcare Pre-IPO: Increasing Efficiency but Patients Are Spending Less

Paras Healthcare Limited (0490145D IN) is looking to raise up to US$180m in its upcoming India IPO.
It is the fifth largest healthcare provider in India with a core focus on providing affordable and quality, specialized tertiary medical care in Tier 2 and 3 cities.
In this note, we look at the firm’s past performance.

Pre-IPO HealthyWay (PHIP Updates) – Some Points Worth the Attention

The two core businesses is corporate and digital marketing services (2B business) and health and medical services (2C business),the synergy of which can form a virtuous cycle within the platform.
The key performance driver for HealthWay is 2B business, but the pain point is 2C business, which is hard to scale up. Actually, HealthyWay’s growth momentum has slowed down significantly.
After completing the final round of financing, HealthyWay’s valuation reached RMB4.1 billion. We think its valuation could be higher than ClouDr but lower than JD Health and Alibaba Health.

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Dec 18

Daily Brief ECM: Vishal Mega Mart IPO Trading – Strong Demand Despite Not so Strong Anchor and more

In today’s briefing:

Vishal Mega Mart IPO Trading – Strong Demand Despite Not so Strong Anchor
Sai Life Sciences IPO Trading – Strong Anchor Demand with Decent Overall Coverage
LG CNS IPO Industry Analysis
LG CNS Pre-IPO – Peer Comp – Doesn’t Really Stand Out in Growth, Although OPM Were at the Higher End
Pre-IPO Xunfei Healthcare Technology (PHIP Updates) – Profitability Are Always the Pain Points
Eco-Shop Marketing Pre-IPO Tearsheet
Inventurus Knowledge Solutions IPO Trading: Decent Anchor Quality and Strong Subscription Results

Vishal Mega Mart IPO Trading – Strong Demand Despite Not so Strong Anchor

Vishal Mega Mart (VMM) raised around US$950m in its India IPO.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Sai Life Sciences IPO Trading – Strong Anchor Demand with Decent Overall Coverage

SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

LG CNS IPO Industry Analysis

The IT service market in Korea is estimated to be 51.5 trillion won in 2023 and it is expected to growth at a CAGR of 9.4% from 2023 to 2028.
The Cloud & AI market is expected to grow at an annual rate of 10.5% from 32.7 trillion won in 2023 to 53.8 trillion won in 2028.
LG CNS had about 8.9% share in the IT services market in Korea in 2023.

LG CNS Pre-IPO – Peer Comp – Doesn’t Really Stand Out in Growth, Although OPM Were at the Higher End

By Clarence Chu

LG CNS (LGCNSZ KS) is looking to raise around US$850m in its upcoming Korea IPO.
LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.
In a previous note, we looked at the firm’s past performance. In this note, we undertake a peer comparison.

Pre-IPO Xunfei Healthcare Technology (PHIP Updates) – Profitability Are Always the Pain Points

Medical industry characteristics are the seriousness of diagnosis/treatment and the irreversibility of the process, which are the difficulties in implementing technology. The value that AI can provide is limited.
Xunfei’s business model is not To C, but To G (government) model. It’s not possible for SOE customers to pay high price for Xunfei’s AI model/products, leading to questionable profitability.
Pre-IPO valuation has reached RMB8.4 billion. Without sustainable growth and stable profitability, valuation/liquidity of Xunfei after listing wouldn’t be good. We think Xunfei’s valuation could be similar to Yidu Tech.

Eco-Shop Marketing Pre-IPO Tearsheet

Eco-Shop Marketing (ECO MY) is looking to raise about US$226m in its upcoming Malaysia IPO. The deal will be run by Maybank, UBS and RHB.
Eco-Shop is one of Malaysia’s leading ultra-affordable household retailers. The firm operates 320 stores across Malaysia.
It offers customers a wide and exciting range of products at compelling value

Inventurus Knowledge Solutions IPO Trading: Decent Anchor Quality and Strong Subscription Results

Inventurus Knowledge Solutions (IKSINCD IN) raised around US$295m in its India IPO.
IKS is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia, with a core focus in the US.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

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Dec 17

Daily Brief ECM: 2025 (“Year of the Snake”) IPOs Pipeline in Asia and more

In today’s briefing:

2025 (“Year of the Snake”) IPOs Pipeline in Asia
2025 IPOs Pipeline (USA, Europe, and the Middle East)
Kioxia IPO Trading – Decent Demand for Decent Upside
Pre-IPO Herbs Generation Group Holdings (PHIP Updates) – Some Points Worth the Attention

2025 (“Year of the Snake”) IPOs Pipeline in Asia

In this insight, we provide a list of 70 prominent companies in Asia that could complete their IPOs in Asia next year.
This is a comprehensive, REFERENCE GUIDE to help clients so that they could get a broad view of the major IPOs that could get completed in Asia in 2025.
Some of the most prominent potential IPOs in Asia next year include Reliance Jio, LG Electronics India, Shein, Sony Financial Group, Didi Global, and Okada Manila.

2025 IPOs Pipeline (USA, Europe, and the Middle East)

In this insight, we provide a list of 70 prominent companies in the USA, Europe, and the Middle East that could complete their IPOs in 2025.
This is a comprehensive, REFERENCE GUIDE to help clients so that they could get a broad view of the major IPOs that could get completed in these regions in 2025.
Some of the most prominent potential IPOs in these regions next year include Starlink, SpaceX, Stripe, Open AI, Klarna, Five Holdings, Monzo, and Ethiad Airways.

Kioxia IPO Trading – Decent Demand for Decent Upside

Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Pre-IPO Herbs Generation Group Holdings (PHIP Updates) – Some Points Worth the Attention

Performance declined sharply in 24H1 mainly due to the decrease in orders from Customer A. Herbs Generation’s business/financial performance would be easily affected if the contributions from Customer A decline.
Current sales model of Herbs Generation is hard to change, and the Company still has to invest heavily in offline marketing and promotional efforts, but the efficiency is not high.
Herbs Generation’s ability to resist risks is relatively weak, which prevents us from building optimistic expectations for sustainable growth in the future. Valuation should be lower than peers.

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Dec 16

Daily Brief ECM: LG CNS IPO: The Bull Case and more

In today’s briefing:

LG CNS IPO: The Bull Case
Shenzhen Dobot IPO (2432.HK): Global Offering, The Rising Star of Collaborative Robotics
Inventurus Knowledge Solutions IPO: Superior Margins and Growth Warrants a Premium
ECM Weekly (16th Dec 2024) – LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

LG CNS IPO: The Bull Case

By Arun George

LG CNS (LGCNSZ KS), the IT service unit of LG Corp (003550 KS), seeks to raise up to US$837 million through a primary/secondary offering.
In 2020, Macquarie Asset Management bought a 35% stake from LG Corp for KRW950 billion, beating KKR & Co (KKR US), the other shortlisted bidder.
The bull case rests on an attractive market, improving visibility, strong AI-led growth, below-peer average dependence on related parties, and top-tier profitability.

Shenzhen Dobot IPO (2432.HK): Global Offering, The Rising Star of Collaborative Robotics

Shenzhen Dobot, a CICC-backed robotics unicorn, aims to raise up to HK$830M (~$107M) in the initial public offering in Hong Kong.
The offering is expected to be between HK$18.80 and HK$20.80, implying a market cap of ~HK$8B or ~$1B at the midpoint of the price range.
Given Shenzhen Dobot’s long-term growth opportunities and high TAM, they are likely to get a premium valuation, and the company could trade like UBTech Robotics and Doosan Robotics.

Inventurus Knowledge Solutions IPO: Superior Margins and Growth Warrants a Premium

Inventurus Knowledge Solutions (IKSINCD IN) is looking to raise up to US$295m in its upcoming India IPO.
It is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia, with a core focus in the US.
We have looked at the company’s past performance in our earlier notes. In this note, we discuss the industry growth, conduct a quick peer comparison and discuss the company’s valuation.

ECM Weekly (16th Dec 2024) – LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum