In today’s briefing:
- Ola Electric Mobility Pre-IPO Tearsheet
- Ola Electric IPO: The Bear Case
- Aequitas HK IPOs + Placements Broker Performance 2023
- Inabata & Co Placement – Should Come as a Surprise
- MIXUE Group Pre-IPO Tearsheet
- Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding’s Role & Objectives
- Aequitas 2023 IPOs and Placements Performance Review – IPOs Forming a Low Base, Placements Pick Up
- Pre-IPO IVF Hospital Management Group – The Industry, the Business and the Risks Behind
Ola Electric Mobility Pre-IPO Tearsheet
- Ola Electric (1700674D IN) is looking to raise about US$1bn in its upcoming India IPO. The bookrunners are Kotak, Citigroup, BofA, Goldman Sachs, Axis, ICICI Sec, SBI Caps, BoB Caps.
- Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
- The firm manufactures EVs and certain core EV components like battery packs, motors and vehicle frames.
Ola Electric IPO: The Bear Case
- Ola Electric (1700674D IN), the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation.
- In Ola Electric 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 high R&D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating balance sheet.
Aequitas HK IPOs + Placements Broker Performance 2023
- In this note, we will take a look at broker performance for HK IPOs and placements in 2023.
- The following dataset includes all HK IPOs and placements above US$100m, which amounted to a total of 27 deals.
- The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.
Inabata & Co Placement – Should Come as a Surprise
- Sumitomo Chemical (4005 JP) and Mizuho Trust & Banking are looking to raise around US$180m through the sale of their stake in Inabata & Co (8098 JP).
- The deal is a large one to digest, at 90 days of three month ADV and 15% of current mcap.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
MIXUE Group Pre-IPO Tearsheet
- MIXUE Group (1860056D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Bank of America, Goldman Sachs, and UBS.
- MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
- The firm is the largest domestically freshly-made drinks company in terms of number of stores as of Sept 23, and number of cups sold during 9M23, according to CIC.
Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding’s Role & Objectives
- Kerry Logistics Network will pay a special dividend in the form of KEX shares
- This will trigger a general offer by SF Holding for all KEX shares at THB 5.50
- Why is SF Holding doing this, & how could its int’l express business change?
Aequitas 2023 IPOs and Placements Performance Review – IPOs Forming a Low Base, Placements Pick Up
- 2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022 while placements showed upward momentum.
- We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
- For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.
Pre-IPO IVF Hospital Management Group – The Industry, the Business and the Risks Behind
- IVF Hospital’s profitability and growth momentum look good at this stage, but the Company is still in early stage of development, with obvious gap with leading players in the industry.
- IVF penetration rate in China is not high and the rate of improvement is slow. With public hospitals accounting for over 90% market share, IVF Hospital’s growth space is limited.
- Licensing is a big barrier for development, slowing down the pace of nationwide expansion. The “good story” should be based on internationalization, which is actually the weakness of IVF Hospital.
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