In today’s briefing:
- Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
- Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits
- LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT
- Raccoon Holdings, Inc. (3031 JP): Full-year FY04/25 flash update
Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
- Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
- 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.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits
- Bloks Group is one of the top performing stocks in Hong Kong this year, with shares up 186% over the year versus a ~19% gain on the HSI.
- Chinese assembly character toy maker priced its offering at HK$60.35 per share in January, top of a range, and raised ~HK$1.8B of the net proceeds.
- The offering was 5,000+ times oversubscribed and Bloks Group IPO attracted a surge of retail investors. The company’s six-month IPO lockup will expire on July 9, 2025.
LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT
- We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we review the June catalog.
- Picking up on a theme from last month, the June catalog focus is on the Lands’ End “tote girl.” The company has continued to leverage the popularity of their totes (the most purchases Lands’ End item) and an overall trend towards personalization and embellishment, to capture a younger customer and drive multiple item purchases.
- For June, the focus remains on swimwear (now at 50% off), and great new looks for the Lands’; End summer lifestyle, from a new linen collection, dresses, the emerging swim dress category and fitted tops and cotton sweaters.
Raccoon Holdings, Inc. (3031 JP): Full-year FY04/25 flash update
- Raccoon Holdings achieved 5.0% YoY revenue growth in FY04/25, with EC and Financial businesses rising 6.9% and 2.4% respectively.
- Operating profit increased 121.3% YoY, driven by reduced advertising expenses and increased personnel costs, resulting in a 20.6% OPM.
- Revenue for FY04/26 is projected at JPY6.7bn (+10.5% YoY), with EC and Financial businesses growing 10.1% and 11.1% respectively.
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