In today’s briefing:
- 3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal
- SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive
- SBI Shinsei Bank IPO – Stronger Support, Decent Valuation
- Suzhou Novosense A/H Listing – Strong Growth but Lacks Margin Stability
- Superbank IPO: Superb Story, Decent Entry Point
- Meesho Ltd Pre-IPO – Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce
- NS Group IPO – Deal Downsized; Pricing Looks Digestible Now
- Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth
- Cardinal Infrastructure Group Inc. (CDNL): Infrastructure Play Sets Terms for IPO
- Pre-IPO TOP TOY International Group – The Industry, the Business and the Valuation Outlook
3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal
- 3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
- The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
- I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights.
- The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.
SBI Shinsei Bank IPO – Stronger Support, Decent Valuation
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
- SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
- We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.
Suzhou Novosense A/H Listing – Strong Growth but Lacks Margin Stability
- Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$285m in its H-share listing.
- According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
Superbank IPO: Superb Story, Decent Entry Point
- Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
- Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
- In our previous note, we looked at its past performance. In this note, we will talk about valuations.
Meesho Ltd Pre-IPO – Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce
- Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
- Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
- In this note, we talk about the company’s historical performance.
NS Group IPO – Deal Downsized; Pricing Looks Digestible Now
- NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
- NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
- In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.
Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth
- Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed between INR105 and INR111 per share.
- Meesho’s IPO will open for subscription on Wednesday, December 3 and close on Friday, December 5. The IPO is scheduled to list on the stock exchanges on Wednesday, December 10.
- Meesho intends to utilize IPO proceeds for investment for cloud infrastructure, paying salaries of technology team, marketing and brand building initiative, and acquisition. The IPO is suitable for risk-seeking investors.
Cardinal Infrastructure Group Inc. (CDNL): Infrastructure Play Sets Terms for IPO
- Cardinal Infrastructure sets terms for its IPO and could raise up to $253 million if priced at the high end of the range.
- Cardinal Infrastructure offers full-service, in-house wet utility and site work solutions in fast-growing Southeastern markets, benefiting from strong demand, population growth, and reduced outsourcing needs.
- A proven acquisition-led expansion strategy, deep customer relationships, and high repeat revenue underpin robust growth, a strong backlog, and successful market penetration in new geographies.
Pre-IPO TOP TOY International Group – The Industry, the Business and the Valuation Outlook
- Relying on MINISO’s mature retail system, TOP TOY has achieved scale accumulation rapidly.Real challenge lies in whether it can continuously create “blockbuster proprietary IPs” and reduce reliance on licensing model.
- Due to smaller revenue proportion of proprietary IPs/overseas revenue and lower profit margin, valuation of TOP TOY should be lower than Pop Mart, but would be higher than MINISO.
- If based on 2025 forecast, valuation is RMB9.3-11.2 billion. So, post-money valuation of US$1.3 billion after Series A financing is not cheap. Valuation premium space after IPO may be lower-than-expected.
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