In today’s briefing:
- 52Toys Development Pre-IPO: Steady Expansion But in a Highly Fragmented Market
- Eve Energy A/H Listing – One of the Leaders but Growth Has Been Slowing
- Silver Consumer Electricals Limited Pre-IPO Tearsheet
- Tata Capital IPO: The Investment Case
- Kasumigaseki Hotel REIT IPO: Books Well Covered; Modest Upside from Here
- Varmora Granito Pre-IPO Tearsheet
- Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide
- Pre-IPO Eastenova (Chengdu) Biotechnology- The Commercialization of XH301 May Be Lower than Expected
- Tata Capital Pre-IPO Tearsheet
- Jingze Biopharm (景泽生物) Pre-IPO: A Thin Pipeline of Biosimilars
52Toys Development Pre-IPO: Steady Expansion But in a Highly Fragmented Market
- 52TOYS Development (TOY HK) is looking to raise up to US$200m in its upcoming HK IPO.
- 52Toys Development is one of the leading IP toy companies in China, with a portfolio of over 100 proprietary and licensed intellectual properties (IPs) as of Dec 2024.
- In this note, we look at the company’s past performance.
Eve Energy A/H Listing – One of the Leaders but Growth Has Been Slowing
- EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
- EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Silver Consumer Electricals Limited Pre-IPO Tearsheet
- Silver Consumer Electricals (2301263D IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by Motilal Oswal Investment Advisors, ICICI, JM Financial, Choice Capital Advisors.
- Silver Consumer Electricals Limited (SCEL) is one of India’s leading manufacturers of electrical consumer durables and agricultural equipment, operating through own-branded sales (“Silver” and “Bediya”) and OEM supply
- The company operates India’s largest single-location, vertically integrated ECD and agri-equipment plant in Rajkot, Gujarat.
Tata Capital IPO: The Investment Case
- Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion.
- On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.
- The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE.
Kasumigaseki Hotel REIT IPO: Books Well Covered; Modest Upside from Here
- Kasumigaseki Hotel REIT (401A JP) raised US$193m in its upcoming Japan IPO.
- Kasumigaseki Hotel REIT Investment is a REIT with hotel assets. It is an investment corporation sponsored by affiliated developer, Kasumigaseki Capital.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation
Varmora Granito Pre-IPO Tearsheet
- Varmora Granito Limited (6590052Z IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Goldman Sachs, JM Financial and SBI Capital.
- Varmora Granito Limited (VGL) is a leading Indian manufacturer and trader of varied types of tiles. As of FY25, its portfolio comprised over 3,500 SKUs.
- VGL generates 78.69% of its revenue from India, selling its products through both B2C and B2B channels. Its domestic revenue is primarily driven by its B2C channel.
Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide
- Titan America priced 24 million shares at $16.00 per share and saw an opening print of $16.20.
- TTAM began a slow descent, bottoming at $10.80 in early April—a near 33% loss from its IPO price.
- Value investors found favor in the secular tailwinds of US infrastructure following the IPO roadshow but that support faded as the months wore on.
Pre-IPO Eastenova (Chengdu) Biotechnology- The Commercialization of XH301 May Be Lower than Expected
- Eastenova is in the initial stage of commercialization. The revenue proportion of non-core assets is too high, with negative gross margin. These are “inefficient assets” and dragged down overall ROA.
- XH301 is lagging behind its competing products in term of development progress and may face the risk of market share squeeze. There’re uncertainties in terms of the commercialization of XH301.
- Our forecast at this stage is that future sales of XH301 could reach about RMB300-500 million, considering the fierce competition. Valuation of Eastenova could be lower than that of Sihuan.
Tata Capital Pre-IPO Tearsheet
- Tata Capital Limited (TATACAP IN) is looking to raise upto US$2bn in its India IPO, which will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,SBI and HDFC.
- Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
- It is categorized as an Upper Layer NBFC by RBI and caters to salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates.
Jingze Biopharm (景泽生物) Pre-IPO: A Thin Pipeline of Biosimilars
- Jingze Biopharm, a China-based clinical-stage biopharmaceutical company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and Guoyuan International are the joint sponsors.
- In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
- Our initial view is that the company’s core products, which are made of two biosimilars, are too thin for a listing, given the level of competition in respective market segments.
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