In today’s briefing:
- ALS Placement: Potential Upside Despite Mixed Analyst Views
- HK Strategy: Some Consumer IPO Pipelines and Their Proxies
- Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings
- Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO
- Greaves Electric Mobility Ltd Pre-IPO – Battles Market Share Erosion and Reliance on Subsidies
- Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company
- Seres Group A/H Listing – Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away
- Pre-IPO Newtrend Technology – Changes in Market Trends Make the Performance Recovery Uncertain
ALS Placement: Potential Upside Despite Mixed Analyst Views
- ALS Ltd (ALQ AU) is looking to raise up to ~US$253m, with US$227m from a primary placement and remainder, via a non-underwritten share purchase plan (SPP) to raise up to A$40m.
- The deal will be a large one to digest at 17.9 days of the stock’s three month ADV, representing 4.1% of its shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
HK Strategy: Some Consumer IPO Pipelines and Their Proxies
- Hong Kong’s IPO market has gathered momentum lately, especially with the overwhelming response to CATL (3750 HK). Consumer IPOs are the next ones to gather interest.
- Foshan Haitian Flavouring & Food Co (FHF HK) is the most imminent one, potentially seeking up to US$1bn. Without significant peers in Hong Kong, it should attract good attention.
- The other interesting ones include Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH), Three Squirrels (TRS HK), and Eastroc Beverage Group (EBG HK).
Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings
- Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
- Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO
- Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.
- The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding.
- The deal has a potential “floor” with companies reportedly interested in acquiring Circle Internet.
Greaves Electric Mobility Ltd Pre-IPO – Battles Market Share Erosion and Reliance on Subsidies
- Greaves Electric Mobility Ltd (GEML) is looking to raise about US$120m in its upcoming India IPO.
- GEML is a manufacturer of electric vehicles in India, specializing in E-2Ws and 3Ws to a lesser extent. It’s focusing on shifting towards higher ASP High Speed E-2Ws.
- Historically, demand has been sensitive to whether government subsidies are available and had impacted margins before.
Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company
- Their company was purpose-built to address issues at the forefront of defense, national security and space industries and they have organized their business to reflect this goal.
- Since 2019, they have grown their revenue to $144.2 million in 2024 and $34.5 million for the three months ended March 31, 2025.
- The company officially filed for its IPO on May 16th and is highly likely to debut in the month of June.
Seres Group A/H Listing – Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away
- Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
- Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Pre-IPO Newtrend Technology – Changes in Market Trends Make the Performance Recovery Uncertain
- Newtrend’s revenue growth/profit margin showed a downward trend, mainly due to the sluggish export sales, Sucralose Price War and oversupply issue. Newtrend is currently in a period of performance recovery.
- As product development is more inclined towards sugar free and healthy directions, the biggest challenge for Newtrend is the changes in customers’ demand/market trend, which will make business outlook uncertain.
- Our forecast for 2025 performance is revenue could be RMB683 million, up 20% YoY, and net profit could be RMB54.3 million, up 25% YoY. Valuation would be lower than peers.
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