In today’s briefing:
- Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong
- Travel Food Services IPO Trading – Decent Anchor; Subdued Overall Demand
- Anthem Biosciences IPO – Thoughts on Peer Comp and Valuation
- Pre-IPO Busy Ming Group – Concerns Behind the High Growth
- MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation
- McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase
- NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO
- Kasumigaseki Hotel REIT Pre-IPO: Young Hotel Assets and Improving Economics
Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong
- Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement.
- The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Travel Food Services IPO Trading – Decent Anchor; Subdued Overall Demand
- Travel Food Services Ltd (1450229D IN) raised about US$233m in its India IPO.
- Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Anthem Biosciences IPO – Thoughts on Peer Comp and Valuation
- Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
- Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.
Pre-IPO Busy Ming Group – Concerns Behind the High Growth
- BUSY MING operates under the franchise model, under which franchisees and BUSY MING form collaboration and a virtuous cycle, benefiting from the ecological logic of high turnover.
- However, the potential risk is increasing homogeneous competition. Price wars and competitors’ rapid expansion would further squeeze the profit margin of BUSY MING and lead to market oversaturation.
- The current high growth may not sustain.BUSY MING clearly hopes to successfully IPO during the current peak period of performance, but investors may face a decline in performance after IPO.
MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation
- MegaRobo Technologies, AI & robotics unicorn with focus on lab automation in life sciences and intelligent manufacturing, files to list IPO on Hong Kong Stock Exchange.
- Founder led, AI native company was backed by Sinovation Ventures, Goldman Sachs, Asia Investment Capital, Robert Bosch Venture Capital, GGV Capital, and Joy Capital, among others.
- The business is growing fast and increases the number of use cases across new verticals. However, negative free cash flows and operating losses are a headwind.
McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase
- McGraw Hill is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
- The company is backed by Platinum Equity, a private equity firm that acquired the company from Apollo Global Management for approximately $4.5 billion in August 2021.
- Private Equity IPOs are to be a theme in the 2H of 2025 and McGraw Hill will be a test for the market based on the financial profile.
NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO
- NIQ Global Intelligence plc is offering 50.0mm shares at $20.00-$24.00 equating to a market cap of $5.9b-$7.1b and is scheduled to debut on July 23rd.
- If successful, this will be the third IPO to raise $1 billion in 2025.
- NIQ Global Intelligence has a boat-load of debt, is private-equity backed but has a growth profile that is promising. We believe price sensitivity may play a role.
Kasumigaseki Hotel REIT Pre-IPO: Young Hotel Assets and Improving Economics
- Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$195m in its upcoming Japan IPO.
- It is a REIT with hotel assets, sponsored by Kasumigaseki Capital (3498 JP) .
- In this note, we look at the firm’s past performance.
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