Daily Brief ECM: Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation and more

In today’s briefing:

Belrise Industries IPO – RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming 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 looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost & Sullivan (F&S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Shouhui’s business model does not have high barriers, with weak ability to resist risks.For investors, this is a bet on the industry’s prospects and a test of the management’s ability.
The “unified reporting and underwriting” policy has become the turning point in this industry. If financial performance continues to deteriorate, Shouhui may undergo business restructuring or seek M&As.
Due to increasing competition, decreasing commissions, disintermediation trend, tightening policy environment, we are not optimistic about the outlook of Shouhui. The valuation of Shouhui would be lower than peers.

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