In today’s briefing:
- Centurion Accomodation REIT IPO – New Asset Class
- Zijin Gold IPO: PHIP Updates Support the Investment Thesis
- Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song
- Hesai Secondary Trading – Decent Demand, Despite Lack of Correction
- Tata Capital IPO – Jinxed by Tata Motors Finance
- StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook
- Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case
- Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue
- Pre-IPO Butong Group (PHIP Updates) – Some Points Worth the Attention
- WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success
Centurion Accomodation REIT IPO – New Asset Class
- Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
- CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
- In this note, we look at the REIT’s portfolio and performance.
Zijin Gold IPO: PHIP Updates Support the Investment Thesis
- Zijin Gold (2579355D HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It is pre-marketing an HKEx IPO to raise US$3bn.
- I previously discussed the IPO and outlined my investment thesis in Zijin Gold IPO: The Investment Case.
- In this note, I take a look at the new information from the PHIP. The 1H25 results and latest developments underscore my previous bullish thesis.
Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song
- Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
- It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
- We have looked at the company’s past performance, and done a peer comparison in our previous note. In this note, we will provide a PHIP update.
Hesai Secondary Trading – Decent Demand, Despite Lack of Correction
- Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
- We have looked at the deal dynamics in our previous note.
- In this note, we talk about the ADS movement and trading dynamics.
Tata Capital IPO – Jinxed by Tata Motors Finance
- This note discusses the superlative historical track record of Tata Capital Limited (TATACAP IN) pre merger with Tata Motors Finance.
- It also focusses on financial metrics of Tata Motors Finance and its financial track record.
- Finally, how post merger of both companies the finance metrics has changed and what would be the likely valuation of IPO is discussed in this note.
StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook
- The company that describes itself as an operator of the largest global secondary ticketing marketplace will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
- According to guidance the deal is considered “multiple-times oversubscribed” with continued 1-on-1 conversions. The underwriters state that there is currently no price sensitivity in the book.
- With growth mixed and debt burdens high, we view this IPO as one to approach with caution.
Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case
- Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.
- According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions.
- At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.
Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue
- Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.
- According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering.
- While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.
Pre-IPO Butong Group (PHIP Updates) – Some Points Worth the Attention
- BUTONG adopt a marketing-driven model, which lacks underlying innovation in products, may be effective during market expansion, but is prone to the problem of sluggish growth during valuation transition period.
- If the approach of promoting expansion by relying on high growth of low-profit business continues, profit space will be suppressed,which isn’t friendly to the narrative of capital market after IPO.
- 2025-2027 revenue growth could be 30%, 25%, 20% respectively. Considering the high growth in the short term as well as the concerns, P/E of 20-25x could be a comfortable range
WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success
- The Delaware Basin–focused water infrastructure operator set terms Monday to sell 27 million shares at $17–$20, with a debut slated for Wednesday, September 17.
- According to our sources, the deal’s order book is classified as multiple-times oversubscribed with 1-on-1 and long-only conversions.
- With a strong anchor order and a 10% directed share program and the sponsor having a history of success, we like the risk-reward profile of this deal at this time.
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