In today’s briefing:
- Chagee Holdings (CHA US) IPO: Valuation Insights
- TV Asahi Placement – Mini Share Buyback Should Buffer Deal
- Anjoy Foods (安井) A/H: Needed by Families, But Besieged by Similar Industries and Health Concerns
- Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book
- China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release
- Duality Biotherapeutics (映恩生物) Trading Update
- Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27
Chagee Holdings (CHA US) IPO: Valuation Insights
- Chagee Holdings (CHA US), a leading premium tea drinks brand, is seeking to raise US$382-411 million through a Nasdaq IPO.
- We previously discussed the IPO in Chagee Holdings (CHA US) IPO: The Bull Case and Chagee Holdings (CHA US) IPO: The Bear Case.
- There are four cornerstone investors. Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.
TV Asahi Placement – Mini Share Buyback Should Buffer Deal
- A group of shareholders are looking to raise US$133m from selling their respective stakes in TV Asahi Holdings (9409 JP) .
- While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Anjoy Foods (安井) A/H: Needed by Families, But Besieged by Similar Industries and Health Concerns
- A typical Chinese family needs quick-frozen foods and Anjoy is the largest producer.
- Fresh foods and well-done foods compete with quick frozen foods.
- Customers are concerned that producers may use too much preservative.
Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book
- Chagee’s order book is heavily influenced from Asian Investors as the deal is considered multiple-times oversubscribed.
- The underwriters and company came to market with a manageable size transaction and an attractive valuation.
- The geopolitical headwinds, specifically between China and the United States, is forcing many traditional IPO investors to stay on the sidelines.
China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release
- China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its cornerstone investors is set to expire soon.
- China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China and is one of the largest players in its categories.
- In this note, we will talk about the lockup dynamics and possible placement.
Duality Biotherapeutics (映恩生物) Trading Update
- Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.
- In our previous note, we looked at the company’s business lines of ADC products and analyzed its valuation.
- In this note, we provide an update for the IPO before trading debut.
Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27
- Fore Coffee, a leading premium coffee retail chain in Indonesia, has announced its intentions to launch an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX).
- Trading under the ticker symbol “FORE”, this strategic move is designed to bolster the company’s ambitious expansion plans.
- Fore Coffee will offer 1.8 billion ordinary shares to the public, representing 21.08 per cent of its total issued and fully paid-up capital.
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