In today’s briefing:
- CNGR Advanced Material H Share Listing: The Investment Case
- Northsand Pre-IPO: Strong Topline Momentum With Improving Margins
- Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors
- JD Industrials Pre-IPO – Re-Refiling Updates – More Hits than Misses
- Central Bancompany, Inc. (CBC):Missouri Based Bank Sets Terms, Seeking $5.0b+ Valuation
CNGR Advanced Material H Share Listing: The Investment Case
- CNGR Advanced Material (300919 CH), a new energy materials company, has filed its PHIP for an H Share listing to raise US$700 million.
- CNGR ranked first globally in 2024 in terms of sales value for all cathode active material precursors (pCAM) products, with a market share of 21.8%.
- The fundamentals are solid, with good growth, a relatively stable margin profile, declining cash burn, manageable leverage, and an undemanding valuation.
Northsand Pre-IPO: Strong Topline Momentum With Improving Margins
- Northsand (446A JP) aims to raise around US$121m in its Japan IPO.
- Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors
- Exzeo Group (XZO US), a profitable spin-off from HCI Group, enters the market with exceptional financial discipline under CEO Paresh Patel.
- With $195 million in annual recurring revenue, 51.6% EBITDA margins, zero debt, and $75 million in free cash flow, Exzeo stands out as a combination of scale and profitability.
- Books are well oversubscribed heading into pricing, with a Thursday debut anticipated. However, Truist Securities’ role as lead left underwriter introduces some execution uncertainty given its limited IPO track record.
JD Industrials Pre-IPO – Re-Refiling Updates – More Hits than Misses
- JD Industrial is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.
- JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.
Central Bancompany, Inc. (CBC):Missouri Based Bank Sets Terms, Seeking $5.0b+ Valuation
- Central Bancompany (CBC) targets a late-November IPO with strong fundamentals—$19.1B in assets, $14.2B in wealth under advice, and consistent profitability across diversified Midwest banking operations.
- The $5B–$5.7B Missouri-based bank’s offering seeks $374M in proceeds to support expansion and potential acquisitions, highlighting disciplined growth and a proven 123-year legacy of stability.
- Despite the ongoing government shutdown, CBC’s IPO remains on track for November 21, marking one of the largest and most diversified bank debuts in 2025.
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