In today’s briefing:
- Details of New IPO System Improvement Measures in Korea
- Venture Global Inc. (VG): IPO Terms Slashed by 40% in Reworking of Deal
- HDB Financial Services Pre-IPO – The Positives – Reputed Parent and Strong AUM Growth
- Vikran Engineering Limited Pre-IPO – Capitalizing On Core Competencies But With Concentration Risks
- HDB Financial Services Pre-IPO – The Negatives – Performance Has Been Slipping
- SailPoint, Inc. (SAIL) — Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)
- Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?
- Beta Bionic, Inc. (BBNX): IPO Terms Set for Medical Device Company Aiding Insulin Patients
- Sionna Therapeutics, Inc. (SION): Biotech for Patients with Cystic Fibrosis Filed for IPO
Details of New IPO System Improvement Measures in Korea
- The FSC announced the details of its new IPO system improvement measures in Korea on 21 January.
- New rules will discourage the rampant first day trading of Korean IPOs. In 74 out of 77 IPOs in 2024, institutional investors were “net sellers” on the listing date.
- Rather, the new rules will encourage the investors to take more longer term approach to investing in Korean IPOs.
Venture Global Inc. (VG): IPO Terms Slashed by 40% in Reworking of Deal
- The company reduced the range from $40-$46 to $23-$27 and increased the amount of shares offered by the company from 50.0mm shares –> 70.0mm shares.
- It is highly unusual that the underwriting lineup, company and buy-side was so misaligned on valuation leading to this massive slashing of the deal.
- The deal is considered “oversubscribed” with several significant anchor orders placed following the reworking of terms.
HDB Financial Services Pre-IPO – The Positives – Reputed Parent and Strong AUM Growth
- HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.
- HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
- In this note, we talk about the positive aspects of the deal.
Vikran Engineering Limited Pre-IPO – Capitalizing On Core Competencies But With Concentration Risks
- Vikran Engineering Limited (1635154D IN) (VEL) is planning to raise about US$119m through its upcoming India IPO.
- Vikran Engineering Limited (VEL) based in Mumbai, operates as an Engineering, Procurement & Construction (EPC) firm, focusing on power, water, and railway infrastructure projects.
- According to CRISIL Report, VEL has experienced fastest growth in profitability, with a 236.94% CAGR growth in PAT and a 130.02% CAGR growth in EBITDA between FY22 to FY24.
HDB Financial Services Pre-IPO – The Negatives – Performance Has Been Slipping
- HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
- HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
- In this note, we talk about the not-so-positive aspects of the deal.
SailPoint, Inc. (SAIL) — Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)
- SailPoint, a company that delivers solutions to enable comprehensive identity security for the enterprise, filed for an IPO.
- SailPoint is sponsor-backed by Thoma Bravo who took the company private in August 2022 for $6.9bn
- As of January 31, 2022, 2023, and 2024, their ARR was $374.6 million, $520.1 million, and $681.8 million, respectively, representing year-over-year growth of 44%, 39%, and 31%, respectively.
Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?
- Beta Bionics, a high-growth medtech company and developer of an integrated bionics pancreas system called iLet, filed for an IPO in the United States.
- Maker of insulin delivery device cleared by the FDA offers 7.5M shares at a price range between $14.00 and $16.00 per share.
- With the most recent S-1/A, Beta Bionics plans to raise ~$122M at the high end of range at $16.00 per share, including a concurrent private placement.
Beta Bionic, Inc. (BBNX): IPO Terms Set for Medical Device Company Aiding Insulin Patients
- Beta Bionic, Inc. set terms for an IPO that could raise up to $120 million
- The IPO is led by Bank of America Securities and is scheduled to debut on Thursday, 1/30.
- The company’s product, iLet Bionic Pancreas, was approved by the FDA in May 2023 and posted $44.7 million in sales for the nine months ended September 30, 2024.
Sionna Therapeutics, Inc. (SION): Biotech for Patients with Cystic Fibrosis Filed for IPO
- Biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis filed for IPO.
- Company’s NBD1 stabilizers, are both in Phase 1 healthy volunteer trials in Australia to evaluate their PK profile, safety and tolerability.
- RA Capital, TPG’s the Rise Fund, Atlas Venture, OrbiMed and Enavate Sciences are all among existing investors.
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