In today’s briefing:
- Doosan Enerbility: Thoughts on the IPO of Doosan Skoda Power
- Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO
- Dr Agarwal’s Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth
- Karman Holdings Inc.(KRMN): Peeking at the Prospectus of Upcoming Space and Defense IPO
- Maze Therapeutics Inc. (MAZE): Kidney Biotech with Blockbuster Potential Sets Terms for IPO
- Visen Pharmaceuticals IPO: Unfavorable Trends
- Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For
- Pre-IPO Wuhan Dazhong Dental Medical – Valuation Performance May Disappoint Investors
- Aardvark Therapeutics (AARD): Peeking at the Prospectus of Another Obesity-Related IPO
- Metsera Inc (MTSR): Obesity Drug Company Seeking up to $1.8b IPO Valuation
Doosan Enerbility: Thoughts on the IPO of Doosan Skoda Power
- Doosan Skoda Power is getting ready to complete an IPO on the Prague Stock Exchange. The IPO is aiming to gather up to 2.53 billion crowns, or about US$105.5 million.
- Post IPO, Doosan Power System plans to maintain a 67% ownership. Doosan Enerbility (034020 KS) owns a 100% stake in Doosan Power Systems.
- If Doosan Skoda Power is valued at 8.3 billion crowns and if we annualize the company’s net profit to 473 billion in 2024, this would suggest a P/E of 17.5x.
Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO
- Sources have stated that the deal is experiencing “pushback” from the buy-side on the price.
- Fresh on the mind of IPO investors is the underperforming energy deal, Venture Global (VG)
- Price sensitivity in the deal is a stark signal to exercise caution on this IPO at this time
Dr Agarwal’s Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth
- Dr Agarwal’s Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.
- The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.
- The company’s proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.
Karman Holdings Inc.(KRMN): Peeking at the Prospectus of Upcoming Space and Defense IPO
- Private Equity backed Karman Holdings filed a S-1 with the SEC for a potential February debut.
- For the nine months ended September 30, 2024, they generated $254.0 million in revenue, representing a 24.7% growth rate from the same period in 2023.
- Their integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense and space sector initiatives.
Maze Therapeutics Inc. (MAZE): Kidney Biotech with Blockbuster Potential Sets Terms for IPO
- The company has a potential blockbuster treatment for a certain type of chronic kidney disease affecting millions of Americans.
- The company could raise up to $132.6m if priced at the high-end of the range which would value the company at $728m.
- The sector vastly underperformed in the aftermarket and is looking to start 2025 on the right foot.
Visen Pharmaceuticals IPO: Unfavorable Trends
- Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.
- We look at the company’s core product and highlight two unfavorable trends.
- We are not excited about the company’s fundamentals, and are not keen in the deal.
Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For
- Hexaware Technologies (HEXW IN)is looking to raise about US$1.2bn in its upcoming India IPO.
- Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
- In this note, we look at the firm’s past performance.
Pre-IPO Wuhan Dazhong Dental Medical – Valuation Performance May Disappoint Investors
- In other to attract and retain high-quality dentists, dental services providers need to pay higher salaries than public hospitals, which inevitably drives up manpower costs and drag down profit margin.
- Regulatory pricing controls and centralized procurement policies on dental implants and orthodontic materials will affect the pricing of Dazhong’s dental services, thus put pressure on its future revenue growth.
- The future valuation performance largely depends on if Dazhong is able to expand out of Central China and achieve nationwide coverage. However, so far, no successful cases have emerged.
Aardvark Therapeutics (AARD): Peeking at the Prospectus of Another Obesity-Related IPO
- Biotech targeting treatment of obesity and obesity-related conditions, starting with rare hyperphagias filed for its IPO on January 23rd.
- Morgan Stanley, BofA Securities, Cantor, RBC Capital are the bookrunners on this IPO.
- Lead product, ARD-101 is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen for which they have initiated a Phase 3 clinical trial for hyperphagia.
Metsera Inc (MTSR): Obesity Drug Company Seeking up to $1.8b IPO Valuation
- Metsera, Inc. is developing next-generation injectable and oral NuSH analog peptides for obesity treatment.
- ARCH Venture Partners, Google Ventures and Softbank’s Vision Fund are all existing investors in this IPO.
- The company is seeking an IPO valuation nearing $2bn for the company with a Phase III product candidate.
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