In today’s briefing:
- Dowoo Insys IPO Book Building Results Analysis
- Anthem Biosciences IPO – D&M Vertical Continues to Drive CRDMO Business
- Juniper Green Energy Ltd Pre-IPO Tearsheet
- Yangtuo Technology Inc. Pre-IPO Tearsheet
- Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing
- Megatronix Inc. Pre-IPO Tearsheet
- Reconova Technologies Co., Ltd. Pre-IPO Tearsheet
Dowoo Insys IPO Book Building Results Analysis
- Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.
- The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.
- Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won).
Anthem Biosciences IPO – D&M Vertical Continues to Drive CRDMO Business
- Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
- Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.
Juniper Green Energy Ltd Pre-IPO Tearsheet
- Juniper Green Energy Ltd (1831458D IN) (JGEL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are ICICI, HSBC, JM Fin, Kotak.
- JGEL is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
- According to the CRISIL Report, JGEL ranked among the top 10 largest renewable IPPs in India by total capacity as of Dec 24.
Yangtuo Technology Inc. Pre-IPO Tearsheet
- Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
- The company is a leading commerce and service platform in China, specializing in family care and nutrition products.
- YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost & Sullivan).
Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing
- Anthem Biosciences has filed RHP to raise INR34B (~$395M) through its Indian IPO consisting of only an offer for sale of equity shares. The IPO will open on July 14.
- The IPO has been priced at INR540–570 per share. Considering FY25 EPS of INR8.07, Anthem seeks P/E valuation of 66.9–70.6x, which is lower than most of the peers.
- With niche and differentiated technical capabilities (ADC, biosimilars, innovative biologics etc), large clientele, exposure to commercialized molecules, and capacity expansion, Anthem is well-positioned for long-term growth.
Megatronix Inc. Pre-IPO Tearsheet
- Megatronix Inc. (MI) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi, CICC, and DB.
- MI is a leading, innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
- It derives revenue primarily from sales of integrated domain control solutions, calculated based on the number of integrated smart domain controllers embedded with its solutions that are delivered to OEMs.
Reconova Technologies Co., Ltd. Pre-IPO Tearsheet
- Reconova Technologies Co., Ltd. (RT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CCBI, Huatai, and ABCI.
- RT is an AI company that provides visual AI technologies and products for enterprise clients.
- RT is one of the first companies in the industry dedicated to full-stack visual AI technologies of computer vision algorithm, optical imaging optimisation, and computing power optimisation.
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