In today’s briefing:
- DPC Dash IPO Trading – Tepid Demand Even as Capital Group Tops Up
- Patanjali Foods Early FPO Look – Lifting the Overhang with a Well Flagged Deal. Re-Listing Went Well
- SBI Sumishin Net Bank IPO Trading – Rakuten Filing Will Add on More Pressure
- UBTech Robotics Pre-IPO – Definitely Needs the Capital Raise
- Hologic Inc.: Initiation of Coverage – Post-Pandemic Impact & Key Drivers
- Equifax Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- C.H. Robinson Worldwide Inc.: Initiation of Coverage – Business Strategy & Key Drivers
DPC Dash IPO Trading – Tepid Demand Even as Capital Group Tops Up
- DPC Dash (1405 HK) raised around US$75m, after pricing its IPO at the bottom-end.
- The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.
- In this note, we talk about the subscription levels and trading dynamics.
Patanjali Foods Early FPO Look – Lifting the Overhang with a Well Flagged Deal. Re-Listing Went Well
- The promoters of Patanjali Foods (PATANJAL IN) are looking to increase the firm’s public shareholding to the minimum required 25% imposed by SEBI.
- We had discussed about this in their effective re-listing FPO last year, and the deal has been well covered by media sources as well, thus it is very well flagged.
- While it would be a large one to digest, representing at least 62.1 days of the firm’s three month ADV, the deal will lift the remaining overhang on the stock.
SBI Sumishin Net Bank IPO Trading – Rakuten Filing Will Add on More Pressure
- SBI Sumishin Net Bank (7163 JP) (SSNB) raised around US$370m in its second listing attempt.
- SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
- In this note, we talk about the recent updates and trading dynamics.
UBTech Robotics Pre-IPO – Definitely Needs the Capital Raise
- UBTech Robotics (1683374D HK) is looking to raise about US$700m in its upcoming HK IPO.
- UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.
- UBTech Robotics’ sales have primarily been driven by its enterprise-level segments throughout the track record period. However, the firm is still heavily loss-making.
Hologic Inc.: Initiation of Coverage – Post-Pandemic Impact & Key Drivers
- This is our first report on Hologic, Inc., a renowned medical technology giant focused on women’s health.
- However, Breast Health lost 5.2%, indicating that its recovery from supply chain headwinds caused by chips is in progress.
- Their Women’s Health molecular diagnostics and cytology basis enable sustainable growth, foster beneficial connections with leading labs and key opinion leaders, and open the door for further innovative products.
Equifax Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on the multinational consumer credit reporting player, Equifax.
- Their global non-mortgage businesses performed exceptionally well, with constant currency revenue growth of 12% and constant organic currency revenue growth of 10%.
- Equifax further announced the acquisition of the Food Industry Credit Bureau.
C.H. Robinson Worldwide Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on C.H.
- Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service.
- Routing guide depth of tender, a proxy for their entire market, fell from 1.3 in the third quarter to 1.2 in the fourth quarter.
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