In today’s briefing:
- ECM Weekly (1st Apr 2024) – Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda
- Ibotta IPO Valuation Analysis
- Waaree Energies Pre-IPO – Riding the Anti-China US Wave
ECM Weekly (1st Apr 2024) – Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, HD Hyundai Marine Solution (443060 KS) and Bharti Hexacom were in the market trying to raise over US$500m each.
- Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.
Ibotta IPO Valuation Analysis
- In my insight, I discuss valuation framework for comparable company analysis and outline revenue growth scenario under my base case.
- Considering Ibotta achieved profitability in 2023 driven by strong growth in the segment of third-party publishers, I view EV/Revenue as the most appropriate methodology to value Ibotta.
- I have a positive view of the upcoming Ibotta IPO. The company’s efficient B2B2C business model, success-based marketing approach and scale provide Ibotta with a long runway of growth.
Waaree Energies Pre-IPO – Riding the Anti-China US Wave
- Waaree Energies is looking to raise up to US$400m in its upcoming India IPO.
- Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2023.
- In this note, we talk about the company’s past performance.
💡 Before it’s here, it’s on Smartkarma
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