In today’s briefing:
- ECM Weekly (3rd Feb 2025) – Seoul Guarantee, Dr Agarwal’s, Ather Energy, Hexaware, Visen Pharma
- Bama Tea Pre-IPO Tearsheet
- Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention
ECM Weekly (3rd Feb 2025) – Seoul Guarantee, Dr Agarwal’s, Ather Energy, Hexaware, Visen Pharma
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, we had a look at the valuations for Dr. Agarwal’s Eye Hospital and Seoul Guarantee Insurance (031210 KS).
- On the placements front, given the holiday shortened week, there were no placements this week.
Bama Tea Pre-IPO Tearsheet
- Bama Tea (BAMA HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai, ABC and TF International.
- Bama Tea, as per the firm, is the most recognized tea brand in China and the leading provider of premium tea leaves in China.
- It sells through its nationwide offline store network and comprehensive online sales platforms, and sells every major tea leaf category
Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention
- The market’s expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio’s GLP-1 pipelines.
- PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
- The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.
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