In today’s briefing:
- Emmvee Photovoltaic Power IPO – Integrated Scale, Bright Prospects
- Rox Resources Placement: Large Deal to Digest; Gold Theme Remains Strong
- Human Made IPO: Outstanding Growth and Margins May Justify Premium
- EnjoyGo Technology Pre-IPO Tearsheet
- Sagility Block – US$400m Selldown by EQT; Second Deal This Year
- LivsMed IPO Valuation Analysis
- Pine Labs IPO Trading – Low/No Demand
- Klook Pre-IPO – The Positives – Growth Has Been Very Strong
- Klook IPO (KLK US): The Investment Case
- SanBio Co Ltd (4592 JP): International Offering Attractive, Akuugo Approval Is Next Big Trigger
Emmvee Photovoltaic Power IPO – Integrated Scale, Bright Prospects
- Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
- EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
- In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.
Rox Resources Placement: Large Deal to Digest; Gold Theme Remains Strong
- Rox Resources (RXL AU) is looking to raise around US$131m from a primary placement.
- This is a large deal to digest, representing 281.1 days of the stock’s three month ADV, and 58.4% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Human Made IPO: Outstanding Growth and Margins May Justify Premium
- Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
- Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
- In our previous note, we looked at its past performance. In this note, we will talk about valuations.
EnjoyGo Technology Pre-IPO Tearsheet
- EnjoyGo Technology (ENJG HK) (EGT) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and Guotai Junan.
- EGT, founded by automotive giant, SAIC Motor, is an all-scenario smart mobility platform in China, offering one-stop services covering ride-hailing, vehicle leasing, vehicle sales and Robotaxi services.
- According to Frost & Sullivan in 2024, EGT ranked fifth among ride-hailing platforms in China in gross transaction value and second among ride-hailing platforms in Shanghai in completed order volume.
Sagility Block – US$400m Selldown by EQT; Second Deal This Year
- Promoter entity EQT, via Sagility BV is looking to raise up to US$402m via selling a 16.4% stake in Sagility India (SAGILITY IN).
- The deal comprises a base deal of 10% of outstanding shares, with an option to upsize it by another 6.4% of shares outstanding.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
LivsMed IPO Valuation Analysis
- Our base case valuation of Livsmed is target price of 88,294 won per share, representing a 61% upside from the high end of the IPO price range.
- At our base case valuation, Livsmed’s market cap would be 2.3 trillion won. At this level, the probability of Livsmed being included in KOSDAQ150 index is very high in 2026.
- LivsMed is a medical device maker of advanced, articulating laparoscopic instruments that offer robotic-style dexterity and tactile feedback at a fraction of the capital cost of robotic surgical platforms.
Pine Labs IPO Trading – Low/No Demand
- Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
- Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
Klook Pre-IPO – The Positives – Growth Has Been Very Strong
- Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
- Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
- In this note, we talk about the positive aspects of the deal.
Klook IPO (KLK US): The Investment Case
- Klook (KLK US), the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO.
- Founded in 2014, Klook connects travellers with merchants, providing a vast array of activities, tours, attractions, and other travel services across the globe.
- The investment case rests on market leadership, healthy GTV growth, establishing a path to sustainable profitability, improving FCF profile and a debt-free balance sheet.
SanBio Co Ltd (4592 JP): International Offering Attractive, Akuugo Approval Is Next Big Trigger
- SanBio Co Ltd (4592 JP) will launch its international offering of 6M new shares at ¥2487 per share, aiming to raise up to ¥14.9B (~ US$96M).
- Net proceeds will be allocated for Akuugo launch in Japan, Phase 3 clinical trials of SB623 traumatic brain injury program in USA and for SB623 cerebral infarction program in Japan.
- The current stock price being ¥2628 makes the offering attractive. SanBio remains a risky bet with probability of a high return going up with every milestone being successfully cleared.
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