In today’s briefing:
- Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted
- CaoCao IPO: The Bull Case
- Eternal Beauty Pre-IPO – PHIP Updates – Perfumes Growing, Challenges Remain
- Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
- Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky
- Liuliu Orchard Group Co Ltd Pre-IPO – Category Leader Scaling Direct Channels in Fragmented Market
- Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day
- Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged
Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted
- Everest Medicines (1952 HK) aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group.
- This comes on the heels of a similar secondary sell down in Jan 2025, whereby CBC sold ~US$100m worth of stock, priced at a 10% discount.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
CaoCao IPO: The Bull Case
- CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.
- CaoCao was incubated by Geely Auto (175 HK). Geely founder Li Shufu owns 83.9% of CaoCao.
- The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation.
Eternal Beauty Pre-IPO – PHIP Updates – Perfumes Growing, Challenges Remain
- Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO.
- Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
- We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.
Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
- SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
- Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
- In this note, we will talk about the lockup dynamics and possible placement.
Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky
- Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).
- The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
Liuliu Orchard Group Co Ltd Pre-IPO – Category Leader Scaling Direct Channels in Fragmented Market
- Liuliu Orchard Group Co Ltd (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO.
- LOGCL is China’s leading plum-based snack player, benefiting from strong consumer demand, brand leadership, and favorable health trends.
- Despite operating in a fragmented market, LOGCL has consistently grown revenue through successful offline expansion, increased direct sales penetration, and effective cost control even amid raw material cost pressures.
Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
- Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.
Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day
- Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade.
- The debut is a major win for IPO investors but a disappointment for aftermarket traders as the stock closed nearly six points below the open.
- Chime’s order book finished north of 20-times oversubscribed with the top ten accounts taking 60% of the deal and the top 20 being allocated 85% of the transaction.
Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged
- CaoCao Inc (1646553D CH) is looking to raise up to $US300m in its upcoming Hong Kong IPO.
- It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
- In this note, we provide updates on the firm’s past performance.
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