In today’s briefing:
- Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation
- Canara Robeco AMC IPO Trading: Decent Insti Demand
- Top Toy International Pre-IPO Tearsheet
- BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation
- Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation
Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation
- Fibocom Wireless (300638 CH) is looking to raise up to US$380m in its upcoming Hong Kong IPO.
- It was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Canara Robeco AMC IPO Trading: Decent Insti Demand
- Canara Robeco AMC has raised US$150m in its India IPO.
- Canara Robeco has demonstrated strong growth registering a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Top Toy International Pre-IPO Tearsheet
- TOP TOY International Group (TOYTOY HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, UBS and CITIC.
- TOP TOY International Group is China’s largest and fastest-growing pop toy collection brand.
- The company achieved a GMV of RMB2.4 billion in mainland China in 2024, securing its rank as the largest pop toy collection brand in the country by this metric.
BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation
- BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.
- There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.
- While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.
Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation
- Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.
- The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.
- This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025).
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