In today’s briefing:
- Five-Star Business IPO Trading – One of the Best Anchor Books but Worst Overall Demand
- Archean Chemical Industries IPO Trading – One of the Highest Subscriptions for the Year
- Initial Thoughts on the Vinfast IPO
- Lygend Resources & Technology IPO: Riding the Wave
- Taiwan Semiconductor: Initiation of Coverage – Geopolitical Challenges & Other Factors
- Ralph Lauren: Collaboration With Fortnite & Other Developments
- Bumble Inc.: Blind Dating Offering & Other Drivers
Five-Star Business IPO Trading – One of the Best Anchor Books but Worst Overall Demand
- Five Star Business Finance (0958461D IN) raised around US$190m in its India IPO.
- Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
- We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.
Archean Chemical Industries IPO Trading – One of the Highest Subscriptions for the Year
- Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO.
- Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world.
- We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.
Initial Thoughts on the Vinfast IPO
- According to Bloomberg, VinFast is getting ready for an IPO in the US as soon as 1Q 2023.
- Vinfast has secured approximately US$1.2 billion in incentives for its EV production facility in North Carolina which is expected to start production in 2024 (annual production of 150,000 vehicles).
- Vinfast could raise more than US$1 billion in this IPO. If Vinfast is able to successfully complete this IPO, it would be one of the largest Asian IPOs in 2023.
Lygend Resources & Technology IPO: Riding the Wave
- Lygend Resources & Technology (LR HK), a nickel play, is set to open its books for an HKEx IPO to raise US$700-800 million, according to press reports.
- Lygend had the largest nickel ore trading volume in China in 2019, 2020 and 2021, with a market share of 26.8% in 2021.
- The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.
Taiwan Semiconductor: Initiation of Coverage – Geopolitical Challenges & Other Factors
- This is our first report on Taiwan Semiconductor, the world’s largest dedicated contract chip manufacturer.
- The company delivered a mixed set of results for the past quarter with revenues below expectations as it continues to see softness in the consumer end-market category.
- TSMC’s other end market categories, like data centers and the automotive industry, are currently stable and it did manage to deliver an earnings beat.
Ralph Lauren: Collaboration With Fortnite & Other Developments
- Ralph Lauren’s previous quarter results were strong and the company managed an all-around beat.
- Their top-line continued to increase in the previous quarter, with revenues rising 13% in constant currency and 5% on a reported basis.
- The success for this quarter was once again aided by good constant currency growth across all 3 regions.
Bumble Inc.: Blind Dating Offering & Other Drivers
- Bumble delivered a mixed set of third-quarter results as it failed to meet market expectations on the revenue front but managed an earnings beat.
- The company produced a decent top-line growth of 17% year over year in Q3, driven by 28% growth for the Bumble App.
- The revenue growth would have been 10 points higher and Bumble App revenue growth would have been 5 points higher after adjusting for forex and the situation in Ukraine.
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