In today’s briefing:
- Huge Dental Pre-IPO – China’s Leading Dental Materials Player Rides Industry Tailwinds
- Chagee Holdings IPO Valuation Analysis
- EBOS Group Placement – Accretive Deal with Synergies
- IndiQube Spaces Pre-IPO – Capacity Has Been Expanding, Though Margins Remain Unstable
Huge Dental Pre-IPO – China’s Leading Dental Materials Player Rides Industry Tailwinds
- HD as a leading dental materials player in China, has achieved robust topline growth over the track record period, driven by its core product lines and favorable industry tailwinds
- The company generates most of its revenue from the Chinese market, relying heavily on a distribution-led strategy for market expansion.
- Some areas of concern include signs of a slowdown in growth and potential margin compression if the shift in product mix continues.
Chagee Holdings IPO Valuation Analysis
- Our base case valuation of Chagee Holdings is target price of $46.7 per share, representing 67% higher than the high end of the IPO price range ($28 per share).
- Our base case valuation is based on a P/E of 21.4x on our estimated net profit of 2.9 billion RMB in 2025.
- We used a very conservative valuation multiple, mainly due to the extremely high macro risks related to the ongoing tariff dispute between China and the United States.
EBOS Group Placement – Accretive Deal with Synergies
- Ebos Group Ltd (EBO NZ) aims to raise around US$122m in order to partly fund its acquisition of SVS Veterinary Supplies (SVS).
- This will complement the company’s strategy of investing for growth and the second acquisition done in 2H25.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
IndiQube Spaces Pre-IPO – Capacity Has Been Expanding, Though Margins Remain Unstable
- IndiQube Spaces Ltd (1628202D IN) (ISL) is planning to raise about US$100m in its upcoming India IPO.
- ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
- ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.
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