In today’s briefing:
- Human Made Pre-IPO: A Bathing Ape, Reborn
- Groww IPO Trading – Decent Overall Demand
- Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals
- Chuangxin Industries Pre-IPO: Weak 5M25 and Large Chunk of Revenue from Related Party
- Pre-IPO EpimAb Biotherapeutics – The TCE Pipeline Has Great Potential
- Shenzhen Zhaowei A/H Listing – Autos Thriving but Robotics Driving Share Price
Human Made Pre-IPO: A Bathing Ape, Reborn
- 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 this note, we look at the company’s past performance.
Groww IPO Trading – Decent Overall Demand
- Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
- With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
- 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.
Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals
- Fractal Analytics Ltd (2453623D IN) is looking to raise US$560m in its upcoming India IPO.
- Fractal Analytics Limited (FAL) is an enterprise AI company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
- In this note, we look at the company’s past performance.
Chuangxin Industries Pre-IPO: Weak 5M25 and Large Chunk of Revenue from Related Party
- Chuangxin Industries (CXI HK) is looking to raise at least US$700m in its upcoming Hong Kong IPO.
- It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
- In this note, we look at the firm’s past performance.
Pre-IPO EpimAb Biotherapeutics – The TCE Pipeline Has Great Potential
- TCE has been highly popular for hematological malignancies and autoimmune diseases.Due to the “Fear of Missing Out” mentality, MNCs directly have purchased TCE assets or the Newco model is adopted.
- Current clinical data is good for CRC, providing EMB-01 with a solid foundation for entering phase III trials.EMB-06 may face challenges in commercialization. EMB-07 has high hopes to be out-licensed.
- Short-Term valuation could be lower than Akeso. Based on our forecast of the peak sales of EMB-01, EMB-06, EMB-07, long-term valuation could reach about US$16.5 billion.
Shenzhen Zhaowei A/H Listing – Autos Thriving but Robotics Driving Share Price
- Shenzhen Zhaowei Machinery & Electronics (003021 CH), aims to raise around US$700m in its H-share listing.
- Shenzhen Zhaowei Machinery & Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&S.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
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