In today’s briefing:
- [Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh
- Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately
- Meesho Ltd IPO – Value-Led Play, Moderately Priced
- Meesho Ltd IPO- Watch Out for Impairment Allowance
- Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments
- Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand
[Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh
- The SBI Shinsei Bank (8303 JP) IPO is due to be priced on 8 December and start trading on 17 December 2025.
- I have been reluctant to write because of my general lack of excitement regarding the IPO and its after-market prospects. It is, as a friend says, “neither here nor there.”
- But as the bank was my High Conviction Long trade for 2021, 2022, and 2023 and I wrote about the events in the interim, I thought I should opine.
Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately
- Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
- SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Meesho Ltd IPO – Value-Led Play, Moderately Priced
- Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
- Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
- In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.
Meesho Ltd IPO- Watch Out for Impairment Allowance
- Meesho (1546271D IN)‘s INR 52.4 bn IPO is currently open for subscription. It consists of fresh issue worth INR 42.5 bn and OFS component worth INR 11.7 bn
- The company is India’s largest E-Com platforms in terms of placed orders and user base, and make its mark in the value segment, offering mostly unbranded and regional branded products.
- While KPIs signal growth and operational efficiencies, Meesho is still a loss maker. It has high litigation risk and seeing rapid increase in impairments and write offs with receivables
Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments
- In this insight, we highlight why Meesho (1546271D IN) is a data science workhorse masquerading as an E-Commerce Platform
- We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.
- Finally, we discuss our view on future prospects and valuation of the company.
Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand
- Guangdong Tianyu Semiconductor (2223725D CH) raised around US$224m in its HK IPO.
- It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
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