In today’s briefing:
- JX Advanced Metals (5016 JP) IPO: The Bull Case
- Xtapli Placement – Questionable Timing. An AI Momentum Play, at Best
- Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall
- JX Advance Metals Pre-IPO – The Negatives – Isn’t There Yet
- Mixue Group IPO Preview
- Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis
- Pre-IPO VISEN Pharmaceuticals (PHIP Updates) – Some Points Worth the Attention
- Innovatiview India Ltd Pre-IPO Tearsheet
JX Advanced Metals (5016 JP) IPO: The Bull Case
- JX Advanced Metals (5016 JP) is a global leader in the semiconductor and ICT materials sector. It is seeking to raise up to US$2.6 billion.
- JXAM is a wholly owned subsidiary of ENEOS Holdings (5020 JP). After the listing, it is expected to become an equity-method affiliate of ENEOS.
- The bull case rests on its leading market position, focus businesses’ improving performance, improving profitability, shift to cash generation, and low leverage.
Xtapli Placement – Questionable Timing. An AI Momentum Play, at Best
- Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.
- QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall
- Hexaware Technologies raised around US$1bn in its India IPO, while its anchor book was strong, overall coverage was not.
- Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
JX Advance Metals Pre-IPO – The Negatives – Isn’t There Yet
- JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
- JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
- In this note, we talk about the not-so-positive aspects of the deal.
Mixue Group IPO Preview
- Mixue Group is getting ready to complete its IPO in Hong Kong in the coming weeks. Mixue Group plans to raise about US$500 million from its Hong Kong IPO.
- The company has an excellent income statement with notable growth in sales and profits in the past four years.
- Net margin improved from 15.7% in 2023 and 18.7% in 1Q-3Q 2024, driven by higher sales base and lower major operating costs as a percentage of sales
Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis
- Mixue Group, the largest freshly-made drinks company in China, is reportedly set to begin book building for its Hong Kong IPO by end-February, targeting to raise approximately USD 500 million.
- Mixue Group (MIX HK)‘s mass-market pricing strategy and compelling value for money positioning targets price-sensitive consumers, especially in lower-tier cities and among youth, driving high-volume sales.
- Mixue Group (MIX HK) reported robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and intensifying competition.
Pre-IPO VISEN Pharmaceuticals (PHIP Updates) – Some Points Worth the Attention
- All the three candidates lonapegsomatropin, TransCon CNP, palopegteriparatide in the pipeline of VISEN are based on Exclusive License Agreements with Ascendis Pharma. So, there’re concerns about VISEN’s independent R&D capabilities.
- VBP would destroy the price system of growth hormone market in China, and market size would shrink due to price reduction and decreasing demand as fewer babies will be born.
- Post investment valuation reached US$1.03 billion. Since leading domestic companies have dominated the market, it’s not easy for VISEN to break through. Valuation of VISEN could be lower than peers.
Innovatiview India Ltd Pre-IPO Tearsheet
- Innovatiview India Ltd (INNOVATIVIEWINDIA IN) is looking to raise about US$230m in its upcoming India IPO. The bookrunners for the deal are DAM, ICICI, JM FIn, Motilal.
- Innovatiview India ltd (IIL) is a technology-driven provider of automated ancillary security and surveillance solutions for examinations, elections, and large-scale events across India.
- IIL was the largest player in examination integrated security solutions in India, with a market share of 73.7% in terms of revenue for FY24, according to F&S Report.
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