In today’s briefing:
- JX Advanced Metals (5016 JP) IPO: Valuation Insights
- Dozn IPO Preview
- JSW Cement Pre-IPO – Leveraging Synergies of the JSW Group but Has High Debt
- JX Advance Metals Pre-IPO – Thoughts on Valuation
- Manycore Tech Pre-IPO Tearsheet
- Pre-IPO Butong Group – The Current High Growth May Not Be Sustainable
JX Advanced Metals (5016 JP) IPO: Valuation Insights
- 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.
- We previously discussed the IPO in JX Advanced Metals (5016 JP) IPO: The Bull Case and JX Advanced Metals (5016 JP) IPO: The Bear Case.
- In this note, we discuss valuation. My analysis suggests that JXAM is attractively valued at the IPO price compared to peer multiples.
Dozn IPO Preview
- Dozn is getting ready to complete its IPO in Korea in March 2025. The company plans to offer 2.5 million shares in this IPO.
- The IPO price range is from 10,250 won to 12,500 won per share and the offering amount ranges from 26.2 billion won to 31.2 billion won.
- Founded in 2017, Dozn is emerging as a prominent business-to-business (B2B) digital solution service provider in Korea.
JSW Cement Pre-IPO – Leveraging Synergies of the JSW Group but Has High Debt
- JSW Cement Limited (9858514Z IN) is looking to raise about US$480m in its upcoming India IPO.
- JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
- In this note, we talk about the company’s historical performance.
JX Advance Metals Pre-IPO – Thoughts on Valuation
- JX Advanced Metals (5016 JP)’s 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.
- We looked at the company’s past performance and undertook a peer comparison in our previous note. In this note, we talk about valuations.
Manycore Tech Pre-IPO Tearsheet
- Manycore Tech (KOOL US) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM and CCBI.
- Manycore Tech is an AI powered design and visualization platform with graphics processing unit clusters. Designs crafted can be translated into production-ready drawings, enabling an automated and accurate manufacturing process.
- According to F&S, it was world’s largest spatial design platform and largest software provider in China’s spatial design industry, based on average monthly active users and revenue, respectively, in 2023.
Pre-IPO Butong Group – The Current High Growth May Not Be Sustainable
- BUTONG’s growth momentum remained high, but customers are more focused on cost-effectiveness rather than premium products. We are unsure whether BUTONG’s current high growth is sustainable in this low-growth industry.
- The more revenue proportion from baby care products, the lower overall gross margin would be.BUTONG’s strategy of emphasizing sales over R&D isn’t conducive to establishing core competitiveness in fierce competition.
- After Series B financing, the post-investment valuation reached about RMB2 billion. However, the market value of peers is not high. BUTONG’s post-IPO valuation performance may be lower than expected.
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