In today’s briefing:
- Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation
- EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains
- D’Alba Global IPO Bookbuilding Results Analysis
- Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock
Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation
- Laopu Gold (6181 HK) targets to raise approximately USD350 mn from a primary placement of 4.31 million new shares at HKD630 per share.
- Laopu Gold has delivered both superior margins and rapid growth by marrying cultural resonance, premium pricing, artisanal excellence, and outstanding store economics.
- Laopu’s growth track record coincides with period of rising gold prices. Investors should weigh its impressive margins and brand strength against the risk of a less supportive gold price environment.
EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains
- EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.
- At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.
- BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.
D’Alba Global IPO Bookbuilding Results Analysis
- The IPO price of d’Alba Global has been finalized at 66,300 won which is at the high end of the IPO price range.
- The demand ratio of the IPO was 1,141 to 1. A 98.4% of the IPO shares applied thought that the value of the company is 66,300 won or more.
- Our base case valuation of d’Alba Global is a target price of 101,609 won per share, which represents 53% higher than the IPO price of 66,300 won.
Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock
- Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
- Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
- In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.
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