In today’s briefing:
- Lens Technology IPO Preview
- Beijing Geek IPO: Not Worth It
- Lens Technology IPO (Hong Kong) Valuation Analysis
- Credila Financial Services Pre-IPO Tearsheet
- Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage
- Coosea Smart Technology Co., Ltd. Pre-IPO Tearsheet
- SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline
Lens Technology IPO Preview
- Lens Technology is getting ready to complete its IPO in Hong Kong. Lens Technology is planning to raise as much as HK$4.77 billion (US$608 million) in this IPO.
- If the offer size adjustment and overallotment options are exercised, the IPO gross proceeds could increase to HK$6.3 billion (US$803 million).
- In 2024, the company held a 13% share of the global market for precision structural parts and modules for consumer electronics and a 20.9% share of smart vehicle interaction systems.
Beijing Geek IPO: Not Worth It
- Chinese Autonomous Mobile Robotics player, Geekplus Technology (2590 HK) plans to raise US$300m through its HKEx IPO at a valuation of around US$2.5bn.
- Top line growth has slowed down while there also has been a decline in the no. of newly acquired customers. Exports to US accounts for a significant share of revenues.
- Our valuation analysis suggests that the company’s IPO is significantly overvalued compared to global robotic players.
Lens Technology IPO (Hong Kong) Valuation Analysis
- Our base case valuation of Lens Technology is market cap of 146 billion CNY based on P/E of 24.9x our estimated net profit of 5.8 billion CNY in 2026.
- The company’s current market cap is 120.7 billion CNY. Thus, our base case valuation represents a 21% upside from current levels.
- Lens Technology is well positioned to be one of the first companies to undertake large-scale production of key components and complete device assembly for humanoid robots and AI glasses.
Credila Financial Services Pre-IPO Tearsheet
- Credila Financial Services Ltd (3452223Z IN) is looking to raise about US$584m in its upcoming India IPO. The deal will be run by Axis, Citi, IIFL, Jefferies and GS.
- Credila Financial Services (CFSL) is an Indian education finance company focused on providing education loans to Indian students pursuing higher education in India and overseas.
- It was the largest education-focused non-banking financial company (NBFC) in India, in terms of net loans and net profit in FY25, according to a Redseer Report.
Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage
- Lepu Biopharma (2157 HK) is placing 93.8M shares at the placing price of HK$5.02 per H Share. The net proceeds from the placing are expected to be approximately HK$463M.
- The company intends to use the proceeds for conducting clinical trial, commercialization, and marketing of the core products, and to fund R&D of new products.
- Lepu ended 2024 with a cash balance of RMB401M, which has been augmented by the upfront payment from recent BD deal. The company need not raise fund in near-term.
Coosea Smart Technology Co., Ltd. Pre-IPO Tearsheet
- Coosea Smart Technology Co., Ltd. (CST) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
- According to Frost & Sullivan, in 2024, CST was the world’s second largest end-to-end solution provider for local smartphone brands by shipment volume, and rose to first place in 1Q25.
- During the Track Record Period, CST generated revenue from over 70 countries or regions, mainly focusing on Asia and Americas.
SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline
- SeedWorks International Ltd (1441147D IN) (SIL) is planning to raise about US$115m in its upcoming India IPO.
- SIL is a seed research and development organization engaged in the research, production, and marketing of hybrid seeds.
- As per F&S Report, in FY24, the company ranked 3rd in cotton seeds, 4th in hybrid rice and pearl millet seeds, in terms of volume of seeds sold in India.
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