In today’s briefing:
- LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation
- Tata Capital Pre-IPO – RHP Updates
- WeWork India IPO – RHP Updates – Growing Footprint, Softening Operational Trends
- Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand
- Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO
- Myungin Pharma Pre-IPO: Strong Insti Subscription Rates
- Capillary Technologies India Pre-IPO: Increased Monetization But CFO Turned Negative
- Pre-IPO Shanghai Keying E-Commerce – Concerns About the Business Model and Prospects
LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation
- LG Electronics’ BOD finally approved a plan to sell a 15% stake in LG Electronics India in an IPO to be completed in 2025.
- According to local media, LG Electronics India is now valued at about US$13 billion which is higher than LG Electronics’ market cap of US$8.8 billion.
- Our base case valuation of LG Electronics India is implied market cap of 1,280 billion INR or US$14.4 billion.
Tata Capital Pre-IPO – RHP Updates
- Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO.
- Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
- We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates
WeWork India IPO – RHP Updates – Growing Footprint, Softening Operational Trends
- WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
- WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.
Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand
- Jain Resource Recycling (2300699D IN) raised about US$142m in its India IPO.
- The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO
- Phoenix Education Partners (PXED US) set terms for its IPO on Tuesday and is offering 4.25 million shares at $31-$33.
- Beginning in the first full fiscal quarter following the completion of this offering, they anticipate paying a quarterly cash dividend at a rate initially equal to approximately $0.84 per share.
- Phoenix Education, however, stands apart: the company has no debt, is profitable, and even plans to pay a dividend.
Myungin Pharma Pre-IPO: Strong Insti Subscription Rates
- Myungin Pharmaceutical (MYUNGIN KS) raised around US$142m in its upcoming Korean IPO.
- It specializes in central nervous system (CNS) therapeutics, with strong technological expertise in developing and producing prescription drugs for stroke, Parkinson’s disease, schizophrenia, and depression.
- In this note, we talk about the firm’s trading dynamics.
Capillary Technologies India Pre-IPO: Increased Monetization But CFO Turned Negative
- Capillary Technologies India Ltd (CTIL) (0611334D IN) is looking to raise about US$240m in its upcoming India IPO.
- Capillary has been able to diversify the uses of its offerings across different industries. Despite declines in number of customers and brands, they have been offset by increased monetization abilities
- In this note, we look at the company’s past performance.
Pre-IPO Shanghai Keying E-Commerce – Concerns About the Business Model and Prospects
- The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.
- The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.
- As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.
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