In today’s briefing:
- LG Electronics India IPO – Thoughts on Valuation – Better Placed This Time Around
- LG Electronics India IPO: Valuation Insights
- Milky Mist Dairy Food Pre-IPO: Steady Topline Growth But Low Profitability
- FineToday Holdings (420A JP) IPO: The Investment Case
- LG Electronics India – IPO Review: Largest Public Market Play yet for Consumer Appliances in India
- Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps
- Xuanzhu Biopharm (轩竹生物科技) IPO: Spin off at a Premium
- Maplight Therapeutics (MPLT): Schizophrenia and Alzheimer’s Disease Biotech Sets Terms for IPO
- Phoenix Education Partners (PXED): Apollo-Backed Education IPO Sees Cautious Demand
- CMTX IPO Valuation Analysis
LG Electronics India IPO – Thoughts on Valuation – Better Placed This Time Around
- LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India.
- LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
- We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.
LG Electronics India IPO: Valuation Insights
- LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.3 billion through a secondary offering.
- I previously discussed the IPO in LG Electronics India IPO: The Bull Case, LG Electronics India IPO: The Bear Case and LG Electronics India IPO: Updates Support the Bull Case.
- My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.
Milky Mist Dairy Food Pre-IPO: Steady Topline Growth But Low Profitability
- Milky Mist Dairy Food Ltd (1023949D IN) is looking to raise about US$237m in its upcoming India IPO.
- Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd.
- In this note, we look at the company’s past performance.
FineToday Holdings (420A JP) IPO: The Investment Case
- FineToday Holdings Co Ltd (289A JP), a Japanese personal care business, is seeking to raise US$286 million. It previously pulled an IPO to raise US$500 million in December 2024.
- FineToday has four product categories: Hair care, Skin care, Body care and others. Hair care is the largest category, accounting for 49.0% of 1H25 revenue.
- The investment case rests on top-tier revenue growth, top-quartile profitability, peer-leading FCF generation and manageable leverage.
LG Electronics India – IPO Review: Largest Public Market Play yet for Consumer Appliances in India
- LG Electronics (066570 KS) is selling 15% stake in Indian subsidiary LG Electronics India (123D IN). Interestingly, the market cap of Indian subsidiary shall now be equal to Korean parent
- Indian listed markets have hitherto offered selective consumer appliance plays. LGEI will become the largest of them all, offering access to the structural growth of consumer appliances in India
- IPO is priced attractively at 26-30x 1yr forward earnings. Near-term performance to benefit from recently announced indirect tax cuts as well as rate cuts. Must Apply
Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps
- Milian Technology, a fast-growing marriage and dating platform in China, filed for an IPO in Hong Kong. The company has achieved significant traction with now ~10M avg. MAUs.
- Milian Technology has raised ~US$77M in equity financing to date from investors, including Xiaomi, XVC Fund, Shunwei Capital, and Sky9 Capital, among others.
- I believe Milian Technology’s growth is exceptionally high for any online social networking platform company in China at such scale.
Xuanzhu Biopharm (轩竹生物科技) IPO: Spin off at a Premium
- Xuanzhu, a China-based commercial stage biopharm, launched its IPO to raise at least USD 100 million via a Hong Kong listing.
- In our previous note, we have examined the company’s core product, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.
- In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.
Maplight Therapeutics (MPLT): Schizophrenia and Alzheimer’s Disease Biotech Sets Terms for IPO
- Maplight Therapeutics set terms for its IPO and can debut on the Nasdaq as early as October 27th.
- Maplight is offering 17.25 million shares at $17.00 with the lead underwriters on the transaction being Morgan Stanley, Jefferies, Leerink and Stifel.
- The company’s decision to wait through the 20-day effectiveness period amid the government shutdown underscores both patience and confidence in its investor base.
Phoenix Education Partners (PXED): Apollo-Backed Education IPO Sees Cautious Demand
- Management anticipates revenue growth of 5.6–6.1% with stronger performance in the second half, supported by high retention.
- The offering was smartly sized to balance investor demand with available float—an important consideration for a deal that could have otherwise been a challenging sell.
- They anticipate paying a cash dividend of $0.84 per year which results in a 2.6% yield if the offering prices at the midpoint of the $31-$33 range.
CMTX IPO Valuation Analysis
- Our base case valuation of CMTX is implied market cap of 1 trillion won or 106,847 won per share. CMTX is a likely inclusion candidate in KOSDAQ150 index in 2026.
- Our base case valuation is based on P/E of 14.9x using our estimated net profit of 69 billion won in 2026.
- Our base case valuation is 65% higher than the high end of the IPO price range. Given the excellent upside, we have a Positive View of this IPO.
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