In today’s briefing:
- LivsMed IPO Book Building Results Analysis
- Lung Fung Group Holdings Ltd Pre-IPO Tearsheet
- CiDi IPO – Peer Comp and Thoughts on Valuation
- ICICI Prudential AMC – Reasonably Priced for the Longer Term.
- Shadowfax Technologies Pre-IPO: Strong Revenue Growth, but Margins Remain Depressed
LivsMed IPO Book Building Results Analysis
- Livsmed confirmed its IPO price at 55,000 won, which is at the top end of the IPO price range. Demand ratio was 232 to 1.
- A 98.8% of the IPO shares applied thought that the company’s value is 55,000 won or more.
- Our base case valuation of Livsmed is implied market cap of 2.3 trillion won or target price of 88,294 won per share, representing a 61% upside from the IPO price.
Lung Fung Group Holdings Ltd Pre-IPO Tearsheet
- Lung Fung Group (LFG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.
- LFG is a Hong Kong-based department store chain retailing a wide variety of pharmaceutical products, health products, beauty products and other consumer goods.
- According to Frost & Sullivan in 2024, LFG was the largest pharmaceutical product retailer by retail sales value in Hong Kong, with a 5.2% market share.
CiDi IPO – Peer Comp and Thoughts on Valuation
- CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
- CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
- In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.
ICICI Prudential AMC – Reasonably Priced for the Longer Term.
- Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
- The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
- We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.
Shadowfax Technologies Pre-IPO: Strong Revenue Growth, but Margins Remain Depressed
- Shadowfax Technologies (1310315D IN) is looking to raise US$225m in its upcoming India IPO.
- Shadowfax Technologies third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India.
- In this note, we look at the company’s past performance.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
