In today’s briefing:
- Lumino Industries Ltd Pre-IPO Tearsheet
- Veritas Finance Pre-IPO Tearsheet
- TXR Robotics IPO Valuation Analysis
- Aurion Biotech (AURN): Regenerative Eye Disease Biotech Filed for IPO Despite Investor Litigation
- Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day
- Pre-IPO Zephyrm Bioscience – Despite Promising Pipeline, Investment Risk Is High
Lumino Industries Ltd Pre-IPO Tearsheet
- Lumino Industries Ltd (0349204D IN) is looking to raise about US$116m in its upcoming India IPO. The bookrunners for the deal are Motilal, JM Fin, Monarch.
- Lumino Industries Ltd (LIL) was established in 2005. The company is a product-driven integrated engineering, procurement, and construction (EPC) player in India.
- As per CRISIL Report, Lumino Industries is recognized as the fastest-growing player in the conductors, power cables, and power EPC industry, in terms of revenue CAGR between FY22 to FY24.
Veritas Finance Pre-IPO Tearsheet
- Veritas Finance Ltd (1392490D IN) is looking to raise around US$323m in its upcoming India IPO. The bookrunners on the deal are ICICI, HDFC, Jefferies, Kotak and Nuvama.
- Veritas Finance Limited (VFL) is a retail focused non-banking finance company (NBFC) in India primarily providing loans to micro small and medium enterprises (MSMEs) and self-employed individuals.
- As per the CRISIL report, the firm was the fastest-growing NBFC in terms of AUM growth during FY22-24, growing at a CAGR of 61.76%.
TXR Robotics IPO Valuation Analysis
- According to our valuation analysis, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of the IPO price range).
- Our base case valuation is based on target P/S of 5.4x using our estimated sales of 57.7 billion won.
- To value TXR Robotics, the target P/S of 5.4x is based on a 30% discount to the comps’ valuation multiple.
Aurion Biotech (AURN): Regenerative Eye Disease Biotech Filed for IPO Despite Investor Litigation
- AURN001, is an improved formulation designed to be mechanistically identical to Vyznova and to provide enhanced benefits, including manufacturing scalability and extended shelf life.
- There is pending litigation between Aurion Biotech and the company’s largest shareholder, Alcon Research.
- This company is on a trajectory to set terms and debut in the first half of February.
Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day
- The stock opened 29.4% above its issue price at $22.00 and closed its debut session at $23.63, delivering a first-day gain of 39.0%.
- This was a major victory for the IPO market, marking the highest first-day percentage gain of the year.
- Looking ahead, the IPO market’s next test will be from the biotech sector.
Pre-IPO Zephyrm Bioscience – Despite Promising Pipeline, Investment Risk Is High
- There’s great potential for PSCs, which provides new treatment options for complex diseases where traditional therapies are ineffective.The more solid the platform technology, the greater the dividends in later stage.
- Zephyrm’s pipeline candidates are promising. However, considering the R&D risks, the uncertainty of future commercialization and product safety profile, we think the investment risk of this Company is relatively high.
- Valuation of overseas peers is not high. In our view, valuation performance of Zephyrm would be largely depend on its clinical results of pipeline, which is a gamble for investors.
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