In today’s briefing:
- Megaport Placement – Equity Raise Positioned for Scale and Global Expansion
- Tenneco Clean Air India Ltd IPO – No Adrenaline Rush Here
- Tenneco Clean Air India Ltd IPO: Stagnated Topline, Increased Profits, At A Discount
- Pre-IPO LongBio Pharma (Suzhou) – Thoughts on The Pipeline and The Commercialization Outlook
- Pre-IPO Eastroc Beverage Group – The Outlook Is Not Optimistic, with More Valuation Decline Ahead
- Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future
- ICICI Pru AMC Pre-IPO – Ticking All the Right Boxes
Megaport Placement – Equity Raise Positioned for Scale and Global Expansion
- Megaport Ltd (MP1 AU) is looking to raise around US$131m via a fully underwritten primary placement.
- The company will use the proceeds to fund the acquisition of Latitude.sh and accelerate its network expansion into India.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Tenneco Clean Air India Ltd IPO – No Adrenaline Rush Here
- We present five reasons why there is no adrenaline rush for Tenneco Clean Air India Ltd (1880671D IN) ‘s IPO
- IPO is a complete offer for sale of USD 406 million. There is no fresh issue of equity.
- At 24x P/E on Q1FY26 annualized earnings, the IPO valuation appears fair.
Tenneco Clean Air India Ltd IPO: Stagnated Topline, Increased Profits, At A Discount
- Tenneco Clean Air India Ltd (1880671D IN) is now looking to raise up to US$406m in its upcoming India IPO.
- TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
- We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and valuations.
Pre-IPO LongBio Pharma (Suzhou) – Thoughts on The Pipeline and The Commercialization Outlook
- LP-003’s indications are small if compared with big indications in autoimmune diseases.So, LP-003 needs to demonstrate excellent efficacy. Otherwise, it would face fierce competition from Xolair/biosimilars, leaving limited market space.
- The core advantage of LP-005 is that multi-target complement inhibitor has superior efficacy potential compared to single-target ones. The downside is the concerns on safety profile and slow R&D progress.
- Post-Money valuation of LongBio Pharma reached about RMB2 billion after Series C Financing. A comfortable valuation range could be RMB3-5 billion, or about 50%-150% upside from Series C Financing.
Pre-IPO Eastroc Beverage Group – The Outlook Is Not Optimistic, with More Valuation Decline Ahead
- Based on 25Q3 results, the biggest problem lies in the continuous slowdown of its core business (energy beverages), which has led to the overall performance slightly falling short of expectations.
- The upper limit of Eastroc Super Drink could be around RMB23-27 billion. Since energy beverages’ annual revenue has approached RMB16 billion, it’s becoming increasingly difficult to achieve the remaining growth.
- The future growth of Eastroc may not support the current valuation. A more comfortable valuation range could be P/E of 20-25x, which will provide investors with sufficient margin of safety.
Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future
- Emmvee Photovoltaic has filed RHP for IPO with a total offer size of up to INR 29B, offering 133.6M shares at a price band of INR 206-INR 221 per share.
- This includes a fresh issue of INR 21.4B (~ 98.8M shares). The company intends to use the proceeds for debt repayment and general corporate purpose.
- Our recommendation would be that investors can buy into this issue as the valuation range looks relatively cheap when compared to peers.
ICICI Pru AMC Pre-IPO – Ticking All the Right Boxes
- ICICI Prudential AMC is looking to raise about US$1bn in its upcoming India IPO.
- IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
- In this note, we look at the company’s past performance.
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