In today’s briefing:
- Myungin Pharmaceutical IPO Preview
- Fractal Analytics Pre-IPO Tearsheet
- Jiaxin International Resources Investment IPO – No Track Record, Government Supported
- EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products
- Shanghai Forest Cabin Biological Tech. Pre-IPO: A Play on Aging Population But With A Few Wrinkles
- StubHub IPO Valuation Analysis: Premium Multiple Is Justified, But The Growth Is Slowing Down
- Via Transportation Inc. (CI): Peeking at the Prospectus of Public Transportation Solutions Provider
Myungin Pharmaceutical IPO Preview
- Myungin Pharmaceutical is getting ready to complete its IPO in KOSPI in September. The IPO price range is from 45,000 won to 58,000 won.
- The total offering amount ranges from 153 billion won ($111 million) to 197 billion won ($143 million). The book building for the institutional investors lasts from 9 to 15 September.
- Using EBITDA of 104.5 billion won and EV/EBITDA of 7.9x and IPO discount ranges of 32.2% to 47.4%, this resulted in IPO price range of 45,000 won to 58,000 won.
Fractal Analytics Pre-IPO Tearsheet
- Fractal Analytics Ltd (2453623D IN) is looking to raise about US$560m in its upcoming India IPO. The deal will be run by Axis, GS, MS and Kotak.
- Fractal Analytics Limited is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
- According to the Everest Report, FAL was India’s leading pure-play enterprise data, analytics and AI company, recognized globally, with capabilities across the data, analytics and AI (DAAI) value chain.
Jiaxin International Resources Investment IPO – No Track Record, Government Supported
- Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO.
- Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027.
- We have looked at the company’s background in our earlier note, in this note we talk about the deal pricing.
EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products
- EpimAb, a China-based clinical stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CMBI are the joint sponsors.
- In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
- Our initial view is that the company does provide a line-up of differentiated products though still in early stage of clinical development.
Shanghai Forest Cabin Biological Tech. Pre-IPO: A Play on Aging Population But With A Few Wrinkles
- Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
- SFC is the leader among China’s premium domestic skincare brands. In 2024, SFC was ranked first among all premium domestic skincare brands in China by retail sales.
- In this note, we look at the company’s past performance.
StubHub IPO Valuation Analysis: Premium Multiple Is Justified, But The Growth Is Slowing Down
- StubHub Holdings is expected to IPO in September. The online ticketing giant did not disclose the proposed size and price range for the share sale.
- According to the WSJ and CNBC, StubHub Holdings was eyeing a valuation of about $16.5B, implying the richest valuation among peers in the secondary ticketing market.
- While I’m bullish on the market opportunity for StubHub Holdings, ~$16.5B IPO valuation forces me to remain on the sidelines.
Via Transportation Inc. (CI): Peeking at the Prospectus of Public Transportation Solutions Provider
- Via transforms antiquated and siloed public transportation systems into smart, data-driven, and efficient digital networks.
- From 2021 to 2024, their revenue grew from $100.0 million to $337.6 million, representing a compound annual growth rate of 50%.
- The company officially filed for its IPO on August 15th and is likely to be one of the first transactions following Labor Day.
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