In today’s briefing:
- Nota IPO Preview
- RSB Retail India Limited Pre-IPO Tearsheet
- Myungin Pharmaceutical IPO Valuation Analysis
- Powerica Limited Pre-IPO Tearsheet
Nota IPO Preview
- Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.
- The IPO price range is from 7,600 won to 9,100 won. At this price range, the company’s expected market cap is from 163 billion won to 196 billion won.
- Nota provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.
RSB Retail India Limited Pre-IPO Tearsheet
- RSB Retail India Limited (1633680D IN) is looking to raise US$171mn in its upcoming India IPO. The deal will be run by IIFL Capital, HDFC Bank, and Motilal Oswal.
- RSB Retail India (RSB) is a multi-format apparel retailer headquartered in Hyderabad. As of 31 March 2025, RSB operated 73 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka.
- RSB does not produce its own goods, instead, it sources products from third-party suppliers and job-workers. It also sells merchandise under 13 in-house private labels.
Myungin Pharmaceutical IPO Valuation Analysis
- Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range.
- Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.
- We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio.
Powerica Limited Pre-IPO Tearsheet
- Powerica (PWRL IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by IIFL Capital, ICICI Securities and Nuvama.
- Powerica is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from global OEMs such as Cummins.
- Powerica also participates in other segments, including medium speed large generators with Hyundai. The company has further diversified into renewable energy, with a portfolio of wind projects in Gujarat.
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