In today’s briefing:
- NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues
- Geekplus Technology IPO (2590 HK): The Investment Case
- NH Foods Placement: Clean up by Norinchukin Bank; Unrelated Buyback May Buffer Deal
- Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap
- BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination
- Pine Labs Pre-IPO Tearsheet
- Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital
- Nykaa Block – US$140m Selldown by Banga Family
- Ntt Dc Reit Ipo – Thoughts on Valuation
- IFBH (6603 HK) – Debut Is the Peak, and Then It Wanes?
NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues
- Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
- The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
- In this note, we look at the company’s portfolio and its performance.
Geekplus Technology IPO (2590 HK): The Investment Case
- Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
- Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
- The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.
NH Foods Placement: Clean up by Norinchukin Bank; Unrelated Buyback May Buffer Deal
- A group of shareholders are looking to raise US$333m from selling their respective stakes in Nh Foods Ltd (2282 JP) .
- While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap
- Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
- The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
- I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.
BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination
- BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.
- In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.
- We also look at the company’s management and pre-IPO investors. We think the deal is worth following.
Pine Labs Pre-IPO Tearsheet
- Pine Labs (0568874D IN) is looking to raise up to US$1bn in its upcoming India IPO. The deal will be run by Axis, Citi, MS, JPM and Jefferies.
- Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
- According to a Redseer Report, PL was the largest player in issuances of closed and semi-closed loop gift cards by transaction value in India in FY24.
Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital
- Jiaxin International Resources Investment Limited (JIRI) is looking to raise about US$140m in its upcoming Hong Kong IPO.
- Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production is scheduled to begin in 2Q25, with full ramp-up by 2027.
- Falling unit costs, rising ASPs, and front-loaded CAPEX point to improving free cash flow. Belt and Road alignment enhances access to funding and policy support.
Nykaa Block – US$140m Selldown by Banga Family
- Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
- He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Ntt Dc Reit Ipo – Thoughts on Valuation
- NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
- The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
- We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.
IFBH (6603 HK) – Debut Is the Peak, and Then It Wanes?
- IFBH’s IPO debut is outstanding. Capital/investors are actually voting for “light-asset + high-efficiency” business model, as they see the possibility of achieving great results with small investment in if coconut water.
- When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of “riding the wave” into high moat amid supply chain crisis/price wars/single product line.
- The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.
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