In today’s briefing:
- Pre-IPO Hanx Biopharmaceuticals – The Risk of Pipeline Development Failure Is High
- MIXUE Pre-IPO – Refiling Updates – Slower Growth but Better Margins
- Hexaware Technologies IPO: Valuation Insights
- Ajax Engineering IPO – Robust Growth Driven by a Comprehensive Dealer Network
Pre-IPO Hanx Biopharmaceuticals – The Risk of Pipeline Development Failure Is High
- CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb.
- There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There’re concerns on the safety profile and efficacy of HX009/HX044, with high R&D failure risks.
- After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&D progress. we think Hanx’s valuation should be lower than ImmuneOnco.
MIXUE Pre-IPO – Refiling Updates – Slower Growth but Better Margins
- Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
- In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we talk about updates from its recent filings.
Hexaware Technologies IPO: Valuation Insights
- Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
- We previously discussed the IPO in Hexaware Technologies IPO: The Bull Case and Hexaware Technologies IPO: The Bear Case.
- Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.
Ajax Engineering IPO – Robust Growth Driven by a Comprehensive Dealer Network
- Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming India IPO.
- Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
- In this note, we take a quick look at the company’s past performance and the IPO valuations.
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