In today’s briefing:
- Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
- Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer
- Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing
- Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook
- Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO
- Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO
Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
- Primo Global (367A JP) is looking to raise at least US$104m in its upcoming Japan IPO.
- Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
- In this note, we look at the firm’s past performance.
Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer
- The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
- Revenue increased by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively.
- After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.
Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing
- Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
- Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook
- 2024 is a milestone year. The weighted average ROE set a new high. Due to cost dilution brought by economies of scale, net profit growth was higher than revenue growth.
- The risk of relying on a single category hasn’t been eliminated. Traditional advantages of offline channels are becoming saturated. There is a gap between channel structure and new consumer forces
- Eastroc’s valuation is expected to be higher than the industry average and peers due to its higher growth rate, but investors needs to consider the H/A premium
Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO
- The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
- The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
- For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).
Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO
- Voyager Technologies will be offering 11 million shares at a $26-$29 range equating to a $1.4b-$1.65b valuation.
- The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
- Janus Henderson Investors and Wellington Management have indicated an interest in purchasing up to an aggregate of $60 million in shares of Class A common stock.
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