In today’s briefing:
- Samsung Electronics Placement: Inheritance Tax Paydown by Family, Widely Telegraphed
- Lenskart Solutions IPO – Is Pricey but Has a Strong Market Position
- 52TOYS Development IPO Preview: A “Must Own” Stock, Big Push In Overseas Markets Looks Promising
- Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company
- Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut
- Seres Group Hong Kong IPO Valuation Analysis
- Softcare Pre-IPO: PHIP Update: Continued Revenue Growth but Some Margin Deterioration
- Indo-MIM Ltd Pre-IPO Tearsheet
- FJD Pre-IPO Tearsheet
Samsung Electronics Placement: Inheritance Tax Paydown by Family, Widely Telegraphed
- Samsung Electronics (005930 KS) is looking to raise around US$1.2bn from a secondary placement.
- This represents 0.9 days of the stock’s three month ADV, and 0.3% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Lenskart Solutions IPO – Is Pricey but Has a Strong Market Position
- Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO.
- Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
52TOYS Development IPO Preview: A “Must Own” Stock, Big Push In Overseas Markets Looks Promising
- 52TOYS Development, a Beijing-based multi-genre IP toy company, is seeking Hong Kong IPO that would raise up to $200M.
- Founded in 2012 by Mr. Chen and Mr. Huang, 52TOYS positions itself as a toymaker with a strong emphasis on collectible mecha and sci-fi aesthetics.
- 52TOYS has made a big push online and in overseas markets. I believe the company has primary growth drivers such as international expansion and new licensed and proprietary IP products.
Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company
- Through their two segments, Medline Brand and Supply Chain Solutions, they offer approximately 335,000 med-surg products.
- They had net sales of $21.4 billion, $23.2 billion, and $25.5 billion and net income (loss) of ($25 million), $234 million, and $1.2 billion in 2022, 2023, and 2024, respectively.
- This company is a staple to the healthcare and hospitals industry and we anticipate a market cap north of $50 billion.
Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut
- Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
- The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
- Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.
Seres Group Hong Kong IPO Valuation Analysis
- Our base case valuation of Seres Group is target price of 189.9 CNY which represents a 17% upside from current levels over a 6-12 month period.
- Our target P/S multiple of 1.4x is 50% premium to the average valuation multiple of the comps in 2026.
- We used a premium valuation multiple for Seres Group due the company’s higher sales growth, EBITDA margins, and ROE.
Softcare Pre-IPO: PHIP Update: Continued Revenue Growth but Some Margin Deterioration
- Softcare (SOFT HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
- It is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
- We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.
Indo-MIM Ltd Pre-IPO Tearsheet
- Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.
- IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
- According to Frost & Sullivan,IML was the largest manufacturer globally of precision engineering components using MIM technology, with a 7% market share in terms of revenue from MIM in FY25.
FJD Pre-IPO Tearsheet
- FJD Inc (FJD HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by MS and CICC.
- FJD’s mission is to empower and elevate frontline workers in labor-intensive scenarios with accessible, intelligent robotics solutions.
- The company achieves this by building digital models for the real world and driving autonomous transition in essential workflows across multiple core industries.
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