In today’s briefing:
- Samyang Comtech IPO Book Building Results Analysis
- Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples
- HeartFlow Inc. (HTFL): Coronary Artery Disease Company Sets Terms Seeking up to $1.3b Valuation
- WeWork India Pre-IPO – Lease Mismatch and Structural Strains
Samyang Comtech IPO Book Building Results Analysis
- Samyang Comtech completed solid book building results. The IPO price has been finalized at 7,700 won per share, which was at the high end of the IPO price range.
- A 48.4% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is a bullish signal.
- Our valuation analysis suggests target price of 13,187 won, which represents a 71% upside from IPO price. Given the excellent upside, we have a Positive view of this IPO.
Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples
- Figma Inc., a product design leader with strong financial profile, priced its IPO at $33.00/share and raised ~$1.2B.
- The company raised the price range to $30.00-$32.00. The stock opened at $85.00 and closed on Thursday at $115.50, up ~250% vs. IPO offer price.
- The offering was priced above the marketed range. Figma had a ~$67B market cap at the close, implying a ~62x EV/2025E sky-high multiple on my 2025 revenue estimate of $1056M.
HeartFlow Inc. (HTFL): Coronary Artery Disease Company Sets Terms Seeking up to $1.3b Valuation
- Heartflow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion.
- They expect revenue for the three months ended June 30, 2025 to be approximately $42.9 million to $43.4 million, as compared to $31.1 million for the same period in 2024.
- Heartflow is scheduled to debut on Friday, August 8th. We anticipate the offering to be “well-received”.
WeWork India Pre-IPO – Lease Mismatch and Structural Strains
- WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
- WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
- In this note, we talk about the not-so-positive aspects of the deal.
Before it’s here, it’s on Smartkarma
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