In today’s briefing:
- SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret
- Will A Saudi Arabian Investment Company Save Kum Yang From Delisting?
- Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company
- ICICI Pru AMC Pre-IPO Tearsheet
- Pre-IPO Guangzhou Xiao Noodles Catering Management – Pain Points in Operation Mode and Profit Margin
- Unisplendour Corp A/H Listing – Growth Slowing, Margins Dropping
SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret
- State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.
- Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Will A Saudi Arabian Investment Company Save Kum Yang From Delisting?
- In this insight, we discuss whether a Saudi Arabian investment company (SKAEEB) could save Kum Yang (001570 KS) from delisting.
- There are several aspects of this deal with SKAEEB that are a bit fishy.
- 1) A 50% Market Premium is Not Justified; 2) Does SKAEEB have enough money? 3) Control does not change
Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company
- The company describes itself as a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute.
- For the three months ended March 31, 2025 and 2024, they generated net sales of $15.7 million and $15.2 million, respectively.
- The sector in which this company operates is one that is in favor. Powering the AI trade is one that investors are highly engaged in at the moment.
ICICI Pru AMC Pre-IPO Tearsheet
- ICICI Prudential AMC (570643Z IN) (IPru AMC) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by a consortium of banks.
- IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
- The IPO is entirely an offer for sale by one of the promoters, Prudential Corporation Holdings Limited.
Pre-IPO Guangzhou Xiao Noodles Catering Management – Pain Points in Operation Mode and Profit Margin
- Although the revenue is growing, net profit margin is low, which is due to Xiao Noodles’ operational model, high costs, products and brand positioning. Key performance indicators declined in 2024.
- If competition becomes increasingly fierce and Xiao Noodles’ price reduction strategy continues, the investment return period would be longer, which will affect the Company’s future expansion plans and performance growth.
- Based on our forecast, pre-IPO valuation of RMB3 billion is expensive. If Xiao Noodles is unable to reverse the trend of declining performance, it will face valuation discounts after IPO.
Unisplendour Corp A/H Listing – Growth Slowing, Margins Dropping
- Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.
- UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
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