In today’s briefing:
- Tata Capital Pre-IPO – The Negatives – Recent Merger Wasn’t All that Great
- Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance
- Klarna IPO Valuation Analysis
- WuXi XDC Cayman (2268 HK) Placement: Capex to Accelerate Growth Momentum
- Myungin Pharm Pre-IPO: Domestic Leader, Partial Monetization for Founders
- Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation
- Ligent Technologies Pre-IPO Tearsheet
- Via Transportation Inc. (CI): Transportation Solutions Provider Sets Terms Seeking $3.5b Valuation
- Hesai Secondary HK Offering – Stock Has Been Recovering, a Look at Possible Trading Setup
- Pre-IPO Shanghai Forest Cabin Biological-Tech – The Business Model and the Concerns Behind
Tata Capital Pre-IPO – The Negatives – Recent Merger Wasn’t All that Great
- Tata Capital Limited (TATACAP IN) is looking to raise up to US$2bn in its upcoming India IPO.
- Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
- In this note, we talk about the not-so-positive aspects of the deal.
Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance
- Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
- The deal is a relatively small one, representing 4.8 days of the stock’s three month ADV, despite being 22.8% of total shares outstanding.
- In this note, we look at Metaplanet and its peers.
Klarna IPO Valuation Analysis
- Klarna is getting ready to complete its IPO on the New York Stock Exchange.
- Klarna is offering 34.3 million shares at $35 to $37 per share. At the high end of the IPO price range, the company would be able to raise $1.27 billion.
- Our base case valuation is 5.4% lower than the low end of the IPO price range. Given the lack of upside, we have a Negative View of the Klarna IPO.
WuXi XDC Cayman (2268 HK) Placement: Capex to Accelerate Growth Momentum
- WuXi XDC Cayman (2268 HK) is placing up to 22M shares at the placing price of HK$58.85 per share to raise a maximum gross proceed of HK$1,311M under general mandate.
- The company will also issue ~24M shares to its controlling shareholder Wuxi Biologics at HK$58.85 per share for a total consideration of ~HK$1,420M, subject to independent shareholders’ approval.
- 90% of the proceeds will be used for further expansion of the company’s production capacity in relation to clinical and commercial manufacturing for bioconjugates, drug substances, and drug products.
Myungin Pharm Pre-IPO: Domestic Leader, Partial Monetization for Founders
- Myungin Pharmaceutical (MYUNGIN KS) is looking to raise up to US$142m in its upcoming Korean IPO.
- Myungin Pharm specializes in central nervous system (CNS) therapeutics, with an extensive product line-up of over 200 CNS products.
- In this note, we provide updates on the firm’s past performance.
Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation
- Genfleet, a China-based clinical-stage biotech, is looking to raise USD 250 million via a Hong Kong listing. The sole book runner is CITIC.
- In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.
- In this note, we will provide an rNPV-based valuation for the company.
Ligent Technologies Pre-IPO Tearsheet
- Ligent Technologies (LGT HK) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citibank and CITIC Securities
- Ligent Technologies is a global provider of optical communication and connectivity products that support the high-speed data needs of AI computing networks, cloud services, and telecom infrastructure.
- Its main offerings include optical transceivers (including datacom and telecom solutions), optical chips, and optical network terminals. These solutions power applications for data centers, telecom operators and computing systems.
Via Transportation Inc. (CI): Transportation Solutions Provider Sets Terms Seeking $3.5b Valuation
- Via Transportation will offer 10.7 million shares at $40-$44 and is scheduled to debut on Friday, September 12th.
- Wellington Management has indicated an interest in purchasing up to $100 million in shares of Class A common stock in this offering.
- With a large addressable market and solid revenue numbers, the company is positioned nicely for growth in the future.
Hesai Secondary HK Offering – Stock Has Been Recovering, a Look at Possible Trading Setup
- Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong.
- The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
- In this note, we’ll take a look at the deal and talk about the impact of the raising.
Pre-IPO Shanghai Forest Cabin Biological-Tech – The Business Model and the Concerns Behind
- FOREST CABIN holds a leading position in camellia oil segmentation, with mid-to-high end positioning and high gross profit margin. But high operating cost will put pressure on net profit margin.
- Considering the risk of recession/depression, consumption downgrade and reducing non-rigid spending will be the main theme in short term. 50% YoY revenue growth in 2024 is likely to be unsustainable.
- Valuation of FOREST CABIN could be lower than peers. Stock price performance would highly depend on market sentiment, company growth trend, and visibility of profitability at the time of listing.
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