In today’s briefing:
- T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
- JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
- Nephrocare Health Services Pre-IPO Tearsheet
- BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive
- HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand
T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
- On 7 August, T’Way Air (091810 KS) announced a large scale capital raise plan worth 200 billion won, representing 49% of its current market cap (409 billion won).
- This capital raise plan will include a third-party allocation worth 110 billion won based on the market price without discount. It will also issue CB/BW worth 90 billion won
- We maintain Negative on T’Way Air. The capital raise of 200 billion won is likely to be dilutive to existing shareholders and its valuations remain high relative to its peers.
JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
- JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
- JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.
Nephrocare Health Services Pre-IPO Tearsheet
- Nephrocare Health Services Limited (0542669D IN) is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.
- Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal.
- NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services along with critical care treatments such as plasmapheresis and hemodiafiltration.
BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive
- Shandong BoAn Biotechnology (6955 HK) is placing 48M shares, representing 7.7% of the total number of issued shares post placement. Placement price is HK$16.42, 9% discount to last undisturbed price.
- The expected net proceeds of ~HK$780M will be used for funding R&D of innovative product candidates and commercialization of marketed and upcoming products.
- This is the second placement of the company this year. In June, Boan Biotech raised ~HK$396M through placing 26.7M shares. The company is not expected to raise fund anytime soon.
HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand
- Shares opened with a 47.3% gain and quickly surged to $31.50 before settling into a stable trading range for most of the session.
- The price range itself had been lifted from the initial $15–$17, underscoring the strength of investor demand.
- The order book ultimately finished 20-times oversubscribed, driven by sizable long-only conversions and strong interest from healthcare-dedicated funds.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
