In today’s briefing:
- UltraGreen.ai IPO: High Growth and High Margins, Market Leader
- Klook Travel Technology (KLK): Peeking at the IPO Prospectus of a Hong Kong Based Travel Platform
- Chagee Holdings (CHA) Six-Month Summary: Stark Warning on Volatility, China-Based IPO Risk
- Hornbeck Offshore Services, Inc. (HOS): Peeking at the IPO Prospectus of Marine Services Company
- NS Group (471A) IPO: The Investment Case
- SBI Shinsei Bank Pre-IPO – Peer Comparison
- Pre-IPO Guangzhou Xiao Noodles Catering Management (PHIP Updates) – Some Points Worth the Attention
UltraGreen.ai IPO: High Growth and High Margins, Market Leader
- UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
- UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
Klook Travel Technology (KLK): Peeking at the IPO Prospectus of a Hong Kong Based Travel Platform
- Klook leads APAC’s fast-growing travel-experiences market with mobile-first, AI-driven personalization and deep merchant integration across 310,000 offerings in 4,200 destinations.
- Rapid GTV and profit-margin improvement highlight growing scale, strengthened monetization, and rising APAC demand in an under-digitized, fragmented global experiences sector.
- Despite strong positioning, IPO prospects face scrutiny given sector volatility and recent peer underperformance, warranting cautious investor evaluation ahead of 2025 pricing.
Chagee Holdings (CHA) Six-Month Summary: Stark Warning on Volatility, China-Based IPO Risk
- Chagee’s IPO surged early but collapsed, falling nearly 70% from its debut high amid intense market and China-based issuer volatility.
- Weak U.S. sponsorship and a sales miss triggered sustained selling pressure, pushing CHA far below its $28 issue price.
- The deal highlights 2025’s unforgiving IPO environment, where consumer and China-linked listings face sharp downside risk when momentum fades.
Hornbeck Offshore Services, Inc. (HOS): Peeking at the IPO Prospectus of Marine Services Company
- Hornbeck operates one of the world’s largest high-spec offshore fleets, serving diversified markets including oilfield services, military support, and emerging offshore wind.
- Strong revenue growth and consistent profitability reflect resilient demand across deepwater energy, specialty services, and expanding non-oilfield markets.
- IPO prospects hinge on market timing and valuation, as energy-related offerings have produced mixed results in 2025.
NS Group (471A) IPO: The Investment Case
- NS Group (471A JP) is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.
- The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.
- The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage.
SBI Shinsei Bank Pre-IPO – Peer Comparison
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
- SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
- We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison
Pre-IPO Guangzhou Xiao Noodles Catering Management (PHIP Updates) – Some Points Worth the Attention
- Xiao Noodles’ advantage doesn’t come from a single product, but from a set of replicable systematic capabilities.However, investors are concerned growth is driven by capital rather than endogenous healthy growth.
- Valuation would be lower than those mature brands that have proven profitability in the short term, but would be higher than the companies that are still exploring profit paths.
- Comfortable valuation could be P/E of 15-20x, which indicates arbitrage space. But in long term, business model will be difficult to sustain if there’s no breakthrough in profit margin performance.
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