In today’s briefing:
- UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds
- UACJ Placement: Lacklustre Financial Performance in Recent Period
- 3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive
- Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation
- Meesho – Potential Play on Value E-Commerce
- Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors
- Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation
- Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect
- Pre-IPO Mandi Inc. – The Business Model, the Concerns and the Valuation
UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds
- UltraGreen.AI (2594794D SP) raised around US$400m in its 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 background and pricing in our earlier note, in this note we talk about the trading dynamics.
UACJ Placement: Lacklustre Financial Performance in Recent Period
- Furukawa Electric is looking to sell around US$128m of Uacj Corp (5741 JP.
- The deal is a big one, representing 23.3 days of three months ADV and 5% of outstanding stock.
- In this note, we will talk about the placement and run the deal through our ECM framework.
3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive
- 3SBio Inc (1530 HK) announced the placement of 105.2M shares for subscription at HK$29.62 per share.
- The company intends to use 80% of the net proceeds for R&D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.
- The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.
Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation
- Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
- As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
- Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.
Meesho – Potential Play on Value E-Commerce
- Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
- We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
- IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).
Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors
- Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
- Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
- In this note, we will talk about the lockup dynamics and possible placement.
Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation
- Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.
- The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.
- The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.
Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect
- Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.
- The company intends to use the IPO proceeds for R&D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.
- Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.
Pre-IPO Mandi Inc. – The Business Model, the Concerns and the Valuation
- Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain.
- The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.
- An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.
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