In today’s briefing:
- Urban Company IPO – Hyperlocal SME Services Increases Disintermediation Risk
- Klarna IPO (KLAR US) – Underwhelming Valuations Against Key Comparables
- WaterBridge Infrastructure LLC (WBI): Peeking at the IPO Prospectus of a Oil & Gas Tertiary Play
Urban Company IPO – Hyperlocal SME Services Increases Disintermediation Risk
- Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO.
- UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
- In this note, we look at the company’s past performance.
Klarna IPO (KLAR US) – Underwhelming Valuations Against Key Comparables
- Klarna shares are set to start NYSE trading on 10 September; the issue price range implies a market capitalisation of USD12.8bn to USD13.6bn; we believe that its valuation looks underwhelming
- The Klarna IPO valuation versus its peers does, however, show Affirm’s very stretched valuation and we downgrade it to a sell; we upgrade Kakao Pay to a neutral from sell
- We keep PagSeguro, PayPal and Nexi on the buy list for their value credentials; we believe that PayPal is also the best value of the major BNPL players
WaterBridge Infrastructure LLC (WBI): Peeking at the IPO Prospectus of a Oil & Gas Tertiary Play
- WaterBridge Infrastructure filed for IPO on August 22nd and is to likely debut in late September or Early October.
- Their customers include active and well-capitalized E&P companies in the areas in which they operate, including BPX Energy, Chevron, Devon Energy Corporation, EOG Resources and Permian Resources.
- They had total revenue of 167.8 million and $166.3 million and net loss of $44.5 million and $29.8 million in the first half of 2024 and 2025, respectively.
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