In today’s briefing:
- WCP Delays IPO
- Sula Vineyards Pre-IPO Tearsheet
- Digital Turbine Inc.: Initiation of Coverage – Partnerships With Google & AccuWeather
- Concord Healthcare Group (CHG HK) Pre-IPO: Accumulated Loss and Cash Burn Cloud Growth Prospects
- WCP IPO – Peer Comparison and Valuation – Needs a Price Cut Not a Timeline Extension
WCP Delays IPO
- WCP announced today that it will delay its IPO. The book building for the institutional investors will start on 14 September (from 1 August previously).
- Our guess for the delay is because the company may have tapped some major institutions and they may not have been so bullish on the IPO at current IPO valuation.
- Our base case valuation of WCP is price of 87,805 won. Given the lack of upside relative to the IPO price range, we would PASS on this IPO deal.
Sula Vineyards Pre-IPO Tearsheet
- Sula Vineyards (1332009D IN) is looking to raise about US$175m in its upcoming India IPO. The deal will be run by Kotak, CLSA and IIFL Securities.
- Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia”.
- Currently, it produces 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.
Digital Turbine Inc.: Initiation of Coverage – Partnerships With Google & AccuWeather
- This is our first report on the mobile growth platform provider, Digital Turbine.
- Digital Turbine is now in an expansion mode as evident from its recent results as well as its acquisition-oriented strategy.
- However, in recent quarters, the investors of Digital Turbine have turned against various technology-focused assets, and its stock price also lost much value.
Concord Healthcare Group (CHG HK) Pre-IPO: Accumulated Loss and Cash Burn Cloud Growth Prospects
- Concord Healthcare Group (CHG HK), the second largest private oncology healthcare company in China, has submitted application proof for an IPO on the HK Stock Exchange in May 2022.
- The company has an accumulated loss of RMB1.7 billion during the last three years, with current net debt-to-capital ratio of 170.1%. Its finance cost account for 92.5% of total revenue.
- Concord has a cash balance of just RMB136 million, which makes it hard to grab the growth opportunities in China’s capital-intensive oncology healthcare services segment.
WCP IPO – Peer Comparison and Valuation – Needs a Price Cut Not a Timeline Extension
- WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
- WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
- In this note, we talk about the recent refiling updates, peer comparison and valuations.
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