In today’s briefing:
- Whirlpool of India OFS Early Look – Another Large Selldown by Parent
- HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future
- Guming Holdings (Good Me) IPO Preview
- Brainbees Solutions (FirstCry) – US$2bn IPO Lockup Expiry with Most Investors Still in the Money
- Euro Pratik Sales Ltd Pre-IPO Tearsheet
- Dorf-Ketal Chemicals India Ltd Pre-IPO Tearsheet
- Aardvark Therapeutics (AARD): Obesity Related Biotech Seeking $85m After Setting Terms for IPO
- Sionna Therapeutics Inc. (SION): Biotech Guiding to High-End Pricing; Expecting Strong Outcome
Whirlpool of India OFS Early Look – Another Large Selldown by Parent
- Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
- In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
- In this note, we talk about the past deal performance and other deal dynamics.
HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future
- Drilling equipment and service provider updated the terms for its IPO in late January.
- They had total revenue of $577.2 million and $614.8 million and net income of $10.2 million and $44.9 million in the first three quarters of 2023 and 2024, respectively.
- The Houston based company would be following three previous energy IPOs: Flowco Holdings (FLOC US) , Venture Global LNG (VG US) and Infinity Natural Resources (INR US)
Guming Holdings (Good Me) IPO Preview
- Guming Holdings (1364 HK) (Good Me) is getting ready to complete its IPO on the Hong Kong Exchange in February.
- At the high end of the IPO price range, the listing will raise about HK$1.58 billion (US$220 million).
- Guming is a ready-to-drink beverage company specializing in freshly made tea beverages.
Brainbees Solutions (FirstCry) – US$2bn IPO Lockup Expiry with Most Investors Still in the Money
- BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to expire soon.
- In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.
- In this note, we will talk about the lockup dynamics and possible placement.
Euro Pratik Sales Ltd Pre-IPO Tearsheet
- Euro Pratik Sales Ltd (7778885Z IN) (EPS) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Axis, Dam Capital.
- The company operates in the decorative wall panel and decorative laminates industry as a prominent seller and marketer of Decorative Wall Panels and Decorative Laminates.
- According to the Technopak Report, has established itself as one of the largest organized Wall Panel brands, with a market share of 15.87% by revenue.
Dorf-Ketal Chemicals India Ltd Pre-IPO Tearsheet
- Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCIL) is looking to raise about US$579m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, HSBC, JPM, MS, Motilal.
- DKCIL is an R&D with innovation-focused global manufacturer and supplier of specialty chemicals, catering to the hydrocarbons and industrial supply chains.
- According to the F&S Report, the company is one of the major producers in the development, commercialization, and application of specialty chemicals in India.
Aardvark Therapeutics (AARD): Obesity Related Biotech Seeking $85m After Setting Terms for IPO
- The company set terms for an IPO on Thursday seeking up to $85m if the offering prices at the middle of the ($16-$18) range.
- Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.
- Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.
Sionna Therapeutics Inc. (SION): Biotech Guiding to High-End Pricing; Expecting Strong Outcome
- The current price guidance is pointing to the high-end of the prevailing $16-$18 range with allocations expected to be “cut-back”.
- This biotech is extremely well-backed with RA Capital entering the IPO as the company’s largest shareholder (29.2% pre-IPO stake).
- Clinical-Stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients is set to go public on Friday.
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