In today’s briefing:
- Wuxi AppTec Placement – Momentum Is Very Strong, Though It Is a Bit Opportunistic
- NSDL – New Management, Revised Strategy — The Battle for Market Share Continues
- Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials
- Daehan Shipbuilding Pre-IPO: Decent Subscription Rates
- Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
- Executive Centre India Ltd Pre-IPO Tearsheet
- Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open
- Pre-IPO Ab&B Bio-Tech (PHIP Updates) – Some Points Worth the Attention
Wuxi AppTec Placement – Momentum Is Very Strong, Though It Is a Bit Opportunistic
- WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
- The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
- In this note, we will talk about the placement and run the deal through our ECM framework.
NSDL – New Management, Revised Strategy — The Battle for Market Share Continues
- This insight describes about NSDL (NSDL IN) ‘s complete overhaul in top management team over the last 12 months.
- The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
- The IPO provides investors a front-row seat opportunity to witness this turnaround.
Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials
- Eastenova, a China-based regenerative medicine specialist, is looking to raise at least US$100 million via a Hong Kong listing. The sole bookrunner is CCBI.
- In this note, we take a look at the company’s core product, XH301.
- Our research suggests that recalibration of the company’s potential is necessary given the intense competition and market deceleration.
Daehan Shipbuilding Pre-IPO: Decent Subscription Rates
- Daehan Shipbuilding (439260 KS) raised US$370m in its upcoming Korean IPO.
- It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
- Milky Mist Dairy Food Ltd (1023949D IN) (MMDFL) is looking to raise about US$237m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin and IIFL.
- MMDFL is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
- MMDFL is the fastest-growing packaged food firm in India among those with revenue above INR15,000m, having achieved a revenue CAGR of 29.82% from FY23-25, as per 1Lattice Report.
Executive Centre India Ltd Pre-IPO Tearsheet
- Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$300m in its upcoming India IPO. The bookrunners for the deal are Kotak and ICICI.
- ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
- As per Kantar Brand Study, it was recognised for offering high-end services in the premium flexible workspace segment across India, Singapore, the Middle East, and Asia in FY25.
Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open
- Ambiq Micro priced 4.0 million shares at $24.00. The share count was upsized 17.6% and the pricing was at the upper-half of the range.
- The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance.
- A conservative valuation and a small deal size assisted in this IPO being wildly successful.
Pre-IPO Ab&B Bio-Tech (PHIP Updates) – Some Points Worth the Attention
- Quadrivalent subunit influenza vaccine has been approved for market launch, but performance deteriorated due to product returns and provision for impairment of inventories.Fierce competition has intensified the pressure on profits.
- Core founding shareholders have no background in vaccine R&D.Ab&B lags behind in terms of R&D capabilities/forward-looking vision, leading to insufficient depth of pipeline layout and a decline in future competitiveness.
- After Series B financing, post-money valuation reached RMB4.2 billion. We think Ab&B Bio-Tech (ABB HK)’s valuation should be lower than CanSino, but would be higher than AIM Vaccine (6660 HK).
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