In today’s briefing:
- Wuxi XDC Placement – Following Biologics Playbook, past Deals Have Been Mixed
- SmartStop Self Storage (SMA): IPO for Yield Chasers, Traditional Players on the Sidelines
- Sigenergy Technology Pre-IPO – Achieved Market Leadership Within Two Years in a Nascent Industry
- Maynilad Water Services Pre-IPO – The Negatives – Growth Hasn’t Always Been as Strong
Wuxi XDC Placement – Following Biologics Playbook, past Deals Have Been Mixed
- WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK).
- WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
- In this note, we will talk about the placement and run the deal through our ECM framework.
SmartStop Self Storage (SMA): IPO for Yield Chasers, Traditional Players on the Sidelines
- According to our sources, the deal is multiple-times oversubscribed — our sources stated around 5x.
- Self-Storage was Monday’s second best performing sub-sector (+1.8%) as the overall REIT sector (+0.7%) slightly outperformed the broader market.
- While the “typical” IPO investor may not be “enthused”, the timing for this type of deal “may” be ideal for yield-chasers.
Sigenergy Technology Pre-IPO – Achieved Market Leadership Within Two Years in a Nascent Industry
- Sigenergy Technology (Sigenergy) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
- Sigenergy is a market leader in the stackable all-in-one DESS solutions market. Since inception, its sales grew exponentially as it expands its distribution network, causing net loss to narrow significantly.
- There are various areas of risks regarding its high customer and supplier concentration, high raw material sensitivity, high related party transactions, and having a short operating history.
Maynilad Water Services Pre-IPO – The Negatives – Growth Hasn’t Always Been as Strong
- Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.
- MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
- In this note, we talk about the not-so-positive aspects of the deal.
Before it’s here, it’s on Smartkarma
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