In today’s briefing:
- Zijin Gold IPO Valuation Analysis
- Chery Auto Pre-IPO – Thoughts on Valuation
- Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth
- Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open
- LB Pharmaceuticals Inc. (LBRX): Strong Open, Schizophrenia Biotech Finds Early Momentum
Zijin Gold IPO Valuation Analysis
- Our base case valuation of Zijin Gold suggests implied EV of US$40.4 billion and market cap of US$42.9 billion.
- Our EV/EBITDA valuation multiple of 14.3x is based on a 50% premium to the comps’ valuation multiple in 2026.
- We believe a 50% premium valuation to the comps’ average EV/EBITDA multiple is appropriate for Zijin Gold mainly due its higher sales growth, EBITDA margins, and ROE than the comps.
Chery Auto Pre-IPO – Thoughts on Valuation
- Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.
- Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
- We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.
Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth
- Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.
- Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.
- Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.
Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open
- Figure Technology Solutions priced 31.5M shares at $25.00, coming $3 above the upwardly revised $20–$22 range.
- According to our sources, the deal was considered multiple-times oversubscribed — north of 25-times oversubscribed.
- With strong financials, a proven founder, and outsized demand, the name has near-term trading appeal — but consolidation around the low-to-mid 30s is likely as hype cools.
LB Pharmaceuticals Inc. (LBRX): Strong Open, Schizophrenia Biotech Finds Early Momentum
- LB Pharmaceuticals (LBRX) priced an upsized IPO of 19.0 million shares at the midpoint of the range, $15.00. Shares opened at $19.00, delivering a +26.7% gain at first trade.
- Existing shareholders in previous rounds were likely anchoring the stock and providing stabilization in its debut.
- We expect short-term trading to follow the broader biotech sector trend, with catalysts tied directly to clinical and regulatory developments.
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