In today’s briefing:
- Vigonvita Life Sciences (旺山旺水) Pre-IPO Tearsheet
- Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw
- ASX200 Index AdHoc Rebalance Preview: Mesoblast (MSB) Could Replace Arcadium Lithium (LTM) Next Week
- AMS: Positive Implications of Expanding O&O Footprint, Patient Retail Segment
- Pre-IPO Fujian Haixi Pharmaceuticals – The Concerns on the Pipeline and the Outlook
- SeedWorks International Ltd Pre-IPO Tearsheet
Vigonvita Life Sciences (旺山旺水) Pre-IPO Tearsheet
- Vigonvita is looking to raise at least US$100 million via a Hong Kong listing.
- Vigonvita has commercialized COVID-19 anti-viral drug and is expanding the indication to RSV.
- The main contributor to the company’s develop is not holding a key management role.
Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw
- Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries.
- The company is seeking a valuation between $667m-$762m based on the $14-$16 range.
- Given the financials, sector in which this company operates in and the strong backing, it is our early opinion that the IPO will likely be well-received.
ASX200 Index AdHoc Rebalance Preview: Mesoblast (MSB) Could Replace Arcadium Lithium (LTM) Next Week
- There could be ad hoc change for the S&P/ASX 200 (AS51 INDEX) prior to the announcement of the changes at the March rebalance.
- Arcadium Lithium (LTM AU) could stop trading next week following the acquisition by Rio Tinto Ltd (RIO AU). The Royal Court of Jersey could sanction the scheme on 5 March.
- Mesoblast (MSB AU) is a high probability inclusion to the index, followed by DigiCo Infrastructure REIT (DGT AU). The stock that misses out will be added at the regular rebalance.
AMS: Positive Implications of Expanding O&O Footprint, Patient Retail Segment
- With recent approval from state regulators to move forward on a planned O&O PBRT facility in Rhode Island, we expect this and other potential new projects will likely leverage an ‘asset-light’ approach.
- The company has outlined a relatively asset-light model that includes seeking partners to reduce its upfront capital investment and still retain a majority interest in the center.
- Depending on the potential partner, this measure could not only reduce AMS’s upfront capital commitment, but potentially also broaden the medical services that the center could offer.
Pre-IPO Fujian Haixi Pharmaceuticals – The Concerns on the Pipeline and the Outlook
- Sales of generic drugs are the largest performance contributor. However, due to VBP and the price reduction, Haixi’s generic drug business may shrink and is hard to drive future growth.
- Haixi’s valuation outlook would be mainly based on innovative drug pipeline. The primary goal is to address the issue of druggability of C019199. Haixi needs to provide convincing clinical data.
- Valuation of Haixi was about RMB1.948 billion in 2022. Considering the VBP, R&D failure risk of C019199, no licensing cooperation with MNCs, we think valuation could be lower than peers.
SeedWorks International Ltd Pre-IPO Tearsheet
- SeedWorks International Ltd (1441147D IN) (SIL) is looking to raise about US$115m in its upcoming India IPO. The bookrunners for the deal are Equirus, DAM, SBI.
- SIL is a seed research and development organization engaged in the research, production, and marketing of hybrid seeds as well as open-pollinated variety (OPV) seeds for rice, wheat, and mustard.
- According to F&S Report, the company was the second fastest-growing Indian seed company in terms of revenues between FY21-24, with a CAGR of 11.98%.
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