Daily BriefsIPOs and Placements

Equity Capital Markets: Asymchem Laboratories, Horizon Construction Development, Mitratel, Weilong Delicious Global and more

In today’s briefing:

  • Asymchem Labs A/H Listing – PHIP Updates and a Look at Valuations
  • Horizon Construction Dev (宏信建设发展) Pre-IPO – Good Growth, Stable Margins, but Fueled by Debt
  • Dayamitra (Mitratel) IPO Trading – Heading for a Decent Debut
  • ECM Weekly (21st Nov 2021) – Weilong, Cloud Village, SF Intra, China Tourism, Asymchem, Gushengtang

Asymchem Labs A/H Listing – PHIP Updates and a Look at Valuations

By Sumeet Singh

  • Asymchem Laboratories (AL) aims to raise around US$1-1.5bn in its H-share listing in Hong Kong.
  • AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
  • In this note, we will talk about the recent updates, undertake a peer comparison and look at the likely valuations.

Horizon Construction Dev (宏信建设发展) Pre-IPO – Good Growth, Stable Margins, but Fueled by Debt

By Zhen Zhou, Toh

  • Horizon Construction Development (1887128D HK) (HCD) is looking to raise US$500m in its upcoming Hong Kong IPO.
  • HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
  • The company has been growing fast while margins have been largely stable but we are not particularly excited about the business.

Dayamitra (Mitratel) IPO Trading – Heading for a Decent Debut

By Zhen Zhou, Toh

  • Mitratel (1319Z IJ) raised about US$1.3bn in its IPO at IDR800 per share, close to the bottom of its initial price range.
  • Dayamitra Telekomunikasi (Mitratel) is a tower leasing unit of Telkom Indonesia.
  • The IPO was not upsized to the maximum number of shares, hence, fast entry is unlikely but valuation still implies upside vs Indo peers.

ECM Weekly (21st Nov 2021) – Weilong, Cloud Village, SF Intra, China Tourism, Asymchem, Gushengtang

By Zhen Zhou, Toh

  • Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
  • India IPO will likely take a breather after Paytm (PAYTM IN) disastrous debut.
  • Hong Kong will be Hong Kong will be where most of the attention will be after getting a wave of approvals in this week. Stay tuned to our coverage.

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