Daily BriefsIPOs and Placements

Equity Capital Markets: Broncus, Laowang Holding, TDCX and more

In today’s briefing:

  • Broncus (堃博医疗) Pre-IPO: Thoughts on Valuation
  • Laowang Holding Pre-IPO Tearsheet
  • TDCX Inc. Pre-IPO Tearsheet

Broncus (堃博医疗) Pre-IPO: Thoughts on Valuation

By Ke Yan, CFA, FRM

Broncus Holding is a leading interventional pulmonology company in China and globally. The company has commercialized the whole lung access navigation and treatment technology. The company is looking to raise up to USD 300 m via a Hong Kong listing.

In our previous note, we discussed that the company’s core product, InterVapor, is a minimally invasive surgery that uses heated water vapor to treat the chronic obstructive pulmonary disease (COPD). In addition to the COPD indication, the company plans to further develop the product for the treatment of lung cancer. Another core product, RF-II uses radio frequency to treat lung cancer. Besides InterVapor and RF-II, the company also has a commercialized lung navigation system which has a leading market share in China. However, we believe the market for the lung navigation system is still in the early stage of development in China and hence the small market size.  We think the company has a strong pre-IPO investor line-up with backing from the founder of VenusMedtech and its management team is experienced. 

In this note, we will provide our thoughts on pre-money valuation of Broncus.

Laowang Holding Pre-IPO Tearsheet

By Clarence Chu

Laowang Holding is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai. 

Laowang Holding is the largest Cantonese hot pot chain restaurant in China based on revenue, as per Frost & Sullivan (F&S). It operates three self-developed distinctive brands: Want Hotpot, Guoji Hotpot and Soup for the Soul. As of the latest practicable date (23 Aug 21), it operated 135 non-franchised chain restaurants in 25 cities across Mainland China and one restaurant in Taipei, Taiwan. 

TDCX Inc. Pre-IPO Tearsheet

By Clarence Chu

TDCX (TDCX US) is looking to raise up to US$400m in its upcoming US IPO. The deal will be run by GS and CS.

TDCX Inc. is a Singapore-headquartered digital customer experience (CX) provider that primarily caters outsourcing services to clients in new economy sectors and traditional blue-chip firms undergoing digital transformation. As of Jun 21, they serve 43 global clients and are on 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.

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