In today’s briefing:
- Delhivery IPO – Thoughts on Valution, Touch-And-Go
- Campus Activewear IPO Trading – Strong Bookbuild and Anchor
- Yunkang IPO (PHIP): Growth Still Largely Driven by COVID
Delhivery IPO – Thoughts on Valution, Touch-And-Go
- Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank
- Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
- We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation.
Campus Activewear IPO Trading – Strong Bookbuild and Anchor
- Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The IPO was a 100% secondary selldown.
- The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.
- Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering.
Yunkang IPO (PHIP): Growth Still Largely Driven by COVID
- Yunkang Group (2325 HK) is a medical operation service provider in China and offers a full suite of diagnostic testing services.
- The company’s IPO application has been approved and plans to raise about US$139m. In this insight, we have highlighted some of the key new data points from PHIP filing.
- Revenue grew 8.8% YoY in 2021 excl. Cov-19 tests (vs 80.2% from Cov-19 tests) and we are yet to see major improvements excluding the positive impact on margins from COVID.
Before it’s here, it’s on Smartkarma
