In today’s briefing:
- Delhivery IPO – Peer Comparison, What It Gains in Growth It Gives up in Margins
- Keep Pre-IPO – Market Leader in a Growing Market, However, Has Been on a Spending Spree
- Delhivery (RHD Updates): Unit Economics Have Taken a Beat
- Yunkang Group IPO – Has Improved Its Operating Metrics, but Still Reliant on COVID Boost
Delhivery IPO – Peer Comparison, What It Gains in Growth It Gives up in Margins
- 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 will undertake a peer comparison.
Keep Pre-IPO – Market Leader in a Growing Market, However, Has Been on a Spending Spree
- Keep Inc (KEEP HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
- Keep is an online fitness platform, offering online fitness content, smart fitness devices and fitness products.
- The firm aims to develop a closed-loop system where its offerings are complementary, thus servicing an individual’s entire fitness life cycle.
Delhivery (RHD Updates): Unit Economics Have Taken a Beat
- Delhivery (1058656D IN) is a fully integrated logistics player in India. The company’s application for a listing has been approved by the regulators.
- The IPO will be open from 11-13th May and the company has downsized the IPO from INR7,460 crore to INR5,235 crores, with existing shareholders offloading shares worth of INR1,235 crores.
- This insight focuses on new data points from the company’s Red Herring Document (RHD).
Yunkang Group IPO – Has Improved Its Operating Metrics, but Still Reliant on COVID Boost
- Yunkang Group (YK HK) is looking to raise US$139m in its Hong Kong IPO.
- Yunkang Group is a medical operation service provider in China and as per F&S, had a market share of 3.7% in China’s medical operation service market as per 2020 revenue.
- Yunkang saw its full-year FY21 performance pulled up in the later half of the year. Number of tests administered had also surged 3.45x YoY in FY21.
Before it’s here, it’s on Smartkarma
