Daily BriefsIPOs and Placements

Equity Capital Markets: Thai Beverage, Lunit, DXN Holdings, ClouDr Group, Sona BLW Precision Forgings and more

In today’s briefing:

  • ThaiBev’s BeerCo IPO: Third Time’s the Charm?
  • Lunit IPO Preview: A Pioneer in AI-Based Cancer Diagnosis and Treatment Solutions
  • DXN Holdings Pre-IPO Tearsheet
  • ClouDr (智云健康) Pre-IPO – PHIP Updates – Mixed Results, Strong Growth Could Be Masking Some Volatility
  • Sona Comstar Lock-Up – Blackstone up 17x, Sold Half in the IPO with over US$1bn Left

ThaiBev’s BeerCo IPO: Third Time’s the Charm?

By Arun George

  • Thai Beverage (THBEV SP)’s BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion (vs US$2 billion previously), according to press reports. 
  • In 1HFY2022, the group revenue returned to growth due to Vietnam. The easing of restrictions in Thailand should boost volumes in 2HFY2022.  
  • Creditably despite rising raw material costs, the margins remained steady helped by forward buying contracts. However, the unwinding of the forward contracts will likely lead to margin pressures in FY2023.

Lunit IPO Preview: A Pioneer in AI-Based Cancer Diagnosis and Treatment Solutions

By Douglas Kim

  • Lunit is getting ready to complete its IPO in Korea in July. The IPO base deal size is from $42 million to $46 million.
  • Established in 2013, Lunit is one of the leading companies in Korea that specializes in AI-based cancer diagnosis and treatment solutions.
  • Lunit is a pioneer in the medical artificial intelligence industry. The company has developed and commercialized AI-assisted detection solutions that complement human visual limitations through deep learning technology. 

DXN Holdings Pre-IPO Tearsheet

By Ethan Aw

  • DXN Holdings (2080694D MK) is looking to raise about US$300m in its upcoming Malaysia IPO. The deal will be run by Maybank, CIMB, CLSA and RHB.
  • As a global health and wellness direct selling company, DXN’s portfolio consists of health and wellness consumer products such as fortified food and beverages, health and dietary supplements and more. 
  • It has 291 stock keeping units (SKUs) of health and wellness consumer products manufactured in-house and distribution footprints in 50 countries as of the Latest Practicable Date (30 Apr 2022). 

ClouDr (智云健康) Pre-IPO – PHIP Updates – Mixed Results, Strong Growth Could Be Masking Some Volatility

By Clarence Chu

  • ClouDr Group (16897333D CH) is looking to raise around US$100m in its upcoming Hong Kong IPO. 
  • The firm is a digital chronic condition management solution provider and is market leader in China in terms of the number of SaaS installations in hospitals and pharmacies in 2020.
  • In this note, we will discuss ClouDr’s recent PHIP updates. 

Sona Comstar Lock-Up – Blackstone up 17x, Sold Half in the IPO with over US$1bn Left

By Sumeet Singh

  • Sona Comstar (Sona) raised around US$761m in its Indian IPO in Jun 2021. 
  • The shares are now trading well above the IPO price and its largest PE investor, Blackstone, will be released from its lockup soon.
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

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