This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. LG CNS IPO: Valuation Insights
- LG CNS (LGCNSZ KS), the IT service unit of LG Corp (003550 KS), seeks to raise up to US$837 million through a primary/secondary offering.
- We previously discussed the IPO in LG CNS IPO: The Bull Case and LG CNS IPO: The Bear Case.
- We examine the syndicate’s valuation methodology. Our analysis suggests that LG CNS is attractive in the IPO price range. We would participate in the IPO.
2. Bloks Group Likely To Price IPO at High End of Range: What To Expect From First Trading-Day?
- Bloks Group, a founder-led toy maker and owner of trusted brand “Blokees”, will price its IPO this week. Shares are set to begin trading on January 10, 2025.
- I would expect strong first trading-day return as HK public offering was already 5,000+ times oversubscribed at high end of marketed price range.
- I believe investors are rationally optimistic about the company. Bloks Group IPO attracted a surge of retail investors, and the stock may skyrocket above IPO price on first trading-day.
3. Bloks Group IPO – Outgrowing Its Peers, Decent Valuation
- Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
- Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
- In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.
4. Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life
- 2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. In 2024, IPO volumes were mainly driven by India, even as Hong Kong showed signs of turning a corner.
- We ended 2024 with an accuracy rate of 79.4% across 68 IPOs that we covered and 68.8% across 109 placements.
- For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.
5. Aequitas 2025 Asia IPO Pipeline – Hong Kong
- In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
6. Aequitas 2025 Asia IPO Pipeline – India
- In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
7. CaoCao Pre-IPO: Scaling up but a Cash Infusion Is Required
- CaoCao Inc (1646553D CH) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
- It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
- In this note, we look at the firm’s past performance.
8. Wuxi XDC Placement – A Repeat of Biologics Placement Saga, Last Deal Did Well
- WuXi AppTec (2359 HK) aims to raise around US$150m via selling around 3% stake in WuXi XDC Cayman (2268 HK).
- WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
- In this note, we will talk about the placement and run the deal through our ECM framework.
9. Aye Finance Ltd Pre-IPO Tearsheet
- Aye FInance Ltd (1239156D IN) (AFL) is looking to raise about US$171m in its upcoming India IPO. The bookrunners for the deal are Axis, IIFL, JM Fin, Nuvama.
- AFL is a non-banking financial company – middle layer (NBFC-ML) that focuses on providing loans to micro, small, and medium enterprises (MSMEs) across India.
- According to CRISIL Report, AFL is recognized as the fastest-growing NBFC in India among its peers with YoY AUM growth between FY24 and FY23, achieving a growth rate of 64%.
10. Guming Holdings (Goodme) Pre-IPO – Refiling Updates – Showing Some Recent Weakness in Margins
- Guming Holdings (GUM HK) is looking to raise US$300m in its upcoming Hong Kong IPO.
- Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
- In our earlier notes, we had looked at the firm’s past performance. In this note, we discuss its refiling updates.