Equity Capital Markets

Weekly Top Ten Equity Capital Markets – Jan 12, 2025

By January 12, 2025 No Comments
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

By Arun George, Global Equity Research Ltd


2. Bloks Group Likely To Price IPO at High End of Range: What To Expect From First Trading-Day?

By Andrei Zakharov

  • 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

By Clarence Chu, Aequitas Research

  • 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

By Sumeet Singh, Aequitas Research

  • 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

By Sumeet Singh, Aequitas Research

  • 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

By Sumeet Singh, Aequitas Research

  • 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

By Nicholas Tan, Aequitas Research

  • 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

By Sumeet Singh, Aequitas Research

  • 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

By Rosita Fernandes, Aequitas Research

  • 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

By Clarence Chu, Aequitas Research

  • 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.