ECM Weekly (7th March 2021) - Coupang, DDMP REIT, Aztech, Baidu HK, Autohome HK, Tuya

387 Views07 Mar 2021 10:10

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

A handful of IPO bookbuild launched this week while Asia IPO pipeline continues to build up. Ting Hsin, the company behind Master Kong brand, is said to be mulling the IPO of its restaurant business. In Australia, Latitude Financial Services (1272471D AU) is trying to IPO for the third time. Last but not least, in Indonesia, three state-based geothermal companies are planning to merge and head for an IPO that could raise more than US$500m.

In Hong Kong, it was reported thatBaidu (BIDU US) has gotten approval for its Hong Kong secondary listing while Autohome Inc (Adr) (ATHM US) launched its bookbuild. Sumeet Singh the two listings in:

In the Philippines, DDMP REIT (1848316D PM) launched its bookbuild. Valuation is undemanding while Areit (AyalaLand REIT) (AREIT PM) strong trading in the past few months despite the poor debut should help.

In the U.S., Coupang (CPNG US) is raising up to US$3.6bn with an implied top-end market cap of US$51bn. Valuation isn't cheap but near-term factors could still help the deal trade well on debut.

Ke Yan, CFA, FRM continued Hong Kong Healthcare IPO coverage with an initiation on Chaoju Eye Care Holdings (CEC HK)

A-City Group (1810341D HK) re-filed its draft prospectus after its application lapsed last year. We covered the basic aspects of the company earlier last year in:

There was also Tuya Inc (1869782D US)'s F-1 filing with the SEC. News reports indicated that the company is aiming for a deal size of about US$1bn. We covered the basic aspects and platform review in:

ECM in Singapore had been a mixed bag. While it was great to see another large non-REIT IPO (Aztech) come to market after Nanofilm Technologies International (NANO SP), Kinderworld's US$100m IPO was pulled once again due to poor demand. That said, things are looking up for Aztech. Demand looked strong as we heard that books were multiple times covered and closed a day early.

Last but not least, in India, Aadhar Housing Finance Ltd (1218027D IN), which filed its draft red herring prospectus in January, was aiming to launch its US$1bn IPO in the first half of this year. Sumeet Singh covered the IPO in:

Accuracy Rate:

Our overall accuracy rate is 74% for IPOs and 67.4% for Placements

(Performance measurement criteria is explained at the end of the note)

New IPO filings this week

  • Monde Nissin (Philippines, US$1.3bn)
  • Tuya (the U.S., US$1bn)
  • Zhihu (the U.S., US$1bn)
  • A-City Group (Hong Kong, re-filed)
  • Utkarsh SFB (India, US$180m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.

News on Upcoming IPOs

Analysis on Upcoming IPOs

Hong Kong

Bairong Pre-IPO - The Positives - Largest Independent Big-Data Analytics Provider


Bairong Pre-IPO - The Negatives - Playing with Its Own Data

Betta Pharma

Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out


ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok


ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H?


ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants


ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok


ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India


ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges


Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive


Dida Pre-IPO - Making Hay While Big Brother Retreats


Dida Pre-IPO - Earnings Forecast and First Stab at Valuation


Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability

Intco Med

Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1


Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement


Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained

RemeGenRemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48
ToplistToplist China Pre-IPO - Overwhelmingly More Negatives than Positives
TaslyTasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters
WeDoctorWeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More
WeDoctorWeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor
Youran DairyChina Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market
Aadhar HousingAadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures
ASKASK Investment Managers Pre-IPO - Riding on a Wave of Wealth
Anmol IndAnmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers

Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It

CMS InfoCMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right
Crystal CropCrystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers
ESAF SFBESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party
Flemingo Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
Emami CemEmami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO
NSENSE IPO Preview- Not Only Fast..its Risky and Expensive
NSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO
Penna CemPenna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid
PNB MetPNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers
Samhi HotelsSamhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
ThaiBev BeerThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control
ThaiBev BeerThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation
The U.S.
TuyaTuya (涂鸦智能) Pre-IPO - Ride the IoT Wave Via Tuya’s Platform
TuyaTuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review
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