ECM Weekly (8 Jun 2019) -ESR Cayman, Shanghai Henlius, Edvantage, JH Education
Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
It will be a busy week of debuts in Hong Kong with China Tobacco International (HK) (6055 HK) and China East Education (667 HK) listing on Wednesday, Tai Hing (6811 HK) on Thursday, and Hansoh Pharmaceutical (3692 HK) on Friday.
New IPOs are still coming as we heard that Impro Precision is pre-marketing for its US$150m IPO while Hutchison China MediTech has been approved and will be launching its IPO soon. ManpowerGroup Greater China have already started pre-marketing as well.
Jinxin Fertility Co Ltd (1659778D CH) will likely open books next Tuesday and was previously expected to be raising US$500m. Ke Yan, CFA, FRM has already shared his initial thoughts on the company in:
ESR Cayman (ESR HK) decided to delay its bookbuild on Monday citing trade war jitters. But, on Tuesday, markets turned around sharply after Powell suggested that the fed could cut rates in light of trade war, giving the green light for ESR's IPO. Sumeet Singh wrote his final thoughts on valuation in:
In India, activity seems to be picking up. Penna Cement gets the go-ahead from Sebi for its US$200m IPO while Shyam Steel filed on Sebi for a US$72m IPO which could launch in November.
Whereas, in the US, we are disappointed by GSX Techedu (GSX US) poor debut as it joins the ranks of other poor performing US-listed China online education companies. Wanda Sports also just filed with the SEC on Friday which could potentially be interesting. We will share our early thoughts on the company next week.
Accuracy Rate:
Our overall accuracy rate is 72.2% for IPOs and 63.6% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Bank of Guizhou (Hong Kong, US$1bn)
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
- Mr DIY plans 40% dividend payout post-IPO, to submit draft prospectus soon
- Hyderabad-based Penna Cement gets Sebi nod for Rs 1,550 crore IPO
- Shapoorji Pallonji Group’s first IPO looks to raise Rs 4,500 crore
- China's Wanda Sports files for US IPO partly to pay down loan
Analysis on Upcoming IPOs
- Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars
- JH Education (嘉宏教育) IPO Review - Growth Will Only Materialize Later
- ESR Cayman IPO - Richly Valued
- Edvantage (中汇集团) Pre-IPO Review - Slow and Steady
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