Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Virscend Education / Equity Capital Markets

<p>Virscend Education, a South Western China based private education provider, plans to raise US$211-283m through its IPO.</p><p>Virscend's foreign language school (K-12, not the college) in the South West China are of top notch of quality. However, given the rich valuation of the deal, we examine whether the deal's risk reward profile entails participation.</p><h2>IPO Overview</h2><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/004/835/original/termsheet.JPG?1451961449" class="editor-image img-responsive" data-smartkarma-image-id="4835"></figure><h2>Our Thoughts</h2><p><strong>1/ It owns top schools in the South West China.</strong> </p><p>It owns three groups of schools: </p><p>- Chengdu Foreign Languages School (CFLS)…</p>

Virscend Education, a South Western China based private education provider, plans to raise US$211-283m through its IPO.Virscend's foreign language school (K-12, not the college) in the South West China are of top notch of quality. However, given the rich valuation of the deal, we examine whether the deal's risk reward profile entails participation.IPO OverviewOur Thoughts1/ It owns top schools in the South West China. It owns three groups of schools: - Chengdu Foreign Languages School (CFLS)…

Virscend Education

Virscend Edu IPO: Risks Understated