Beneunder Pre-IPO
Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.BL is an urban outdoor brand committed to offering outdoor functional products with innovative technology and aesthetic design. BL primarily operates through direct-to-consumer-driven, or DTC-driven, omni-channel sales and distribution networks. Its product portfolio primarily consists of apparel, umbrellas, hats, other accessories and footwear.
According to CIC, it was the largest sun protection apparel brand in China in terms of both total retail sales value and online retail sales value in 2021, with 5.0% and 12.9% market share, respectively.
Its sales have grown 6x over FY19-21 owing to introduction of new products, expansion of its distribution channels and increased spending on marketing. The company plans to continue to broaden its product offering and is also aiming on expanding its presence overseas.
Although, its ad and marketing spending have grown faster than its revenue and thus, while gross profit margins have expanded, the full impact hasn’t flowed through to the bottom-line. In addition, the company appears to have increased its related party dealings of late.
Beneteau designs, manufactures and sells yachts and powerboats through an international network of dealers. Co. also designs, manufactures and sells mobile homes. Its operations can be divided into two segments: The Boats segment and the Leisure Homes segment. The Boats segment groups together the activities for manufacturing and marketing boats with a customer base made up of dealers; The Leisure Homes segment groups together the activities for manufacturing and marketing mobile homes with a customer base made up of campsites and wholesalers, and the the activities for manufacturing and marketing wood-frame houses. Some of Co.'s brands are Beneteau, Jeanneau, CNB, IRM and O'Hara.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.