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V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand. As per CIC, the OSIM brand is the top brand amongst the Premium Massage Chairs Market in Asia, as per 2020’s retail sales.
V3 Brands has recorded a bounce back post-COVID as its average revenue per store surged. Margins have expanded as well, the latter owing to operating leverage and the firm’s partnership with Daito-OSIM, which has provided the majority of the firm’s goods. The OSIM brand is also a market leader in an industry that is expected to see its growth rate pick up.
However, the firm has decided to exclude some of its other businesses for this listing and has paid the founder and Pre-IPO investor large payouts just prior to listing, the latter funded by debt. In our view, the firm had also struggled to strategically place its stores evident by the store closures. Aside from the lack of more granular data as well, it also has the overhang of a PE investor.
V3 Brands Asia Pre-IPO
V3 Brands Asia is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand. As per CIC, the OSIM brand is the top brand amongst the Premium Massage Chairs Market in Asia, as per 2020’s retail sales.
V3 Brands has recorded a bounce back post-COVID as its average revenue per store surged. Margins have expanded as well, the latter owing to operating leverage and the firm’s partnership with Daito-OSIM, which has provided the majority of the firm’s goods. The OSIM brand is also a market leader in an industry that is expected to see its growth rate pick up.
However, the firm has decided to exclude some of its other businesses for this listing and has paid the founder and Pre-IPO investor large payouts just prior to listing, the latter funded by debt. In our view, the firm had also struggled to strategically place its stores evident by the store closures. Aside from the lack of more granular data as well, it also has the overhang of a PE investor.
Underlying
V3 Brands
Provider
Aequitas Research
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.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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