Report
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In our previous note, we discussed intensely the company’s core product VenusA-Valve and VenusA-Plus. We think the company’s product is non-inferior to the international peers and has been strengthened for the highly calcified aortic valve leaflet which is more prevalent among Chinese patients.
The cornerstone investors are a mix of hedge funds and sovereign wealth funds and offshore Chinese funds. We think the quality of the cornerstone investors is above the average deals but is not outstanding, particularly for a healthcare IPO. The valuation range implies an upside of double-digit at the high end, against our rNPV based post-money valuation of USD 1.86 billion. Considering the near term catalyst of approval of VenusA-Plus, we would participate in the deal.
Venus Medtech (å¯æ˜ŽåŒ»ç–—) IPO - Valuation still OK at the high end
Venus Medtech launched book building today to raise up to USD 331 million to list in Hong Kong. The deal attracted five cornerstone investors who have committed a total of USD 130 million.In our previous note, we discussed intensely the company’s core product VenusA-Valve and VenusA-Plus. We think the company’s product is non-inferior to the international peers and has been strengthened for the highly calcified aortic valve leaflet which is more prevalent among Chinese patients.
The cornerstone investors are a mix of hedge funds and sovereign wealth funds and offshore Chinese funds. We think the quality of the cornerstone investors is above the average deals but is not outstanding, particularly for a healthcare IPO. The valuation range implies an upside of double-digit at the high end, against our rNPV based post-money valuation of USD 1.86 billion. Considering the near term catalyst of approval of VenusA-Plus, we would participate in the deal.
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.
Ke Yan
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