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In our previous notes, we covered the company’s fundamentals, including the company’s core TAVR (transcatheter aortic heart valve replacement), VenusA-Valve, and the company’s founders and investors.
We also deep-dived into the technical details and clinical research data of VenusA-Valve compared with competing peers.
We are of the view that the company’s products had an unmet demand in China with the backdrop of a rapidly ageing population and increasing prevalence of heart valve regurgitation.
In this note, we will take a close look at the company’s valuation. We are of the view that the company’s fair value should be around USD 1.6 billion, which is 60% above the valuation of Series E pre-IPO fundraising.
Venus Medtech (å¯æ˜ŽåŒ»ç–—) Pre-IPO - Thoughts on valuation
Venus Medtech (Hangzhou) is a dominant player in the heart valve replacement devices market in China. The company started pre-marketing for a USD 300-400 million IPO for its Hong Kong listing.In our previous notes, we covered the company’s fundamentals, including the company’s core TAVR (transcatheter aortic heart valve replacement), VenusA-Valve, and the company’s founders and investors.
We also deep-dived into the technical details and clinical research data of VenusA-Valve compared with competing peers.
We are of the view that the company’s products had an unmet demand in China with the backdrop of a rapidly ageing population and increasing prevalence of heart valve regurgitation.
In this note, we will take a close look at the company’s valuation. We are of the view that the company’s fair value should be around USD 1.6 billion, which is 60% above the valuation of Series E pre-IPO fundraising.
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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