reports
- Sumeet Singh
Onewo Space-Tech Pre-IPO
Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider in China, primarily owned by China Vanke. As per Frost & Sullivan, in 2020, amongst the residential community service providers in the market, OST ranked first in terms of revenue. It also ranked first in the commercial space integrated services market in China. As of end FY21, it has a footprint in 153 cities in 32 provinces across China with 89% of total GFA under management...
- Sumeet Singh
Legend Biotech Follow-on Offering
Legend Biotech, a non-wholly owned subsidiary of Hong Kong-listed GenScript, is planning to raise up to US$250m in its follow-on offering. The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
- Clarence Chu
Xtep International Placement
Group Success Investments is looking to raise up to US$133m by trimming its holdings in Xtep International. We can’t say that the deal is expected and short interest on the stock hasn’t been creeping up as well. While the deal won’t be a large one, representing just 5.7 days of three month ADV, the firm’s last deal hasn’t done well.
- Sumeet Singh
- Sumeet Singh
Thai Life Insurance IPO Trading
Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal. TLI’s portfolio consists of products such as life protection, savings, investment and inheritance planning and is considered to be one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, the firm employed 64,000 insurance agents in the area covering all 77 provinces nationwide. TLI has put in a resilient financial performan...
- Sumeet Singh
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...
- Sumeet Singh
Zomato IPO lock-up
Zomato raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India. Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment. In this note, we will talk about the lock-up dynamics and updates since our last note. Links to our previous notes on the IPO: Zomato Pre-IPO - Public filings lack narrative, a bit of history helps Zomato Pre-IPO - Peer compar...
- Sumeet Singh
LG Energy IPO lock-up
LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of the IPO price range. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon. LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors. In this note, we will talk about the lock-up dynamics and updates since our last note. Our previous notes on the IPO and lock-up: LG Energy Pre-IPO - First Look - Index Incl...
- Ethan Aw
SoCar IPO
SoCar is looking to raise up to US$157m in its upcoming Korea IPO. SoCar is a Korean car sharing business which aims to become an all-in-one mobility solutions provider beyond car sharing. Car sharing is SoCar's flagship service that allows a user to use as many vehicles as they want in ten-minute increments. According to the company, it has approximately 80% domestic market share in the car sharing space. As of May 2022, SoCar has over 8m subscribers and over 10m SoCar app downloads. While S...
- Sumeet Singh
ANZ Renounceable Entitlement offer
ANZ aims to raise around US$2.4bn (A$3.5bn) via a renounceable entitlement offer to part fund the purchase of Suncorp Bank. In our view, neither the fundraising nor the acquisition appear to be particularly well flagged. ANZ’s withdrawal from MYOB talks might be the most positive thing about the announcement. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
- Sumeet Singh
- Sumeet Singh
WCP Pre-IPO
WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries. WCP focuses on the production of wet separators for rechargeable batteries for EVs and Ceramic Coated Separators. It is a subsidiary of W-Scope, which is listed in Japan. WCP reported a 3.2x increase in sales in FY20 and another 1.6x increase in sales in FY21. The sign...
- Sumeet Singh
Bharat FIH pre-IPO
Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn. Its initial operations were focussed on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. Within the mobile phones space it was the largest EMS provider in India with a 20% market revenue share in FY22, as per F&S. BIH is the largest mobile phone manufacturing and asse...
- Clarence Chu
Deewin Tianxia IPO
Deewin Tianxia is looking to raise up to US$147m in its Hong Kong IPO. Deewin Tianxia (DT) is a service provider in the commercial automobile service industry in China. Its value-added services to players across the commercial automobile industry chain include: logistics and supply chain services, financial services and IoV data services; commercial automobiles mainly includes trucks, pickups, trailers, buses and lorries. The firm generates the bulk of its revenue from its controlling shareho...
- Ethan Aw
SoCar IPO
SoCar is looking to raise up to US$159m in its upcoming Korea IPO. SoCar is a Korean car sharing business which aims to become an all-in-one mobility solutions provider beyond car sharing. Car sharing is SoCar's flagship service that allows a user to use as many vehicles as they want in ten-minute increments. According to the company, it has approximately 80% domestic market share in the car sharing space. As of May 2022, SoCar has over 8m subscribers and over 10m SoCar app downloads. While S...
- Sumeet Singh
Tianqi Lithium A/H Trading
Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives. TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020, according to the Wood Mackenzie Report. In this note, we talk about the updates since our last note, along with the trading dynamics.
- Sumeet Singh
- Ethan Aw
Kids Clinic India Pre-IPO
Kids Clinic India (KCI) is looking to raise approximately US$160m in its upcoming India IPO. KCI is a super-specialty mother and baby-care provider. It offers end-to-end coverage of all stages of the parenthood journey, beginning with fertility treatments, through maternity, neonatology and paediatrics. Most of its centres provide a range of mother and baby care services, including diagnostic and laboratory services, and imaging, as well as newborn intensive care units. The company operates a...
- Ethan Aw
Socar Pre-IPO
SoCar is looking to raise up to US$159m in its upcoming Korea IPO. SoCar is a Korean car sharing business which aims to become an all-in-one mobility solutions provider beyond car sharing. Car sharing is SoCar's flagship service that allows a user to use as many vehicles as they want in ten-minute increments. According to the company, it has approximately 80% domestic market share in the car sharing space. As of May 2022, SoCar has over 8m subscribers and over 10m SoCar app downloads. Howeve...
- Sumeet Singh
Tianqi Lithium A/H listing
Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives. TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020, according to the Wood Mackenzie Report. In this note, we talk about the deal pricing and run the deal through our ECM framework.
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