APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

Prospa Advance Pty / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/26741" target="_blank" data-smartkarma-citation="entities:26741:1">Prospa (1030895D AU)</a> is looking to raise about US$100m in its upcoming IPO. Proceeds raised from the IPO will be used to fund Prospa's investment in the equity portion of the loan book in the warehouse securitization and ABS issuance funding platform and to repay selling shareholders.</p><p>In this insight, we will explain the company's business model, look at the online lending industry, review potential regulatory pitfalls and compare the company to other lending peers. As usual, we will also run the deal through our ECM framework.</p>

Prospa (1030895D AU) is looking to raise about US$100m in its upcoming IPO. Proceeds raised from the IPO will be used to fund Prospa's investment in the equity portion of the loan book in the warehouse securitization and ABS issuance funding platform and to repay selling shareholders.In this insight, we will explain the company's business model, look at the online lending industry, review potential regulatory pitfalls and compare the company to other lending peers. As usual, we will also run the deal through our ECM framework.

Prospa IPO Review - Fintech Company Doesn't Always Mean Better Profitability

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><p>IPOs will finally be getting some action next week after a seemingly never-ending string of placements for the past two weeks.</p><p>There will be a couple of IPOs debuting next week, <a href="https://www.smartkarma.com/entities/26717" target="_blank" data-smartkarma-citation="entities:26717:1">Galaxy Surfactants Ltd (1570854D IN)</a> , <a href="https://www.smartkarma.com/entities/26706" target="_blank" data-smartkarma-citation="entities:26706:1">Huami Corp (HMI US)</a> , and <a href="https://www.smartkarma.com/entities/26728" target="_blank" data-smartkarma-citation="entities:26728:1">A-Living Services Co Ltd (3319 HK)</a>. For some who might also be interested, <a href="https://www.smartkarma.com/entities/26738" target="_blank" data-smartkarma-citation="entities:26738:1">TFI TAB Gida Yatirimlari AS (TFIG US)</a> , the operator of Burger King in Turkey and China, will be pricing on the 6th of Feb.</p><p>We are hearing that A-living was 10x covered at low-end, 2-3x at mid-point and just covered at high whereas Galaxy Surfactants had some good demand and was subscribed 20x; QIB quota demand at 54x. But, its grey market premium has fallen from about INR 400 to about INR 80 - 100 as of 2nd Feb.</p><p>There are also heads up that there will finally be two Australia IPOs coming up soon, <a href="https://www.smartkarma.com/entities/26740" target="_blank" data-smartkarma-citation="entities:26740:1">Latitude Financial Services (1272471D AU)</a> and <a href="https://www.smartkarma.com/entities/26741" target="_blank" data-smartkarma-citation="entities:26741:1">Prospa Advance Pty Ltd (1030895D AU)</a>.</p><p><em><strong>Tentative pipeline IPOs for next week: ICICI Securities (<a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> ), PingAn Healthcare and Tech (<a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> and <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a>)</strong></em></p></div><div><h2>Accuracy Rate:</h2></div><p>Our overall accuracy rate is<strong> 72.5% for IPOs </strong>and <strong>62.8% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/043/683/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1517630939" class="editor-image img-responsive" data-smartkarma-image-id="43683"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Ping An Healthcare and Technology (Hong Kong, ~US$1bn)</strong></li><li><strong>Nazara Technologies Limited (India, ~US$155)</strong></li><li><strong>Credit Access Grameen Limited (India, ~US$100)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/043/684/original/upcoming.PNG?1517631045" class="editor-image img-responsive" data-smartkarma-image-id="43684"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="http://www.telegraph.co.uk/business/2018/01/27/softbank-inches-closer-bank-line-up-mammoth-mobile-listing/" target="_blank">Softbank inches closer to bank line-up for mammoth mobile listing</a></li><li><a href="http://www.philstar.com/business/2017/10/09/1746752/tlc-eyes-ipo-next-year" target="_blank">Philippine Fruit-Juice Maker Fruitas Plans IPO This Year</a></li><li><a href="https://www.dealstreetasia.com/stories/hinduja-leyland-finance-looks-revive-ipo-plan-91253/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=83072816d5-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-83072816d5-239139321&amp;mc_cid=83072816d5&amp;mc_eid=28c8c22a08" target="_blank">Hinduja Leyland Finance looks to revive IPO plan</a></li><li><a href="https://economictimes.indiatimes.com/markets/stocks/news/blackstone-backed-embassy-plans-indias-first-reit/articleshow/62663417.cms" target="_blank">Blackstone-backed Embassy plans India's first REIT</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lodha-developers-to-file-for-1-billion-ipo-this-month/articleshow/62754170.cms" target="_blank">Lodha Developers to file for $1 billion IPO this month</a></li><li><a href="http://www.businesskorea.co.kr/english/news/management/20445-along-singaporean-hospital-acquisition-mirae-asset-cha-medical-center-list" target="_blank">Mirae Asset-CHA Medical Center to List Holding Company in Singapore</a></li><li><a href="https://economictimes.indiatimes.com/small-biz/money/nazara-gets-set-to-play-for-gaming-industrys-first-rs-1000-crore-ipo/articleshow/60456135.cms" target="_blank">Nazara gets set to play for gaming industry's first Rs 1,000-crore IPO </a></li><li><a href="https://www.vccircle.com/creditaccess-backed-microlender-grameen-koota-files-for-ipo/" target="_blank">CreditAccess-backed microlender Grameen Koota files for IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/huami-ipo-valuation-priced-to-reflect-low-earnings-quality" target="_blank" data-smartkarma-citation="insights:17158">Huami IPO Valuation: Priced to Reflect Low Earnings Quality</a></li><li><a href="https://www.smartkarma.com/insights/ipo-radar-chayo-the-next-jmt-debt-collection-biz" target="_blank" data-smartkarma-citation="insights:17078">IPO Radar: CHAYO, the Next JMT (Debt Collection Biz)</a></li><li><a href="https://www.smartkarma.com/insights/cafe24-ipo-bookbuilding-results-summary-implications" target="_blank" data-smartkarma-citation="insights:17194">Cafe24 IPO Bookbuilding Results - Summary &amp; Implications</a></li><li><a href="https://www.smartkarma.com/insights/enzychem-lifesciences-new-ipo-book-summary" target="_blank" data-smartkarma-citation="insights:17129">Enzychem Lifesciences New IPO Book Summary</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>China Xinhua</td><td><a href="https://www.smartkarma.com/insights/china-xinhua-education-ipo-preview-superior-margins-vs-peers-but-high-concentration-risk" target="_blank" data-smartkarma-citation="insights:15955">China Xinhua Education IPO Preview: Superior Margins Vs Peers, but High Concentration Risk</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr></tbody></table></div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.IPOs will finally be getting some action next week after a seemingly never-ending string of placements for the past two weeks.There will be a couple of IPOs debuting next week, Galaxy Surfactants Ltd (1570854D IN) , Huami Corp (HMI US) , and A-Living Services Co Ltd (3319 HK). For some who might also be interested, TFI TAB Gida Yatirimlari AS (TFIG US) , the operator of Burger King in Turkey and China, will be pricing on the 6th of Feb.We are hearing that A-living was 10x covered at low-end, 2-3x at mid-point and just covered at high whereas Galaxy Surfactants had some good demand and was subscribed 20x; QIB quota demand at 54x. But, its grey market premium has fallen from about INR 400 to about INR 80 - 100 as of 2nd Feb.There are also heads up that there will finally be two Australia IPOs coming up soon, Latitude Financial Services (1272471D AU) and Prospa Advance Pty Ltd (1030895D AU).Tentative pipeline IPOs for next week: ICICI Securities (Sumeet Singh ), PingAn Healthcare and Tech (Toh Zhen Zhou and Ke Yan, CFA, FRM)Accuracy Rate:Our overall accuracy rate is 72.5% for IPOs and 62.8% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Ping An Healthcare and Technology (Hong Kong, ~US$1bn)Nazara Technologies Limited (India, ~US$155)Credit Access Grameen Limited (India, ~US$100)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Softbank inches closer to bank line-up for mammoth mobile listingPhilippine Fruit-Juice Maker Fruitas Plans IPO This YearHinduja Leyland Finance looks to revive IPO planBlackstone-backed Embassy plans India's first REITLodha Developers to file for $1 billion IPO this monthMirae Asset-CHA Medical Center to List Holding Company in SingaporeNazara gets set to play for gaming industry's first Rs 1,000-crore IPO CreditAccess-backed microlender Grameen Koota files for IPOSmartkarma Community's Analyses on Upcoming IPOs  Huami IPO Valuation: Priced to Reflect Low Earnings QualityIPO Radar: CHAYO, the Next JMT (Debt Collection Biz)Cafe24 IPO Bookbuilding Results - Summary &amp; ImplicationsEnzychem Lifesciences New IPO Book SummaryList of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?China XinhuaChina Xinhua Education IPO Preview: Superior Margins Vs Peers, but High Concentration RiskBank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Data SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and Expensive

Smartkarma: ECM Coverage Weekly Update (3 February 2018)

Australia

Prospa Group Limited provides consumer financing services. The Company offers business loans for the sectors such as retail, hospitality, health care, trading, franchise, and professional services. Prospa Group serves customers in Australia.

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Prospa Advance Pty (PGL AU)

Prospa IPO Review - Fintech Company Doesn't Always Mean Better Profitability

Prospa (1030895D AU) is looking to raise about US$100m in its upcoming IPO. Proceeds raised from the IPO will be used to fund Prospa's investment...

Zhen Zhou, Toh

Smartkarma: ECM Coverage Weekly Update (3 February 2018)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. IPOs will finally be...

Zhen Zhou, Toh

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