APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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<p><a href="https://www.smartkarma.com/entities/27137" target="_blank" data-smartkarma-citation="entities:27137:1">Puxin Ltd (NEW US)</a> is looking to raise up to US$144m in its upcoming IPO. Proceeds will be mostly used for strategic acquisitions with any remaining cash used for general corporate purposes.</p><p>Adding up all the acquisitions that the company has made since 2015 implies that the company is asking for an IPO valuation that is 4.9x of its total acquisition costs. Even if we assume that the acquisitions from 2015 and 2016 have grown by 5x, investors are essentially paying for a valuation that implies that Puxin can grow its FY2017 acquisitions by 4.8x which seems to be a stretch given the limited track record of the company.</p><p>In this insight, we will be looking at the company's overall financial performance, examine its acquisitions, compare the company against listed education peers. As usual, we will also run the deal through our ECM framework.</p>

Puxin Ltd (NEW US) is looking to raise up to US$144m in its upcoming IPO. Proceeds will be mostly used for strategic acquisitions with any remaining cash used for general corporate purposes.Adding up all the acquisitions that the company has made since 2015 implies that the company is asking for an IPO valuation that is 4.9x of its total acquisition costs. Even if we assume that the acquisitions from 2015 and 2016 have grown by 5x, investors are essentially paying for a valuation that implies that Puxin can grow its FY2017 acquisitions by 4.8x which seems to be a stretch given the limited track record of the company.In this insight, we will be looking at the company's overall financial performance, examine its acquisitions, compare the company against listed education peers. As usual, we will also run the deal through our ECM framework.

Puxin Education IPO Review - Asking for 4.9x of Company's Total Acquisition Cost Since 2015

<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"><h2>IPOs</h2><p><a href="https://www.smartkarma.com/entities/27011" target="_blank" data-smartkarma-citation="entities:27011:1">Sarimelati Kencana PT (PZZA IJ)</a> 's listing earlier this week marks the end of the Indonesia IPO wave<em> for now</em>. The unexpectedly poor performance of <a href="https://www.smartkarma.com/entities/27000" target="_blank" data-smartkarma-citation="entities:27000:1">Medikaloka Hermina Tbk PT (HEAL IJ)</a> and the recent EM rout has made companies put their IPO plans on hold. Other IPOs expected to launch in the next few weeks would be <a href="https://www.smartkarma.com/entities/27137" target="_blank" data-smartkarma-citation="entities:27137:1">Puxin Ltd (NEW US)</a>, <a href="https://www.smartkarma.com/entities/27041" target="_blank" data-smartkarma-citation="entities:27041:1">M17 Entertainment Ltd (YQ US)</a>, and <a href="https://www.smartkarma.com/entities/26806" target="_blank" data-smartkarma-citation="entities:26806:1">Dm Wenceslao And Associates (DMW PM)</a>. </p><p>Besides that, it has been a fairly quiet week and we have started working on pre-IPO analyses to get investors ready for a few big upcoming IPOs such as <a href="https://www.smartkarma.com/entities/27037" target="_blank" data-smartkarma-citation="entities:27037:1">China Tower Corp Ltd (1409417D HK)</a> and <a href="https://www.smartkarma.com/entities/24409" target="_blank" data-smartkarma-citation="entities:24409:1">Xiaomi Corp (XIAOMZ HK)</a>.</p><p>We would also want to bring our readers' attention to the changes in the Indian IPO process that the Securities and Exchange Board of India (SEBI) wishes to make. On May 04, 2018, Sebi issued a <a href="https://www.sebi.gov.in/reports/reports/may-2018/consultation-paper-on-review-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2009_38859.html" target="_blank">consultation paper</a> asking for public comments on proposed changes to the Issue of Capital &amp; Disclosure Requirements (ICDR) and within the document, there was a particular that will<strong> decrease the requirement of announcing floor price/price band from 5 working days to 2 working days</strong> and we thought it will be detrimental to investors and analysts. The proposed change will effectively allow institutional investors to only have one working day before the anchor book bookbuild, reducing the time for analysis and will result in the banks having more power in allocations and increased information asymmetry.</p><p><a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> sent to Sebi our views on the proposed change, suggested alternative changes, and summarized the points in <a href="https://www.smartkarma.com/insights/breaking-the-bank-proposed-changes-to-the-indian-ipo-process" target="_blank" data-smartkarma-citation="insights:20692">Breaking the Bank: Proposed Changes To the Indian IPO Process</a>. </p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 71.5% for IPOs </strong>and<strong> 63.7% 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/000/053/462/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder.png?1527316882" class="editor-image img-responsive" data-smartkarma-image-id="53462"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/053/463/original/2018-Total-Deals-2018-Accuracy-Rate-_chartbuilder.png?1527316895" class="editor-image img-responsive" data-smartkarma-image-id="53463"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>iDreamSky (Hong Kong, ~US$150m)</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/000/053/464/original/upcoming.PNG?1527317242" class="editor-image img-responsive" data-smartkarma-image-id="53464"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.dealstreetasia.com/stories/chinese-tutoring-puxin-us-ipo-98271/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=c833cd3af4-EMAIL_CAMPAIGN_2018_05_22&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-c833cd3af4-239139321&amp;mc_cid=c833cd3af4&amp;mc_eid=28c8c22a08" target="_blank">Chinese tutoring services provider Puxin seeks to raise $300m in US IPO</a></li><li><a href="https://www.bloomberg.com/news/articles/2018-05-21/indonesia-s-stock-selloff-claims-another-victim-the-ipo-market?utm_source=google&amp;utm_medium=bd&amp;cmpId=google" target="_blank">Indonesia's Stock Rout Claims Another Victim: The IPO Market</a></li><li><a href="https://www.dealstreetasia.com/stories/malaysia-axiata-acquisitions-98420/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=41047aa2a4-EMAIL_CAMPAIGN_2018_05_24&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-41047aa2a4-239139321&amp;mc_cid=41047aa2a4&amp;mc_eid=28c8c22a08" target="_blank">Malaysia: Axiata says eyeing acquisitions, mulling IPO for tower unit</a></li><li><a href="https://www.dealstreetasia.com/stories/idg-backed-shenogen-said-to-interview-banks-for-300-million-ipo-98509/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=b15da9754b-EMAIL_CAMPAIGN_2018_05_25_01_06&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-b15da9754b-239139321&amp;mc_cid=b15da9754b&amp;mc_eid=28c8c22a08" target="_blank">IDG-backed Shenogen Pharma said to tap banks for $300m Hong Kong IPO</a></li><li><a href="https://www.dealstreetasia.com/stories/nasdaq-sina-secondary-listing-hong-kong-98466/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=b15da9754b-EMAIL_CAMPAIGN_2018_05_25_01_06&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-b15da9754b-239139321&amp;mc_cid=b15da9754b&amp;mc_eid=28c8c22a08" target="_blank">Nasdaq-listed Chinese internet firm Sina plans secondary listing in Hong Kong</a></li><li><a href="http://www.ifrasia.com/dm-wenceslao-starts-premarketing-up-to-ps155bn-ipo/21341213.article" target="_blank">DM Wenceslao starts premarketing up to Ps.15.5bn IPO</a></li><li><a href="https://www.chinatravelnews.com/article/122174" target="_blank">Didi Chuxing said to consider Hong Kong listing in second half of 2018</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/canaan-inc-ipo-preview-part-1-the-biggest-blockchain-related-ipo-globally-in-2018" target="_blank" data-smartkarma-citation="insights:20661">Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018</a></li><li><a href="https://www.smartkarma.com/insights/xiaomi-corporation-u-s-100b-80b-50b-stop-dreaming-we-believe-even-20-billion-is-too-much" target="_blank" data-smartkarma-citation="insights:20739">Xiaomi Corporation - U.S.$100B, $80B, $50B – Stop Dreaming. We Believe Even $20 Billion Is Too Much</a></li><li><a href="https://www.smartkarma.com/insights/genoray-ipo-d-2-trading-strategy" target="_blank" data-smartkarma-citation="insights:20717">Genoray IPO: D-2 Trading Strategy</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2">Hong Kong</td></tr><tr><td>Ant Financial</td><td><a href="https://www.smartkarma.com/insights/ant-financial-ipo-early-thought-understand-the-fintech-empire-growth-and-risk-factors" target="_blank" data-smartkarma-citation="insights:20105">Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors</a></td></tr><tr><td>Canaan Inc.</td><td><a href="https://www.smartkarma.com/insights/canaan-inc-ipo-preview-part-1-the-biggest-blockchain-related-ipo-globally-in-2018" target="_blank" data-smartkarma-citation="insights:20661">Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018</a></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>Chunlai Edu</td><td><p><a href="https://www.smartkarma.com/insights/china-chunlai-education-ipo-preview-are-vocational-programmes-the-future-growth-engine" target="_blank" data-smartkarma-citation="insights:19577">China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?</a></p></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>Ganfeng Lithium</td><td><a href="https://www.smartkarma.com/insights/ganfeng-lithium-ipo-present-perfect-future-tense" target="_blank" data-smartkarma-citation="insights:18250">Ganfeng Lithium IPO: Present Perfect, Future Tense</a></td></tr><tr><td>Jiangxi Bank</td><td><a href="https://www.smartkarma.com/insights/jiangxi-bank-ipo-preview-strong-growth-offset-by-weak-asset-quality" target="_blank" data-smartkarma-citation="insights:18006">Jiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset Quality</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-mining-ipo-preview-largest-pure-play-gold-miner-to-be-listed-in-hong-kong" target="_blank" data-smartkarma-citation="insights:17456">Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-ipo-buyers-beware" target="_blank" data-smartkarma-citation="insights:17689">Shandong Gold IPO: Buyers Beware</a></td></tr><tr><td>Qilu Express</td><td><a href="https://www.smartkarma.com/insights/qilu-expressway-ipo-preview-concentration-risk-and-recent-news-may-mean-discount-to-peers" target="_blank" data-smartkarma-citation="insights:18624">Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers</a></td></tr><tr><td>Xiaomi</td><td><a href="https://www.smartkarma.com/insights/xiaomi-corporation-u-s-100b-80b-50b-stop-dreaming-we-believe-even-20-billion-is-too-much" target="_blank" data-smartkarma-citation="insights:20739">Xiaomi Corporation - U.S.$100B, $80B, $50B – Stop Dreaming. We Believe Even $20 Billion Is Too Much</a></td></tr><tr><td>Xiaomi</td><td><a href="https://www.smartkarma.com/insights/xiaomi-ipo-why-honest-prices-is-rarely-honest" target="_blank" data-smartkarma-citation="insights:20297">Xiaomi IPO: Why “Honest Prices” Is Rarely Honest</a></td></tr><tr><td>Xiaomi</td><td><a href="https://www.smartkarma.com/insights/xiaomi-the-money" target="_blank" data-smartkarma-citation="insights:20073">Xiaomi The Money!</a></td></tr><tr><td colspan="2">South Korea</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>Genoray</td><td><a href="https://www.smartkarma.com/insights/genoray-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:20100">Genoray IPO Preview (Part 2) - Valuation Analysis</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>Sejong</td><td><a href="https://www.smartkarma.com/insights/sejong-medical-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:20147">Sejong Medical IPO Preview (Part 2) - Valuation Analysis</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">India</td></tr><tr><td>CMS Info</td><td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-pre-ipo-review-lowest-opex-ratio-amongst-mfi-peers" target="_blank" data-smartkarma-citation="insights:17719">CreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI Peers</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-ipo-preview-good-but-not-the-best" target="_blank" data-smartkarma-citation="insights:17878">CreditAccess Grameen IPO Preview: Good but Not the Best</a></td></tr><tr><td>HDFC AM</td><td><a href="https://www.smartkarma.com/insights/hdfc-asset-management-pre-ipo-trying-hard-to-be-different" target="_blank" data-smartkarma-citation="insights:19184">HDFC Asset Management Pre-IPO - Trying Hard to Be Different</a></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>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.IPOsSarimelati Kencana PT (PZZA IJ) 's listing earlier this week marks the end of the Indonesia IPO wave for now. The unexpectedly poor performance of Medikaloka Hermina Tbk PT (HEAL IJ) and the recent EM rout has made companies put their IPO plans on hold. Other IPOs expected to launch in the next few weeks would be Puxin Ltd (NEW US), M17 Entertainment Ltd (YQ US), and Dm Wenceslao And Associates (DMW PM). Besides that, it has been a fairly quiet week and we have started working on pre-IPO analyses to get investors ready for a few big upcoming IPOs such as China Tower Corp Ltd (1409417D HK) and Xiaomi Corp (XIAOMZ HK).We would also want to bring our readers' attention to the changes in the Indian IPO process that the Securities and Exchange Board of India (SEBI) wishes to make. On May 04, 2018, Sebi issued a consultation paper asking for public comments on proposed changes to the Issue of Capital &amp; Disclosure Requirements (ICDR) and within the document, there was a particular that will decrease the requirement of announcing floor price/price band from 5 working days to 2 working days and we thought it will be detrimental to investors and analysts. The proposed change will effectively allow institutional investors to only have one working day before the anchor book bookbuild, reducing the time for analysis and will result in the banks having more power in allocations and increased information asymmetry.Sumeet Singh sent to Sebi our views on the proposed change, suggested alternative changes, and summarized the points in Breaking the Bank: Proposed Changes To the Indian IPO Process. Accuracy Rate:Our overall accuracy rate is 71.5% for IPOs and 63.7% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  iDreamSky (Hong Kong, ~US$150m)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  Chinese tutoring services provider Puxin seeks to raise $300m in US IPOIndonesia's Stock Rout Claims Another Victim: The IPO MarketMalaysia: Axiata says eyeing acquisitions, mulling IPO for tower unitIDG-backed Shenogen Pharma said to tap banks for $300m Hong Kong IPONasdaq-listed Chinese internet firm Sina plans secondary listing in Hong KongDM Wenceslao starts premarketing up to Ps.15.5bn IPODidi Chuxing said to consider Hong Kong listing in second half of 2018Smartkarma Community's Analyses on Upcoming IPOs  Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018Xiaomi Corporation - U.S.$100B, $80B, $50B – Stop Dreaming. We Believe Even $20 Billion Is Too MuchGenoray IPO: D-2 Trading StrategyList of pre-IPO Coverage on SmartkarmaNameInsightHong KongAnt FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk FactorsCanaan Inc.Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018CenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Chunlai EduChina Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangGanfeng LithiumGanfeng Lithium IPO: Present Perfect, Future TenseJiangxi BankJiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset QualityShandong GoldShandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong KongShandong GoldShandong Gold IPO: Buyers BewareQilu ExpressQilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to PeersXiaomiXiaomi Corporation - U.S.$100B, $80B, $50B – Stop Dreaming. We Believe Even $20 Billion Is Too MuchXiaomiXiaomi IPO: Why “Honest Prices” Is Rarely HonestXiaomiXiaomi The Money!South 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 GrowthGenorayGenoray IPO Preview (Part 2) - Valuation AnalysisKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)SejongSejong Medical IPO Preview (Part 2) - Valuation AnalysisWoowa 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)IndiaCMS InfoCMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing RightCreditAccess GramCreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI PeersCreditAccess GramCreditAccess Grameen IPO Preview: Good but Not the BestHDFC AMHDFC Asset Management Pre-IPO - Trying Hard to Be DifferentNSENational 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 (26 May 2018)

China

Puxin Limited provides educational services. The Company offers study-abroad tutoring programs that helps students to prepare for admission tests and applications for top schools, universities, and graduate programs. Puxin serves students in Asia.

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Puxin Ltd (NEW US)

Puxin Education IPO Review - Asking for 4.9x of Company's Total Acquisition Cost Since 2015

Puxin Ltd (NEW US) is looking to raise up to US$144m in its upcoming IPO. Proceeds will be mostly used for strategic acquisitions with any...

Zhen Zhou, Toh

Smartkarma: ECM Coverage Weekly Update (26 May 2018)

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

Zhen Zhou, Toh

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