ECM Daily Briefs | Page 11 of 123

In today’s briefing:

HUGE Asics (7936) Offering – Big Guidance Boost at ATH So Feed the Ducks When They Are Quacking
ASICS (7936 JP): A US$1.4 Billion Secondary Offering

HUGE Asics (7936) Offering – Big Guidance Boost at ATH So Feed the Ducks When They Are Quacking

Today after the close, ASICS Corp (7936 JP) announced a very large secondary offering. It points out that as a global brand, it needs global-standard corporate governance.
As such, it says they’ve been discussing sales with crossholders. But we knew the cross-holders were going to sell. This offering is 85mm shares, ¥210bn at last. That’s big.
The stock has doubled year-to-date. Today they raised FY guidance BIGLY (+60% OP and NP). Now a huge offering. This seems like a “feed the ducks when they’re quacking” situation.

ASICS (7936 JP): A US$1.4 Billion Secondary Offering

ASICS Corp (7936 JP) has announced a secondary offering of up to 85.0 million shares (including overallotment). At the close, the offer, including overallotment, is worth JPY218 billion (US$1.4 billion).
Asics’ goal with the secondary offering is to eliminate cross-shareholdings. Asics also announced a material upgrade to full-year forecasts to offset the impact of the offering.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 23 and 26 July (likely 23 July).

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Jul 12

Daily Brief ECM: Avanse Financial Services Pre-IPO – The Positives – Fast Growth in an Expanding Industry and more

In today’s briefing:

Avanse Financial Services Pre-IPO – The Positives – Fast Growth in an Expanding Industry
Saint Bella Pre-IPO Tearsheet
Junjin Construction and Robot IPO Preview
Avanse Financial Services Pre-IPO – The Negatives – Immigration Issues

Avanse Financial Services Pre-IPO – The Positives – Fast Growth in an Expanding Industry

Avanse Financial Services is looking to raise up to US$419m in its upcoming India IPO.
Avanse Financial Services (AFS) is an education focused non-banking financial company (NBFC) operating in India.
In this note, we look at the company’s past performance.

Saint Bella Pre-IPO Tearsheet

Saint Bella (SAINT HK) is looking to raise up to US$200m in its upcoming HK IPO. The deal will be run by UBS and Citic Securities.
Saint Bella (SB) is a comprehensive family care group in China, focusing on premium services and products that addresses demand from the lifestyle-minded younger generation.
It is the largest postpartum care and recovery group in terms of revenue from ultra-premium postpartum centers in 2023, according to F&S.

Junjin Construction and Robot IPO Preview

By Douglas Kim

Junjin Construction & Robot is getting ready to complete its IPO in KOSPI in August. The IPO price range is from 13,800 won to 15,700 won.
The IPO offering is from 42.5 billion won to 48.3 billion won. The book building for the institutional investors is from 30 July to 5 August.
The integration of robotics into construction processes is a cornerstone of Junjin’s operations. Its main product is the concrete pump vehicle which pumps cement or concrete at a construction site.

Avanse Financial Services Pre-IPO – The Negatives – Immigration Issues

Avanse Financial Services is looking to raise up to US$419m in its upcoming India IPO.
Avanse Financial Services (AFS) is an education focused non-banking financial company (NBFC) operating in India.
In this note, we talk about the not-so-positive aspects of the deal.

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Jul 11

Daily Brief ECM: Kokusai Elec (6525) ¥300bn+ Offering at ATH – Almost a Second IPO and more

In today’s briefing:

Kokusai Elec (6525) ¥300bn+ Offering at ATH – Almost a Second IPO
Wiwynn GDR Offering – US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong
Kokusai Electric (6525 JP): A US$2.0 Billion Secondary Offering
Trading Strategy of Shift Up on the First Day of IPO
Kokusai Electric Placement – US$1.7bn Selldown for a Good Quality Name
Timee IPO: Strong Business Model with Improving Financials
Pre-IPO B&K Corporation – Valuation Performance Could Be Disappointing

Kokusai Elec (6525) ¥300bn+ Offering at ATH – Almost a Second IPO

Today post-close we got confirmation of yesterday’s Reuters scoop of a secondary selldown on Kokusai Electric (6525 JP) after the stock fell 7.2% in heavy volume.
KKR HKE LP and KSP Kokusai LLC (Koch) will together sell 52.5mm shares plus another 7.8mm+ in the greenshoe. Split is 50/50 domestic/international.
This is 60+mm shares against 51mm shares held by non-passive holders ex-Capital (who has been selling). It’s a lot of stock at a high price.

Wiwynn GDR Offering – US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong

Wiwynn Corp (6669 TT) is looking to raise around US$850m in its global depository receipts (GDRs) offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Kokusai Electric (6525 JP): A US$2.0 Billion Secondary Offering

Kokusai Electric (6525 JP) has announced a secondary offering of up to 60.4 million shares (including overallotment). At the close, the offer, including overallotment, is worth JPY326 billion (US$2.0 billion).
The secondary offering facilitates KKR and KSP Kokusai Investments’ ability to crystallise substantial IPO gains—the shares are trading at 3.2x the IPO price of JPY1,840.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 22 and 24 July (likely 22 July).

Trading Strategy of Shift Up on the First Day of IPO

By Douglas Kim

In this insight, we discuss a trading strategy for Shift Up which starts trading on 11 July. Shift Up is one of the most anticipated IPOs in Korea this year.
Our base case (6 months – 1 year) target price of Shift Up is 95,510 won, which is 59% higher than the IPO price.
We recommend investors to take some profits (about 50% of invested capital) if the share price shoots higher by 100% or more from the IPO price on the first day.

Kokusai Electric Placement – US$1.7bn Selldown for a Good Quality Name

By Shifara Samsudeen, ACMA, CGMA

KKR & Co (KKR US) and KSP Kokusai Investments are looking to raise approximately US$1.7bn through an extended secondary follow-on offering, selling approximately 52.5m shares of Kokusai Electric (6525 JP)’s stock.
The deal is a large one to digest at 19 days of three month ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.

Timee IPO: Strong Business Model with Improving Financials

Timee Inc (215A JP) operates an on-demand job platform in Japan and the company has filed for an IPO where existing shareholders will offer shares worth of $290m.
The company’s top line saw accelerated growth during last 4-5 years driven by increase in no. of clients/workers while Timee also has turned around its profitability during the last 2-years.
In this insight, we have discussed the company’s business model and financials in detail and we will discuss our forecasts and valuation in a follow-up insight.

Pre-IPO B&K Corporation – Valuation Performance Could Be Disappointing

By Xinyao (Criss) Wang

The growth factor drug market is highly competitive. Many competing products have been on the market for many years with NRDL reimbursement coverage and also accumulated rich recognition from doctors/patients.
Even if Pro-101 is approved for market launch, B&K may have to reduce its price largely and invest heavily in market education/promotion. B&K’s commercialization capability still needs to be verified.
Valuation of B&K would be lower than peers. It is hard for B&K to receive expected valuation premium since its latest round of post investment valuation is already RMB3.3 billion.

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Jul 10

Daily Brief ECM: KKR To Sell a 20-22% Stake in Kokusai Electric (6525)? and more

In today’s briefing:

KKR To Sell a 20-22% Stake in Kokusai Electric (6525)?
Kokusai Electric (6525 JP): Rumoured KKR US$1.8 Billion Secondary Offering
Emcure Pharma Pre-IPO Trading – Strong Subscription, Will Pop
India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?
Sanil Electric IPO – Stars Aligned with High Growth and Strong Sentiment
Shenzhen Yuejiang Technology IPO: What’s The IPO Valuation? Long-Term Growth Prospects
Vietcombank (VCB VN Equity): Secondary Placement Offer, up to 2.4% Discount
Shift Up IPO Trading – Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

KKR To Sell a 20-22% Stake in Kokusai Electric (6525)?

Today, a Reuters article came out saying that KKR would sell down half its 43% stake in Kokusai Electric (6525 JP) according to “two people familiar with the matter.”
The article also said Kokusai Electric would buy back shares. Kokusai responded with a TDNET release saying “we did not release this info but we are considering various capital policies.
It pays to look at the Shareholder Structure as it stands. This is bigger than it looks.

Kokusai Electric (6525 JP): Rumoured KKR US$1.8 Billion Secondary Offering

Reuters reported that KKR & Co (KKR US), the largest Kokusai Electric (6525 JP) shareholder, plans to sell about half of its 43% stake, worth around JPY300 billion.
As Kokusai’s shares are trading at 3.2x the IPO price of JPY1,840, KKR would be tempted to reduce its stake further. The 180-day IPO lock-up period expired on 22 April.
Kokusai anticipates a return to growth and margin improvement. However, Kokusai trades at a material premium to peer multiples and is fully priced.

Emcure Pharma Pre-IPO Trading – Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.

India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

By Devi Subhakesan

Hyundai Motor India (HMIL) saw a market share loss in India Passenger Vehicles sales reported for June 2024 and 1QFY2025, impacted by intensified competition in the SUV segment.
Mahindra & Mahindra, and Toyota Kirloskar India gained market share in 1QFY2025 led by upgraded model launches in the SUV segment, traditionally a strong category for HMIL.
HMIL’s declining market share, if not reversed soon, could challenge optimistic growth projections and valuation multiples for its upcoming IPO.

Sanil Electric IPO – Stars Aligned with High Growth and Strong Sentiment

Sanil Electric (062040 KS) is looking to raise up to US$165m in its Korean IPO.
Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.
In our previous notes, we talked about the company’s historical performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.

Shenzhen Yuejiang Technology IPO: What’s The IPO Valuation? Long-Term Growth Prospects

By Andrei Zakharov

Shenzhen Yuejiang Technology (Dobot), a Shenzhen-based cobot company with a diversified customer base globally, filed publicly for Hong Kong IPO.
The terms of the IPO were not disclosed. The robotics company plans to increase production capacity due to high demand in the coming years.
Dobot may be trading above the last round valuation of ~RMB3.5b, but I believe investors should focus on the company’s long-term growth prospects and rapidly growing TAM.

Vietcombank (VCB VN Equity): Secondary Placement Offer, up to 2.4% Discount

By Mohshin Aziz

Secondary placement taking place, ~29million share on offer via accelerated bookbuild, for total offer size of ~USD100 million
Discount of 0-2.4% relative to market close 9 July, discount depends on demand
Free float will increase by 0.5% to 8.4%, which is low but typical for Vietnamese government linked (GLC) stocks

Shift Up IPO Trading – Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.

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Jul 09

Daily Brief ECM: Johor Plantations IPO Trading – Mediocre Sub Rates and more

In today’s briefing:

Johor Plantations IPO Trading – Mediocre Sub Rates, Although Cornerstones Could Provide Stability
Zhou Liu Fu Jewellery Pre-IPO Tearsheet
Kelun-Biotech IPO Lock-Up Expiry – Strong Performance Leaves Pre-IPO Investors with Large Gains

Johor Plantations IPO Trading – Mediocre Sub Rates, Although Cornerstones Could Provide Stability

Johor Plantations Group (2368120D MK) raised around US$156m in its Malaysia IPO. The IPO consisted of both primary and secondary shares.
Johor Plantations Group (JPG) is an upstream oil palm plantation firm operating predominantly in Johor, Malaysia.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.

Zhou Liu Fu Jewellery Pre-IPO Tearsheet

Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise US$200m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC and China Securities.
Zhou Liu Fu Jewellery (ZLFJ) is a jewelry company in China with a network of offline stores and online sales channels.
According to F&S, the firm is ranked among the five largest brands in the Chinese jewelry market between 2017 to 2023 in terms of number of stores in China.

Kelun-Biotech IPO Lock-Up Expiry – Strong Performance Leaves Pre-IPO Investors with Large Gains

Kelun Biotech (KB) raised around US$170m in its IPO in July 2023, the lockup on its pre-IPO shareholders is set to expire soon.
KB is a China-based integrated innovative biopharmaceutical company. It has accumulated more than ten years of experience in antibody drug conjugates (ADC) development.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.

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Jul 08

Daily Brief ECM: Timee (215A JP) IPO: Valuation Insights and more

In today’s briefing:

Timee (215A JP) IPO: Valuation Insights
SHEIN/Temu/AliExpress: As US Mulls Reforming “De Minimis” Rules, EU Could Take Similar Action
Timee Pre-IPO – Thoughts on Valuation – Primed for a Decent Upside at the Current Range
ECM Weekly (8th July 2024) – Japan Cross-Shareholding, Honda, Aisin, Timee, Chenqi, Cirrus, Emcure
Shenzhen Yuejiang Technology IPO Preview: Dobot Files to List IPO on Hong Kong Stock Exchange
SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

Timee (215A JP) IPO: Valuation Insights

Timee Inc (215A JP), a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.
We previously discussed the IPO in Timee (215A JP) IPO: The Bull Case and Timee (215A JP) IPO: The Bear Case.
In this note, we discuss valuation. Our analysis suggests that Timee is attractively valued at the IPO price range in the context of the forecasted growth.

SHEIN/Temu/AliExpress: As US Mulls Reforming “De Minimis” Rules, EU Could Take Similar Action

By Daniel Hellberg

EU, like the US, is considering lowering “de minimis” import threshold, soon
Lowering import value thresholds or raising reporting requirements could make SHEIN/Temu/AliExpress goods more expensive, and fulfillment more onerous
Threat of “de minimis” changes coming just as SHEIN reportedly seeks an IPO

Timee Pre-IPO – Thoughts on Valuation – Primed for a Decent Upside at the Current Range

Timee Inc (215A JP) is looking to raise US$290m in its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
In an earlier note, we looked at the firm’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.

ECM Weekly (8th July 2024) – Japan Cross-Shareholding, Honda, Aisin, Timee, Chenqi, Cirrus, Emcure

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at the recently launced offerings of Timee Inc , Chenqi Technology Limited and Cirrus Aircraft.
On the placement front, this week too was dominated by the cross-shareholding unwinds, this time in Honda Motor (7267 JP).

Shenzhen Yuejiang Technology IPO Preview: Dobot Files to List IPO on Hong Kong Stock Exchange

By Andrei Zakharov

Shenzhen Yuejiang Technology (Dobot), a China-based cobot company, filed for a Hong Kong IPO. Cobots are robots with operational robotic arms intended for collaboration within a shared space.
Dobot was backed by CICC, CRRC VC, Greenpine Growth, Qianhai Equity, and China Internet Investment Fund, among others. The company was founded in 2015 in Shenzhen, PRC.
The offering may attract significant investor interest after South Korea’s robotics company Doosan Robotics could raise ~$318M in October 2023.

SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US

By Daniel Hellberg

We believe SF’s core express margins are higher than most of its peers’ margins
But on 2023 EV / EBITDA SF trades at multiples below most Chinese, US peers
One objective of SF listing in HK is to attract global investors, lift valuation

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Jul 07

Daily Brief ECM: Shift Up IPO: Final Allocation Results and more

In today’s briefing:

Shift Up IPO: Final Allocation Results, Lockup Release Schedule, & Index Float Rates

Shift Up IPO: Final Allocation Results, Lockup Release Schedule, & Index Float Rates

By Sanghyun Park

Notably, local hedge funds receive significant allocation, nearly 10%, unusual for KOSPI IPOs this size, differing from HD Hyundai Marine Solution.
KOSPI 200’s initial float rate is 14%, rising to 58% in six months. MSCI starts at 8%, reaching 12% in six months and 25% in a year.
Differences from HD Hyundai Marine Solution include high short-term strategies among institutions. Unlike before, local pension funds receive substantial allocation, potentially affecting stock price post-listing.

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Jul 06

Daily Brief ECM: Aisin (7259 JP): The Current Playbook and more

In today’s briefing:

Aisin (7259 JP): The Current Playbook
SHEIN: Teaming up with Reliance Retail to Re-Enter India. A Win-Win Move

Aisin (7259 JP): The Current Playbook

Since the US$1.1 billion secondary placement announcement, Aisin (7259 JP)’s shares are up 2.5% from the undisturbed price of JPY5,243 per share (27 June).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Aisin’s shares have deviated from the pattern of previous large placements.
The offering will likely be priced on 8 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

SHEIN: Teaming up with Reliance Retail to Re-Enter India. A Win-Win Move

By Devi Subhakesan

SHEIN’s fast-fashion apparel is set to hit India through Reliance Retail’s platforms, marking a major comeback after the 2020 ban.
This partnership could be a win-win, tapping into India’s booming fashion demand and offering Shein access to the world’s largest youth market, ahead of its proposed IPO.
With Shein’s affordable styles and Reliance’s extensive network, this alliance targets the youth market, challenging brands like Tata Group’s Trent Ltd (TRENT IN) owned Zudio.

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Jul 05

Daily Brief ECM: Big ¥500bn Honda (7267) Offering Is Small and more

In today’s briefing:

Big ¥500bn Honda (7267) Offering Is Small
Honda (7267 JP): A US$3.3 Billion Secondary Offering
Honda Motor Placement – Large in Size, Relatively Small in Other Terms
Sanil Electric IPO: Valuation Insights
Timee (215A JP) IPO: The Bear Case
Aisin Corp Placement – Follow Up – Could Fall into a Similar Fate as past Large JP Secondary Deals
Hozon New Energy Automobile Pre-IPO Tearsheet

Big ¥500bn Honda (7267) Offering Is Small

Just pre-close on 2 July, Reuters carried an article suggesting a ¥500bn secondary offering in Honda Motor (7267 JP) as insurers sold. The stock fell 4% in minutes.
Honda semi-confirmed but it took two days to get to the details, now out. The stock climbed in the meantime.
At launch, this deal is two-thirds covered by buyback + passive demand but the supply is heavily-weighted to retail. Cheaper than it looks, lots of moving parts. Read the details!

Honda (7267 JP): A US$3.3 Billion Secondary Offering

Honda Motor (7267 JP) has announced a secondary offering of up to 298.9 million shares (including overallotment). At the close, the offer, including overallotment, is worth JPY535 billion (US$3.3 million).
The offering is another sign that the unwinding of cross-shareholdings is catching pace as part of Japan’s corporate governance reforms.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 17 and 22 July (likely 17 July).

Honda Motor Placement – Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP) .
The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.

Sanil Electric IPO: Valuation Insights

Sanil Electric (062040 KS), a Korean industrial transformer manufacturer, is seeking to raise up to US$165 million.
We previously discussed the IPO in Sanil Electric IPO: The Bull Caseand Sanil Electric IPO: The Bear Case.
We examine the syndicate’s valuation methodology. Our analysis suggests that Sanil is fully valued in the IPO price range. We would pass on the IPO.

Timee (215A JP) IPO: The Bear Case

Timee Inc (215A JP), a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.
In Timee (215A JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on rapidly slowing growth, an industry-low FCF profile, and a business model predicated on access to large funding and significant share option dilution.

Aisin Corp Placement – Follow Up – Could Fall into a Similar Fate as past Large JP Secondary Deals

Denso Corp (6902 JP), Toyota Motor (7203 JP) and Toyota Industries (6201 JP) are looking to raise US$1.1bn from selling some of their stakes in Aisin (7259 JP).
We have covered the background of the deal in our earlier note, Aisin Corp Placement – US$1.1bn Selldown by Toyota and DENSO.
In this note, we talk about the updates since and look at the performance of some of the past large Japan deals.

Hozon New Energy Automobile Pre-IPO Tearsheet

Hozon New Energy Automobile Co Ltd (1850123D CH) seeks to raise up to US$1bn in its upcoming HK IPO. The deal will be run by CICC, MS, Citic, ABCI and CMBI.
Hozon New Energy Automobile (HNEA) is a NEV technology company which sells cars under the Neta brand. The prices of its vehicles generally range between US$15,000 to US$45,000.
The firm has been expanding into the more profitable mid-to-high-end market segment and replicating its local success in overseas markets.

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Jul 04

Daily Brief ECM: Timee (215A JP) IPO: The Bull Case and more

In today’s briefing:

Timee (215A JP) IPO: The Bull Case
Emcure Pharmaceuticals Pre-IPO – Refiling Updates and Valuations
Cirrus Aircraft IPO – Fundamentally Sound but Parent Still Under Sanction
Pre-IPO UGenix Biotech – Future Growth Potential Is Highly Uncertain

Timee (215A JP) IPO: The Bull Case

Timee Inc (215A JP), a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.
Timee’s app allows users to work shifts as short as one hour at restaurants, convenience stores, and hotels, with quick payment for their work.
The bull case rests on favourable market trends, best-in-class revenue growth, good retention rates, credible growth drivers, and top-quartile EBITDA margins.

Emcure Pharmaceuticals Pre-IPO – Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.

Cirrus Aircraft IPO – Fundamentally Sound but Parent Still Under Sanction