ECM Daily Briefs | Page 25 of 118

In today’s briefing:

Asahi Group Placement – Relatively Small One when Compared to Previous Large JP Secondary Selldowns
Steadfast Group Placement – While Accretion Here Is Limited, Past Deals Have Done Well
Wuxi XDC: Thoughts on First Day Trading
WuXi XDC IPO: Trading Debut
Karoon Energy Placement – Not Well Flagged but Will Be an Accretive One
ZEEKR IPO: The Bear Case
Tata Technologies Pre-IPO – RHP Updates – Headline Growth Picking Up
Jana Small Finance Bank Pre-IPO – Has Grown Decently Fast but Keep an Eye on Its CRAR

Asahi Group Placement – Relatively Small One when Compared to Previous Large JP Secondary Selldowns

A group of shareholders are looking to raise US$1.3bn (JPY197.8bn) by selling their respective stakes in Asahi Group Holdings (2502 JP) via an extended secondary follow-on.
The deal would represent 23 days of Asahi’s three month ADV. Its latest extended large primary deal has done very well.
While the deal isn’t particularly well flagged, it is an extended one allowing the market to price in the impact of the share sale.

Steadfast Group Placement – While Accretion Here Is Limited, Past Deals Have Done Well

By Shifara Samsudeen, ACMA, CGMA

Steadfast (SDF AU) is looking to raise around A$280m (US$180m) to fund the acquisition of Sure Insurance, and provide headroom for potentially additional acquisitions over the year.
SDF has undertaken a number of capital raises in the past to similarly fund its active acquisition strategy. Overall, the firm’s past deal record has been strong.
In this note, we will talk about the acquisition and run the deal through our ECM framework.

Wuxi XDC: Thoughts on First Day Trading

Wuxi XDC priced its IPO at HK$20.60 per share (upper-end of range), and raised HK$3.5bn (US$417m) at a market capitalisation of HK$24.3bn and post-money EV of HK$20.4bn.
Both HK offering and the international offering of the company were significantly oversubscribed by 49.96x and 19.6x respectively.
Our DCF value per share is still at a significant premium to the final IPO price, and we expect Wuxi XDC’s IPO to have a strong debut.

WuXi XDC IPO: Trading Debut

WuXi XDC Cayman (1877628D HK) priced its IPO at HK$20.60 per share to raise the gross proceeds of US$470 million. The shares will start trading tomorrow.
We previously discussed the IPO in WuXi XDC IPO: The Bull Case, WuXi XDC IPO: The Bear Case and WuXi XDC IPO: Valuation Insights.
The market sentiment on the sector has modestly weakened. However, the IPO price is attractive, with our DCF valuation of HK$22.89 per share, 11.1% above the IPO price.

Karoon Energy Placement – Not Well Flagged but Will Be an Accretive One

Karoon Energy Ltd (KAR AU) seeks to raise approximately A$170m (US$110m) through its primary placement.
The deal is a large one to digest at 28.5 days of three month ADV and 14.1% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.

ZEEKR IPO: The Bear Case

ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
In ZEEKR 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 growth slowdown in the second-largest business, high related-parties dependence, Virdi/CEVT gross margin pressure, ongoing operating losses and FCF burn.

Tata Technologies Pre-IPO – RHP Updates – Headline Growth Picking Up

Tata Technologies (TATATECH IN) (TT) is looking to raise around US$370m in its upcoming India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
We have looked at the company’s past performance and undertaken a peer comparison and provided our initial thoughts on valutions. In this note we talk about the RHP updates.

Jana Small Finance Bank Pre-IPO – Has Grown Decently Fast but Keep an Eye on Its CRAR

Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO.
Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).
JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period.

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Nov 16

Daily Brief ECM: Tata Technologies IPO: The Investment Case and more

In today’s briefing:

Tata Technologies IPO: The Investment Case
WuXi XDC Cayman IPO Trading – Strong Subscription Rates Heading into Listing
ZEEKR IPO Preview: A Geely-Backed Fast-Growing Decacorn in China’s EV Revolution
Ecopro Materials IPO Trading – One of the Weakest Subscription Rates of the Year
Pre-IPO Genecast Group – NGS Still Has Long Way to Go; Valuation Performance Is Worrying

Tata Technologies IPO: The Investment Case

Tata Technologies (TATATECH IN), the largest India-based ER&D service provider, seeks to raise US$350-375 million, which is lower than its previous target of US$600 million.
Tata Technologies is seeking a valuation of US$2.5 billion, which is 27.5% higher than the valuation TPG Inc (TPG US) acquired a 9.0% stake on 25 October.
The investment case rests on top-tier growth rates, strong core business, lower reliance on Vinfast (VFS US), high repeat rates, top-tier profitability, solid FCF profile and no debt.

WuXi XDC Cayman IPO Trading – Strong Subscription Rates Heading into Listing

WuXi XDC Cayman (1877628D HK) raised US$470m in its Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.

ZEEKR IPO Preview: A Geely-Backed Fast-Growing Decacorn in China’s EV Revolution

By Andrei Zakharov

ZEEKR, a fast-growing premium BEV maker, filed its F-1 last week. The company is going public through an IPO and offering ADSs of a Cayman Islands holding company.
In 2022, Geely agreed to spin off ZEEKR and list its EV maker in Asia/the U.S. The company has raised ~$1.6B and was backed by Geely and top-tier investors.
Geely Auto will hold 50%+ of the voting power upon completing an IPO. ZEEKR’s last round was a $750M Series A in February 2023 at a $13B post-money valuation.

Ecopro Materials IPO Trading – One of the Weakest Subscription Rates of the Year

EcoPro Materials (ECO123 KS) raised around US$320m, after downsizing the deal and pricing its IPO at the low end of the range at KRW36,200/share.
Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.
In this note, we will talk about the demand for the deal and other trading dynamics.

Pre-IPO Genecast Group – NGS Still Has Long Way to Go; Valuation Performance Is Worrying

By Xinyao (Criss) Wang

The clinical need for NGS hasn’t developed as rigid demand due to high cost, difficult operation, high requirements on hospitals/personnel, etc. It takes time for NGS to improve market penetration.
Genecast’s LDT business could face compliance issue.Its in-hospital business has lower gross margin.Increasing R&D expenditure is inevitable since products need to get approval by regulatory authorities, putting pressure on profitability.
Burning Rock is in a leading position in NGS field, but its market value is quite low. We advise investors to be prepared for valuations to fall short of expectations.

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Nov 15

Daily Brief ECM: Ajinomoto Placement – Share Buyback Should Aid Group Selling and more

In today’s briefing:

Ajinomoto Placement – Share Buyback Should Aid Group Selling
ZEEKR IPO: The Bull Case
Zeekr Pre-IPO – The Negatives – Remains Highly Dependent on Geely
SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

Ajinomoto Placement – Share Buyback Should Aid Group Selling

A group of shareholders are looking to raise US$444m by trimming their respective stakes in Ajinomoto Co (2802 JP) via an extended secondary follow-on.
While the selldown doesn’t seem particularly well flagged, it won’t be a very large one to digest at just eight days of three month ADV.
In a bid to cushion the selldown, Ajinomoto plans to buyback its stock to the tune of 10m shares, which would amount to 80% of the base shares on offer.

ZEEKR IPO: The Bull Case

ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
ZEEKR has launched three models – the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.
The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.

Zeekr Pre-IPO – The Negatives – Remains Highly Dependent on Geely

ZEEKR, a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we talk about the not-so-positive aspects of the deal.

SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO.
SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.
In this note, we look at the firm’s past performance.

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Nov 14

Daily Brief ECM: Zeekr Pre-IPO – The Positives – Has Been Growing Very Fast While Meeting Its Targets and more

In today’s briefing:

Zeekr Pre-IPO – The Positives – Has Been Growing Very Fast While Meeting Its Targets
CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation
Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

Zeekr Pre-IPO – The Positives – Has Been Growing Very Fast While Meeting Its Targets

Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we talk about the positive aspects of the deal.

CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

By Daniel Hellberg

J&T debuted with a rich valuation, but little investor enthusiasm to date
Focusing on J&T’s valuation alone could be a boon to CaiNiao’s valuation…
…but, with few other comps, J&T’s lackluster early performance could be a drag

Q323 Another Tough Quarter for Kerry Express Thailand (KEX) | Negative Read-Through for J&T Global

By Daniel Hellberg

KEX’s EBIT margin fell to -38% in Q323, but showed Q/Q improvement vs Q223
Q/Q progress on margin most likely due to KEX initiatives, not market recovery
Ongoing weakness in Thai domestic express market marginally negative for J&T

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Nov 12

Daily Brief ECM: ECM Weekly (12th Nov 2023)-Renesas and more

In today’s briefing:

ECM Weekly (12th Nov 2023)-Renesas, Bajaj, Alchip, Hybe, Will, Wuxi, ChaPanda, Chenqi, Cello, Honasa

ECM Weekly (12th Nov 2023)-Renesas, Bajaj, Alchip, Hybe, Will, Wuxi, ChaPanda, Chenqi, Cello, Honasa

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, WuXi XDC provided some rare rays of hope in Hong Kong, while Honasa Consumer, Cuscal (1229Z AU) and EcoPro Materials did the opposite.
This week was more about placement with two US$1bn+ deals, a cleanup in Renesas Electronics (6723 JP) and a QIP for Bajaj Finance Ltd (BAF IN).

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Nov 11

Daily Brief ECM: WT Microelectronics Placement – Wouldn’t Be Difficult to Digest and more

In today’s briefing:

WT Microelectronics Placement – Wouldn’t Be Difficult to Digest

WT Microelectronics Placement – Wouldn’t Be Difficult to Digest

WT Microelectronics (3036 TT) major shareholder, WPG Holdings (3702 TT), seeks to raise up to approximately NT5.15bn (US$159m) through a secondary block deal, selling approximately 40m shares (4.5% of TSO).
The deal is a small one to digest at 3.6 days of three month ADV and 4.1% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.

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Nov 10

Daily Brief ECM: Renesas Electronics Placement – Well Flagged US$1.8bn Deal and more

In today’s briefing:

Renesas Electronics Placement – Well Flagged US$1.8bn Deal, Accelerated but Index Flows Should Help
Wuxi XDC IPO: Forecasts and Valuation
Ecoeye IPO Book Building Results Analysis
DOMS Industries Pre-IPO – Strong Earnings Growth but Will Probably Peter Out
Chenqi Technology Pre-IPO – Listing Would Almost Feel like a Pipe Dream

Renesas Electronics Placement – Well Flagged US$1.8bn Deal, Accelerated but Index Flows Should Help

By Shifara Samsudeen, ACMA, CGMA

INCJ aims to raise around US$1.8bn via a secondary sell-down in Renesas Electronics (6723 JP). This will be a clean-up trade as INCJ has been paring down its stake.
The deal is a slightly large one to digest at 12 days of three month ADV and around 6% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.

Wuxi XDC IPO: Forecasts and Valuation

Wuxi plans to issue 178.4m shares at an indicative IPO price range of HK$19.9-20.6 per share and will raise net proceeds of US$479m at the midpoint of the IPO price.
The company’s revenues have seen robust growth during the last 3-years driven by growth in ADC outsourcing market while margins have continued to decline.
We have valued WuXi XDC Cayman (1877628D HK) using a DCF valuation which offers price per share of HK$23.44, 15.7% higher than the midpoint of the IPO price of HK$20.25.

Ecoeye IPO Book Building Results Analysis

By Douglas Kim

Ecoeye announced that the IPO price has been determined at 34,700 won, which is at the high end of the IPO price range. The demand ratio was 75 to 1.
An 81.1% of the IPO shares applied thought that the company’s value is more than 34,700 won per share. The IPO offering amount is 72 billion won.
Our base case valuation of Ecoeye IPO is 45,421 won per share (31% higher than the IPO price). Given the solid upside, we have a positive view of Ecoeye IPO.

DOMS Industries Pre-IPO – Strong Earnings Growth but Will Probably Peter Out

Doms (DOMS IN) is looking to raise around US$140m in its upcoming India IPO.
DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.
In this note, we look at the company’s past performance.

Chenqi Technology Pre-IPO – Listing Would Almost Feel like a Pipe Dream

Chenqi Technology Limited (CT HK) is looking to raise US$300m in its upcoming Hong Kong IPO.
Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent.
Chenqi has grown its GTV fast on the back of network expansion. However, Dida’s inability to list and Chinese regulators’ scrutiny on Didi would likely dent sentiment surrounding Chenqi.

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Nov 09

Daily Brief ECM: WuXi XDC IPO: Valuation Insights and more

In today’s briefing:

WuXi XDC IPO: Valuation Insights
Sichuan Baicha Baidao Pre-IPO – The Negatives – Growth Is Unsustainable
Jyoti CNC IPO- Forensic Analysis
Pre-IPO Pu’er Lancang Ancient Tea (PHIP Updates) – Lack of Product Standardization Is the Pain Point

WuXi XDC IPO: Valuation Insights

WuXi XDC Cayman (1877628D HK), a leading contract research, development and manufacturing organization (CRDMO), has launched an HKEx IPO to raise up to US$470 million.
We previously discussed the IPO in WuXi XDC IPO: The Bull Case and WuXi XDC IPO: The Bear Case.
Blue-Chip cornerstones will purchase US$300 million of the offer. Our base-case DCF valuation is HK$22.84 per share, 12.8% above the midpoint of the IPO price range.

Sichuan Baicha Baidao Pre-IPO – The Negatives – Growth Is Unsustainable

Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.6%.
In this note, we talk about the not so positive aspects of the deal.

Jyoti CNC IPO- Forensic Analysis

By Nitin Mangal

Jyoti CNC Automation (0907734D IN) plans to come up with ~INR 10 bn IPO
JCAL is an established player in manufacturing of metal cutting CNC machines, mostly in 5-Axis category. It has 8% market share in India and is 12th largest global player.
Even though JCAL has bright order book visibility, it remains unprofitable, largely because of concerns with subsidiaries.

Pre-IPO Pu’er Lancang Ancient Tea (PHIP Updates) – Lack of Product Standardization Is the Pain Point

By Xinyao (Criss) Wang

Traditional tea companies are rarely seen in China’s secondary market. The most significant issue in the domestic tea industry is product standardization, leading to obvious bottlenecks in future revenue/profit scale.
Despite increasing investment in sales/marketing, financial results of Lancang haven’t shown much improvement. Sales of 1966 products would continue to be under pressure due to weak demand during economic downturn.
Lancang’s financial performance is unsatisfactory, with declining revenue growth and profit margin. We are not optimistic about the Company’s prospects. Valuation should be lower than Nayuki Holdings (2150 HK).

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Nov 08

Daily Brief ECM: WuXi XDC Cayman IPO – Decent Upside from IPO Range and more

In today’s briefing:

WuXi XDC Cayman IPO – Decent Upside from IPO Range, Bulk of the Deal Taken up by Marquee Investors
Trading Strategy of Ecopro Materials IPO Post Book Building Results and Short Selling Ban
WuXi XDC Cayman IPO: Robust Top Line Growth but Margins Remain Under Pressure
Sichuan Baicha Baidao Pre-IPO – The Positives – Riding on Franchise Store Expansion
WuXi XDC IPO Valuation Analysis: Premium Multiples Reflect 100%+ Top-Line Growth
Muthoot Microfin Pre-IPO – Accelerating Profitability Growth

WuXi XDC Cayman IPO – Decent Upside from IPO Range, Bulk of the Deal Taken up by Marquee Investors

By Shifara Samsudeen, ACMA, CGMA

WuXi XDC Cayman (1877628D HK) is looking to raise US$470m in its Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will look at the deal dynamics and share our final thoughts on valuation.

Trading Strategy of Ecopro Materials IPO Post Book Building Results and Short Selling Ban

By Douglas Kim

Ecopro Materials reported disappointing IPO book building results. IPO price has been finalized at 36,200 won, which is at the low end of the IPO price range.
The demand ratio was 17.2 to 1 which was low. Total IPO offering amount was 419 billion won. Ecopro Materials will start trading on 17 November.
Our base case valuation of Ecopro Materials is target price of 37,436 won per share, which is 3.4% higher than the IPO price. We remain negative on this IPO.

WuXi XDC Cayman IPO: Robust Top Line Growth but Margins Remain Under Pressure

WuXi XDC Cayman (1877628D HK) is a leading contract research, development and manufacturing organisation (CRDMO) focused on the global antibody-drug conjugate (“ADC”) and broader bioconjugate market.
The company has announced the terms for its HKEx IPO and plans to raise proceeds of around US$470m through the IPO.
Wuxi XDC’s revenues have seen robust growth during the last 3-years driven by growth in ADC market while margins have continued to decline.

Sichuan Baicha Baidao Pre-IPO – The Positives – Riding on Franchise Store Expansion

Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.6%.
In this note, we talk about the positive aspects of the deal.

WuXi XDC IPO Valuation Analysis: Premium Multiples Reflect 100%+ Top-Line Growth

By Andrei Zakharov

WuXi XDC set terms for an upcoming IPO: the fast-growing CRDMO offers 178.4M shares at the price range of HK$19.90-HK$20.60, implying a market cap of ~HK$23.9B (~$3B) at the midpoint.
Cornerstone investors agreed to subscribe and buy ~116M shares, assuming the IPO price of HK$20.25 at the midpoint. WuXi XDC shares will begin trading on Friday, November 17.
My PT of HK$25.57 implies a ~26% upside to the IPO price at the midpoint. WuXi XDC’s premium multiples reflect 100%+ top-line growth and the company’s leadership position.

Muthoot Microfin Pre-IPO – Accelerating Profitability Growth

Muthoot Microfin (1363943D IN) is looking to raise up to US$163m in its upcoming India IPO.
Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
MMF has undergone fast network expansion, which allowed the firm to nearly double its AUM over the track record period.

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Nov 07

Daily Brief ECM: WuXi XDC IPO: Valuation First-Look and more

In today’s briefing:

WuXi XDC IPO: Valuation First-Look
Will Semiconductor GDR Listing – Well Flagged and Short Interest Has Been on the Rise
Hybe Placement- Another Block Incoming
Cello World IPO Trading – Very Strong Institutional Subscription
WuXi XDC Cayman Pre-IPO – BULL/BEAR Scenario Considerations for Valuations
WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market
CaiNiao Smart Logistics Pre-IPO Part 4 | Acquiring BABA’s Express Stakes Could Soak Up IPO Proceeds
Honasa Consumer IPO Trading – Great Anchor Book, Not so Great Overall Demand. Loved by FIIs
HighTide Therapeutics (君圣泰医药) Pre-IPO: Unconvincing Bet on NASH

WuXi XDC IPO: Valuation First-Look

WuXi XDC Cayman (1877628D HK), a leading contract research, development and manufacturing organization (CRDMO), is pre-marketing an HKEx IPO to raise US$500 million, according to press reports.
We previously discussed the IPO in WuXi XDC IPO: The Bull Case and WuXi XDC IPO: The Bear Case.
In this note, we present our forecasts and take the first look at WuXi XDC’s potential valuation range.

Will Semiconductor GDR Listing – Well Flagged and Short Interest Has Been on the Rise

Will Semiconductor Shan (603501 CH) is looking to raise US$450m in its Switzerland GDR listing. The bookrunners on the deal are UBS and JP Morgan.
In its base deal, the firm is offering 31m GDRs (1 GDR to 1 ordinary A-share) for sale, at a 5.4-17.2% discount to last close on its A-share leg.
The base deal would be a relatively small one for the firm to digest, representing just 3.8 days of three month ADV on its A-share leg.

Hybe Placement- Another Block Incoming

HYBE (352820 KS)‘s second-largest shareholder, Netmarble, seeks to raise approximately US$408m through a secondary block deal, selling approximately 2.5m shares (6% of TSO).
The deal is a slightly large one to digest at 10.9 days of three month ADV and 5.5% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.

Cello World IPO Trading – Very Strong Institutional Subscription

Cello World raised around US$230m in its India IPO and will begin trading soon.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the demand and trading dynamics

WuXi XDC Cayman Pre-IPO – BULL/BEAR Scenario Considerations for Valuations

WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we share our updated thoughts on valuation and look at bull/bear scenarios for WXDC’s earnings.

WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market

By Andrei Zakharov

WuXi XDC, a leading CRDMO focused on the global ADC and bioconjugate market, filed to go public in Hong Kong and plans to raise up to $500M.
The company is expected to IPO in November or December at the latest. Morgan Stanley, Goldman Sachs, and J.P. Morgan are the lead underwriters. The offering may attract investor interest.
WuXi Biologics will spin off its ADC business, and WuXi XDC will raise capital through IPO to finance the construction of new facilities in Singapore and expand capacity in China.

CaiNiao Smart Logistics Pre-IPO Part 4 | Acquiring BABA’s Express Stakes Could Soak Up IPO Proceeds

By Daniel Hellberg

Acquiring parent Alibaba’s express investments could soak up much of CaiNiao’s IPO proceeds
Such transfers would help Alibaba, but the potential benefit to CaiNiao is less clear
The transfers of these stakes could become an important aspect of CaiNiao’s IPO process

Honasa Consumer IPO Trading – Great Anchor Book, Not so Great Overall Demand. Loved by FIIs