ECM Daily Briefs | Page 33 of 118

In today’s briefing:

VNG Pre-IPO – The Positives – Vietnam’s Mini-Tencent
Doosan Robotics IPO: The Bull Case
ARM Holdings IPO: Valuation Insights
VNG Pre-IPO – The Negatives – Vietnam’s Mini-Tencent
Chongqing Hongjiu Fruit Lockup Expiry – Price Has Come Back Down to Earth but Expect More Selling
Doosan Robotics IPO – Peer Comparison – Has Niche Offerings but Doesn’t Lack Competition
Chenqi Technology Limited Pre-IPO Tearsheet

VNG Pre-IPO – The Positives – Vietnam’s Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the positive aspects of the deal.

Doosan Robotics IPO: The Bull Case

Doosan Robotics (DOOSANROBO KS) is a global industrial and collaborative robotics leader. It has opened the books on an up to US$318 million IPO.
The international bookbuilding will run from 28 August to 15 September, while the domestic book will be open from 11 to 15 September. Pricing will be announced on 19 September.
The bull case rests on the market share gains, rapid forecasted growth, the industry’s largest product lineup, rapid expansion in sales channels and key accounts growth.

ARM Holdings IPO: Valuation Insights

ARM Holdings (1822695D US) is the world’s most widely licensed and deployed processor. Softbank Group (9984 JP) seeks to raise about US$6-10 billion by listing ARM on Nasdaq.
We previously discussed the IPO in ARM Holdings IPO: The Bull Case and ARM Holdings IPO: The Bear Case.
Our valuation analysis suggests that the rumoured target valuation of US$60-70 billion is unjustified. Our base-case DCF valuation is US$44.0 billion.

VNG Pre-IPO – The Negatives – Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the not-so-positive aspects of the deal.

Chongqing Hongjiu Fruit Lockup Expiry – Price Has Come Back Down to Earth but Expect More Selling

Chongqing Hongjiu Fruit (6689 HK) was listed on 5th Sep 2022, where it raised around US$71m in its Hong Kong IPO. Its one-year lockup will expire on 4th Sep 2023.
Chongqing Hongjiu Fruit (CHJF) is a multi-brand fresh fruit distributor in China with an end-to-end supply chain. As per CIC, it was the largest fruit distributor by revenue in 2022.
In this note, we will talk about the lock-up dynamics and updates since our last note.

Doosan Robotics IPO – Peer Comparison – Has Niche Offerings but Doesn’t Lack Competition

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
In our previous notes, we talked about the company’s past performance. In this note, we undertake a peer comparison.

Chenqi Technology Limited Pre-IPO Tearsheet

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, its key offerings include (i) mobility services, (ii) technology services, and (iii) ecosystem services.

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Aug 29

Daily Brief ECM: Doosan Robotics IPO – The Positives – More than Doubled Its Revenue and more

In today’s briefing:

Doosan Robotics IPO – The Positives – More than Doubled Its Revenue
VNG: Potential US Listing with the First Vietnamese “VIE” Structure
Doosan Robotics IPO Valuation Analysis
Millie’s Library IPO Analysis
Doosan Robotics IPO – The Negatives – But Losses Continue to Widen
Tuhu Car Pre-IPO PHIP Updates – Initially Looking for Growth, Now Searching for Profits
SF Holding HK IPO = A Drive to ‘Internationalize’ | Exposure Update | Recent Deals | New Comp Group

Doosan Robotics IPO – The Positives – More than Doubled Its Revenue

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module
In this note, we will talk about the positive aspects of the deal.

VNG: Potential US Listing with the First Vietnamese “VIE” Structure

By Alec Tseung

Vietnam’s tech giant, VNG, filed for US listing last week (valuation TBC).
Given the country’s current foreign ownership restriction, the listing will be done via an offshore entity that effectively controls the company through contractual agreements.
Investors should be aware of the risk, esp. after previous market concerns surrounding Chinese tech companies’ VIE structure.

Doosan Robotics IPO Valuation Analysis

Our base case valuation per share of Doosan Robotics is 42,826 won, which is 65% higher than the high end of the IPO valuation range.
We estimate Doosan Robotics to generate sales of 61.7 billion won (up 37.2% YoY) in 2023 and 97.7 billion won (up 58.2% YoY) in 2024.
If Doosan Robotics is compared to Fanuc, Doosan Robotics’ valuation would be much lower. However, one could argue that Doosan Robotics should have higher valuation than Rainbow Robotics.

Millie’s Library IPO Analysis

Millie’s Library is trying to complete its IPO again in September 2023, after a failed attempt in November 2022. The IPO price range is from 20,000 won to 23,000 won.
Founded in 2016, Millie’s Library is a reading platform company that introduced the first monthly e-book subscription service in Korea in October 2017.
Our valuation analysis suggests base case target price of 31,769 won per share, which is 38% higher than the high end of the IPO price range of 23,000 won.

Doosan Robotics IPO – The Negatives – But Losses Continue to Widen

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
In this note, we will talk about the not-so-positive aspects of the deal.

Tuhu Car Pre-IPO PHIP Updates – Initially Looking for Growth, Now Searching for Profits

Tuhu Car (2007986D HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
Tuhu is an integrated online and offline platform for automotive services in China.
We have looked at the firm’s past performance in earlier notes. In this note, we discuss the PHIP updates.

SF Holding HK IPO = A Drive to ‘Internationalize’ | Exposure Update | Recent Deals | New Comp Group

By Daniel Hellberg

SF Holding’s HK listing document provides added details of current international revenue
Two recent moves show SF’s intent to raise international sales (and reduce China exposure)
As SF Holding courts a global investor base, its comps will become the global express names

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Aug 28

Daily Brief ECM: FP Partner (7388 JP) Offering-To-Get-Float-To-Get-TOPIX-Inclusion and more

In today’s briefing:

FP Partner (7388 JP) Offering-To-Get-Float-To-Get-TOPIX-Inclusion
ARM Holdings IPO: The Bear Case
Integral Corporation IPO: Valuation Insights

FP Partner (7388 JP) Offering-To-Get-Float-To-Get-TOPIX-Inclusion

By Travis Lundy

On 22 August, TSE Growth-listed insurance agent FP Partner (7388 JP) announced a special dividend, a secondary offering of 1.4mm shares, and a move to TSE Prime.
The equity offering is designed to raise tradable share percentage to meet the TSE Prime listing requirement. The move to Prime on 11 September means a TOPIX inclusion end October.
The pattern of “Offering To Get Float to Get TOPIX Inclusion” is well-trod. This one has some interesting dynamics.

ARM Holdings IPO: The Bear Case

ARM Holdings (1822695D US) is the world’s most widely licensed and deployed processor. Softbank Group (9984 JP) seeks to raise about US$6-10 billion by listing ARM on Nasdaq.
In ARM Holdings 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 the deteriorating annualized contract value trajectory, declining ARM-powered chip shipments and revenue, ARM China overhang and red flag transactions involving SoftBank.

Integral Corporation IPO: Valuation Insights

Integral Corporation (5842 JP) is an independent Japanese private equity firm seeking to raise about US$174 million. The pricing is on 4 September, and the listing is on 20 September.
We previously discussed the IPO in Integral Corporation IPO: The Bull Case and Integral Corporation IPO: The Bear Case.
In this note, we discuss forecasts and valuation. Our analysis suggests that the indicative IPO price range of JPY2,800-3,400 per share is unattractive. We would give the IPO a pass.

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Aug 27

Daily Brief ECM: China Healthcare Weekly (Aug.25) – Anti Corruption Affects IPO and more

In today’s briefing:

China Healthcare Weekly (Aug.25) – Anti Corruption Affects IPO, TIGIT Revives Again? Neusoft Xikang
ECM Weekly (27th August 2023) – ARM, Integral, Doosan, Samhi, JSW, TVS, Zeekr, Coforge, APA

China Healthcare Weekly (Aug.25) – Anti Corruption Affects IPO, TIGIT Revives Again? Neusoft Xikang

By Xinyao (Criss) Wang

Anti-Corruption campaign has affected healthcare companies’ IPO. It’s crucial for companies to explain the compliance of selling expenses in IPO approval process. Investors need to be aware of potential risks.
Roche posts interim TIGIT OS data after “inadvertent disclosure”, which seems to give investors a glimmer of hope. But for now, we remain cautious about TIGIT based on our analysis.
We updated our views on Neusoft Xikang. We still hold a conservative view towards whether Xikang can successfully IPO this time, mainly due to some negative factors and gloomy outlook.

ECM Weekly (27th August 2023) – ARM, Integral, Doosan, Samhi, JSW, TVS, Zeekr, Coforge, APA

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
ARM Holdings finally made its IPO filings public, while Doosan Robotics too kicked of its much awaited listing.
In the placement space, Union Bank Of India (UNBK IN) managed to upsize its offering, while APA Group (APA AU) pulled off a non-accretive acquisiton.

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Aug 26

Daily Brief ECM: Happy Forgings Limited Pre-IPO Tearsheet and more

In today’s briefing:

Happy Forgings Limited Pre-IPO Tearsheet
Revu Corporation IPO Preview
Opthea (OPT AU): Kicks Off A$80M Capital Raise To Support Phase 3 Trial of Lead Drug Candidate

Happy Forgings Limited Pre-IPO Tearsheet

Happy Forgings Limited (6596652Z IN) is looking to raise around US$160m in its upcoming India IPO.
Happy Forgings Limited (HF) is a manufacturer of complex and safety critical, heavy forged and high precision machines components in India.
As per the Ricardo Report, the firm is the fourth largest firm domestically in terms of FY23 forging capacity.

Revu Corporation IPO Preview

Revu Corporation is the number one influencer platform company in Korea with the largest number of influencer members in the industry.
The IPO price range is from 11,500 won to 13,200 won. The maximum total offering amount is 29.5 billion won.
The bankers used three companies including DearU, Silicon2, and Connectwave as comparable companies for Revu Corp. The average P/E of the comps is 32.6x.

Opthea (OPT AU): Kicks Off A$80M Capital Raise To Support Phase 3 Trial of Lead Drug Candidate

By Tina Banerjee

Opthea Ltd (OPT AU) is seeking to raise A$80M ($51M) through a combination of private placement and accelerated non-renounceable entitlement offer. The proceeds will fund the clinical development of OPT-302.
The proceeds of the offer, pending funds from the earlier agreements, along with existing cash balance, are expected to fund the company’s operation through Q3 2024.
OPT-302 is in two phase 3 trials, which are expected to be fully enrolled by 1H24. In phase 2 trial, OPT-302 has demonstrated superior visual acuity over standard of care.

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Aug 25

Daily Brief ECM: Cello World Pre-IPO Tearsheet and more

In today’s briefing:

Cello World Pre-IPO Tearsheet
Vishnu Prakash R Punglia Ltd IPO- Forensic Analysis
ARM Holdings IPO: The Bull Case
JSW Infra Pre-IPO – The Negatives – Fees Rose Quicker than Escalations. High Related Party Dealings
APM Human Services IPO Lock-Up – US$400m of Shares Come Free but First PE Needs to Clear Out
Mirxes Pre-IPO: Early Signs of Commercialization Challenges

Cello World Pre-IPO Tearsheet

Cello World Limited (CW IN) is looking to raise around US$210m in its upcoming India IPO. The bookrunners on the deal are Kotak, JM Financial, ICICI, IIFL, and Motilal Oswal.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
According to the Technopak Report, the firm’s consumer houseware, writing instruments and stationery, and moulded furniture and allied products categories are amongst the largest brands in the Indian consumerware market.

Vishnu Prakash R Punglia Ltd IPO- Forensic Analysis

By Nitin Mangal

Vishnu Prakash R Punglia (1636911D IN) IPO has opened for subscription.
The company operates in the EPC space with a prominence in Water Supply Projects and a strong geographic presence in Rajasthan.
The financials of the company should be looked at carefully, especially given the fact that margins are boosted by inventory, and there are plenty of RPT with the promoters.

ARM Holdings IPO: The Bull Case

ARM Holdings (1822695D US) is the world’s most widely licensed and deployed processor. Softbank Group (9984 JP) is seeking to raise about US$6-10 billion by listing ARM on Nasdaq.
Softbank Privatised ARM for US$32bn in 2016 and unsuccessfully tried to sell it to NVIDIA Corp (NVDA US) for US$40bn in 2022. In August, Softbank acquired Vision Fund’s ARM stake.
The bull case rests on the growth in licensees, high customer switching costs, rising royalty rates, strong revenue visibility and a highly profitable and cash-generative business model.

JSW Infra Pre-IPO – The Negatives – Fees Rose Quicker than Escalations. High Related Party Dealings

JSW Infrastructure (5978490Z IN) is looking to raise around US$340m in its upcoming India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
In this note, we will talk about the not so positive aspects of the deal.

APM Human Services IPO Lock-Up – US$400m of Shares Come Free but First PE Needs to Clear Out

APM Human Services (APM AU) raised about US$730m by selling a mix of primary and secondary shares in Nov 21. The second IPO linked lockup is set to expire next week.
APM is an international human services provider, it runs 800 sites spanning 10 countries with its largest market being Australia.
In this note, we will talk about the lock-up dynamics and updates since our last note.

Mirxes Pre-IPO: Early Signs of Commercialization Challenges

By Ke Yan, CFA, FRM

Mirxes, a Singapore-headquartered RNA technology company with a focus on cancer screening, plans to raise up to US$100m via a Hong Kong listing.
In this insight, we examine its key product, GASTROClear’s technical and clinical data. We also look at the competitive landscape.
We are of the view that the company’s product, despite improving the accuracy over incumbent competitors marginally, is not a killer product and will face challenges in ramping up sales.

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Aug 24

Daily Brief ECM: TVS Supply Chain Solutions IPO Trading – Offered at a Premium with Underwhelming Subscription Rates and more

In today’s briefing:

TVS Supply Chain Solutions IPO Trading – Offered at a Premium with Underwhelming Subscription Rates
Coforge Placement – US$900m Cleanup, Well Flagged but the Stock Is Toppish
APA Group Placement – Well Flagged Deal, but Lacks in Accretion
Shibaura Mechatronics (6590) Secondary Offering & Buyback
ARM Holdings IPO Preview
S.F. Holding H Share Listing: The Investment Case
ARM Holdings Limited – The Negatives – Tepid Growth and China JV Issues
Doosan Robotics IPO Preview
JSW Infra Pre-IPO – The Positives – Grown Its Concessions and Long-Term Contracts Provide Visibility
Pre-IPO Sunho Biologics (SHB HK) – High Valuations Can Be Hard to Come By

TVS Supply Chain Solutions IPO Trading – Offered at a Premium with Underwhelming Subscription Rates

TVS Supply Chain Solutions (TVSSCS IN) raised around US$108m in its India IPO, after downsizing from an earlier reported float of up to US$500m.
TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand and trading dynamics.

Coforge Placement – US$900m Cleanup, Well Flagged but the Stock Is Toppish

Baring aims to raise around US$900m by selling its remaining 26.6% stake in Coforge (COFORGE IN) .
Baring has been paring down its stake since 2020 and hence, the selldown is somewhat well flagged.
In this note, we run the deal through our ECM framework and talk about the deal dynamics.

APA Group Placement – Well Flagged Deal, but Lacks in Accretion

APA Group (APA AU) is looking to raise A$675m (US$430m) in its primary follow-on to partially fund its acquisition of the Alinta Energy assets in the Pilbara region.
The deal is a well flagged one with APA having been one of the last remaining bidders on the asset. Short interest has been on the rise as well.
However, the deal doesn’t seem accretive at our end, and the results reported today seemed to have missed analyst expectations.

Shibaura Mechatronics (6590) Secondary Offering & Buyback

By Travis Lundy

Five plus years ago, Toshiba Corp (6502 JP) sold down a 26% stake in small cap Shibaura Mechatronics (6590 JP) to get to a consolidated 13%-ish stake.
This was discussed in Toshiba Selldown of Shibaura Mechatronics (6590) back then. Yesterday, we got news Toshiba would sell out its remaining stake. And there’s a buyback. Maybe.
The stock has reacted badly on Day 1, despite a lack of dilution. Shareholder structure matters.

ARM Holdings IPO Preview

While Softbank is trying to complete the IPO of Arm in the next several weeks, many investors are likely to have concerns about valuations.
Arm Holdings generated sales of US$2.7 billion (down 0.9% YoY) and net profit of US$524 million (down 22.5% YoY) in FY 2023.
In order for the valuation of Arm to reach US$60 billion, this would imply a significant premium multiple to the comps.

S.F. Holding H Share Listing: The Investment Case

S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, has filed for an H Share listing to raise US$2-3 billion, according to press reports.
SF is the largest integrated logistics service player in China and Asia, and the fourth largest player globally, in terms of revenue in 2022, according to Frost & Sullivan.
The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage and undemanding PEG multiples.

ARM Holdings Limited – The Negatives – Tepid Growth and China JV Issues

Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the not-so-positive aspects of the deal.

Doosan Robotics IPO Preview

Doosan Robotics is getting ready to complete its IPO in Korea in September. The expected IPO price range is 21,000 won to 26,000 won.
The company estimates its sales to surge from 67 billion won in 2023 to 766.3 billion won in 2027, representing 83.9% CAGR from 2023 to 2027.
One of the major reasons why local investors will have a positive view of Doosan Robotics is due to Samsung’s investment in Rainbow Robotics whose share price increased 232% YTD.

JSW Infra Pre-IPO – The Positives – Grown Its Concessions and Long-Term Contracts Provide Visibility

JSW Infrastructure (5978490Z IN) is looking to raise around US$340m in its upcoming India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
In this note, we will talk about the positive aspects of the deal.

Pre-IPO Sunho Biologics (SHB HK) – High Valuations Can Be Hard to Come By

By Xinyao (Criss) Wang

There is a certain connection between Sunho and Genscript. So, Sunho has a typical style of “CXO switching to biotech” – That is to do whatever is popular.
For core products, IAP0971 and IAE0972 just completed phase I trials, still with high R&D failure risks. IAH0968 is difficult to become a blockbuster variety due to strong competing products.
As investors’re already rational about investing in unprofitable Biotech. The companies without commercialized products and with uncertain outlook may not be favored by the market. Therefore, high valuation is unreasonable.

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Aug 23

Daily Brief ECM: ARM Holdings Limited – The Positives – Pervasive Global Presence and more

In today’s briefing:

ARM Holdings Limited – The Positives – Pervasive Global Presence
Integral Corporation IPO: The Bear Case
Union Bank of India QIP – Well-Flagged Deal, Recent Momentum Has Been Strong
Samhi Hotels Pre-IPO – The Negatives – Peer Comp and Valuation

ARM Holdings Limited – The Positives – Pervasive Global Presence

Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the positive aspects of the deal.

Integral Corporation IPO: The Bear Case

Integral Corporation (5842 JP) is an independent Japanese private equity firm seeking to raise about US$175 million. The pricing is on 4 September, and the listing is on 20 September.
In Integral Corporation IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rest on the declining mix of fee-earning AUM, growth driven by volatile investment income and uninspiring 1HFY22 performance in fee-related revenue growth and margin.

Union Bank of India QIP – Well-Flagged Deal, Recent Momentum Has Been Strong

Union Bank Of India (UNBK IN) is looking to raise US$301m from its qualified institutional placement (QIP). Included in the deal is an option to effectively double its base deal.
The deal is a relatively large one to digest with the base deal alone representing 21.1 days of three months ADV.
That being said, the deal here is a very well flagged one with the firm having earlier reported to look to do so to boost its free float.

Samhi Hotels Pre-IPO – The Negatives – Peer Comp and Valuation

SAMHI Hotels (SAMHI IN) plans to raise around US$200m (estimated) in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we will undertake a peer comparison and provide our thoughts on valuation.

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Aug 22

Daily Brief ECM: Ventia Services Group US$450m Placement Lockup Expiry – Past Deals Have Done Well and more

In today’s briefing:

Ventia Services Group US$450m Placement Lockup Expiry – Past Deals Have Done Well
Integral Corporation Pre-IPO – The Positives – Strong Track Record
Integral Corporation IPO: The Bull Case
Integral Corporation Pre-IPO – The Negatives – Ambitious Indicative Pricing
Sichuan Baicha Baidao Industrial Pre-IPO Tearsheet

Ventia Services Group US$450m Placement Lockup Expiry – Past Deals Have Done Well

Ventia Services Group Pty (VNT AU)’s two largest shareholders, Apollo Global Management and CIMIC Group, will come off their placement linked lockup soon.
The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.
In this note, we will talk about the likely placement and past deal performance.

Integral Corporation Pre-IPO – The Positives – Strong Track Record

Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the positive aspects of the deal.

Integral Corporation IPO: The Bull Case

Integral Corporation (5842 JP) is an independent Japanese private equity firm seeking to raise about US$175 million. The pricing is on 4 September, and the listing is on 20 September.
Integral primarily targets investments in Japanese medium-sized companies and invests its own capital both through investments in funds under management and through direct investments.
The bull case rest on rising AUM, strong operating income growth, cash flow potential through material unrealised carried interest and solid potential returns on its principal investments.

Integral Corporation Pre-IPO – The Negatives – Ambitious Indicative Pricing

Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the not-so-positive aspects of the deal.

Sichuan Baicha Baidao Industrial Pre-IPO Tearsheet

Sichuan Baicha Baidao Industrial (SCBCBDID CH) is looking to raise up to US$300m in its upcoming HK IPO. The deal will be run by CICC.
Sichuan Baicha Baidao Industrial (SBBI) sells new-style tea drinks through its ChaPanda stores, most of which are franchised.
As of the Latest Practicable Date (8th Aug 2023), ChaPanda’s store network comprised 7,117 stores, spanning across 31 provinces and municipalities in mainland China.

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Aug 21

Daily Brief ECM: Jana Small Finance Bank Pre-IPO Tearsheet and more

In today’s briefing:

Jana Small Finance Bank Pre-IPO Tearsheet

Jana Small Finance Bank Pre-IPO Tearsheet