ECM Daily Briefs | Page 38 of 118

By Shifara Samsudeen, ACMA, CGMA

In today’s briefing:

Rakuten Securities IPO: Promising Business with Valuation Caveats
TRYT IPO: Peer Comparison and Valuation
Fadu Pre-IPO – Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

Rakuten Securities IPO: Promising Business with Valuation Caveats

By Oshadhi Kumarasiri

Yesterday, Rakuten Group (4755 JP) announced that its consolidated subsidiary, Rakuten Securities, has applied for a listing on the Tokyo Stock Exchange.
Rakuten Securities has long-term growth potential through leveraging Rakuten’s ecosystem for steady securities account growth and exploring cross-selling opportunities for related services.
While the business seems promising, there may be concerns regarding its valuation, given its previous high trailing PE of 43.0x.

TRYT IPO: Peer Comparison and Valuation

TRYT Group is engaged in job placement and temporary staffing, specialising in the medical and welfare and construction fields. The company has set the pricing for its Tokyo IPO.
Existing shareholders of the company will offer 40m shares at an indicative price range of ¥1,100-1,300 per share, raising around US$305-360m from the IPO.
We think Tryt Inc (9164 JP) ’s IPO is overvalued at the above price range compared to Japanese recruitment peers and would recommend staying on the sidelines.

Fadu Pre-IPO – Stupendous Revenue Growth but Heavily Reliant on Two Key Customers

Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
Fadu’s revenue growth has been stupendous, to say the least. However, the firm’s revenues are derived mainly from two customers, which exposes it to a large degree of concentration risk.

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Jul 06

Daily Brief ECM: Socionext (6526 JP) – Pre-IPO Lockup Expiry Offering Will Double Real World Float and more

In today’s briefing:

Socionext (6526 JP) – Pre-IPO Lockup Expiry Offering Will Double Real World Float
Socionext Placement – A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains
Socionext (6526 JP): US$1.9bn Secondary Placement
Tryt IPO – Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right
Robosense Technology Pre-IPO Tearsheet
TRYT IPO: Revised IPO Price Range Remains Unattractive
Zhejiang Yongtai Technology GDR Listing – Discount Wider than Recent Deals & Inline with Average
Lalatech Holdings Limited Pre-IPO – Thoughts on Valuation – Needs a Very Big Cut from Pre-IPO Rounds

Socionext (6526 JP) – Pre-IPO Lockup Expiry Offering Will Double Real World Float

By Travis Lundy

Today after the close, SoC and market darling Socionext (6526 JP) announced that DBJ, Fujitsu, and Panasonic would offer the remaining shares they in a US$1.8bn secondary offering.
Pshaw…. that’s only 2.5 days of 20-day ADV… Not a lot. But in fact, that is a LOT of stock.
I harp on understanding shareholder structure. I think it worthwhile. Here it matters too.

Socionext Placement – A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains

Three shareholders of Socionext (6526 JP) aim to raise around US$1.8bn via selling all of their shares in Socionext.
Socionext was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup expired in Apr 2023. Its shares are up 6x since listing.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.

Socionext (6526 JP): US$1.9bn Secondary Placement

Socionext (6526 JP) announced a pure secondary offering of 12.6 million or 37.50% of outstanding shares. At the last close, the placement is worth JPY277 billion (US$1.9 billion)
The selling shareholders’ primary motivation for exiting their shareholding is to capitalise on the extraordinary share price. Socionext shares are up 6x from the IPO price of JPY3,650 per share.
We think looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 11 to 13 July (likely 11 July).

Tryt IPO – Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right

Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.

Robosense Technology Pre-IPO Tearsheet

Robosense Technology (ROBO HK) (RT) is looking to raise around US$300m (estimated) in its upcoming Hong Kong IPO. The deal will be run by JPM and China Renaissance.
As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.
As of Mar 23, it had served the largest number of automotive OEMs and Tier 1 suppliers, according to CIC.

TRYT IPO: Revised IPO Price Range Remains Unattractive

Tryt Inc (9164 JP) has disclosed a revised IPO price range of JPY1,100-1,300 per share, which is -32% to -20% below the IPO reference price of JPY1,620 per share.
We previously discussed the IPO in TRYT IPO: The Bull Case, TRYT IPO: The Bear Case and TRYT IPO: Valuation Insights.
Our analysis suggests that Tryt remains unattractively valued at the revised IPO price range. Also, market sentiment on the sector has weakened. We would pass on the IPO.

Zhejiang Yongtai Technology GDR Listing – Discount Wider than Recent Deals & Inline with Average

Zhejiang Yongtai Tech A (002326 CH) is looking to raise US$107m in its London GDR listing. Huatai is the sole bookrunner on the deal.
The firm is offering 11.4m GDRs (1 GDR to 5 ordinary A-shares) for sale, at a fixed 12.7% discount to last close on its A-share leg.
The deal is a relatively small one for the firm to digest, representing just 3.9 days of three month ADV on its A-share leg.

Lalatech Holdings Limited Pre-IPO – Thoughts on Valuation – Needs a Very Big Cut from Pre-IPO Rounds

Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
We have looked at the company’s past performance and peer comparison in our earlier notes. In this note we will talk about valuations.

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Jul 05

Daily Brief ECM: PhilEnergy IPO Bookbuilding Results Analysis and more

In today’s briefing:

PhilEnergy IPO Bookbuilding Results Analysis
Fadu IPO Valuation Analysis
TRYT IPO: Margins on a Downward Trend
Silver Dragon Water Supply Group Pre-IPO Tearsheet
J&T Global Express Pre-IPO, Part 2: SE Asia Operation | Demand, Supply Profiles | Valuation Approach
Lalatech Holdings Limited Pre-IPO – Peer Comparison – Not the Largest but Pulling Its Weight

PhilEnergy IPO Bookbuilding Results Analysis

PhilEnergy’s IPO price has been determined a 34,000 won. The company will raise 95.6 billion won in this IPO offering.
A total of 1,955 institutional investors participated in the IPO offering with a competition demand ratio of 1,812 to 1.
Given the exceptional book building results, it is highly likely that PhilEnergy will have a strong price performance once it starts trading.

Fadu IPO Valuation Analysis

By Shifara Samsudeen, ACMA, CGMA

Our base case valuation analysis suggests implied market cap of 2.2 trillion won or 43,676 won per share, representing 41% higher than the high end of the IPO price range.
At the high end of our valuation sensitivity analysis, it suggests implied price of 62,893 won per share, representing 103% higher than the high end of the IPO price range.
Fadu is a system semiconductor fabless company specializing in data centers, which is experiencing a strong growth due to higher data demand for cloud, AI/Big data, 5G, and autonomous driving.

TRYT IPO: Margins on a Downward Trend

TRYT Group is engaged in job placement and temporary staffing in the medical and welfare fields. The company has filed for an IPO and plans to raise around $450m.
The company’s top line has continued to expand; however, margins have continued to narrow down over the last 3-4 years.
We remain concerned over the company’s growth prospects and would only recommend subscribing if the IPO is priced attractively.

Silver Dragon Water Supply Group Pre-IPO Tearsheet

Silver Dragon Water Supply Group (2210081D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are HSBC and Huatai International.
Silver Dragon Water Supply Group (SDW) is principally engaged in the supply of tap water, raw water and pipeline direct drinking water in China.
As per Frost & Sullivan (F&S), the firm had the largest water pipeline network in terms of water pipeline length among all water supply companies in China in 2022.

J&T Global Express Pre-IPO, Part 2: SE Asia Operation | Demand, Supply Profiles | Valuation Approach

By Daniel Hellberg

In this insight, we examine J&T Global Express (1936374D CH)‘s operation in SE Asia, where it’s the region’s dominant player, with market share of 22.5% by volume
We profile SE Asian demand and supply and compare these to the development of China’s express industry, acknowledging the key role Alibaba (ADR) (BABA US) has played there
We also present a framework for estimating the value of J&T’s SE Asian operation by identifying the most appropriate comps and EV valuation multiples

Lalatech Holdings Limited Pre-IPO – Peer Comparison – Not the Largest but Pulling Its Weight

Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.

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Jul 04

Daily Brief ECM: Fadu IPO Preview and more

In today’s briefing:

Fadu IPO Preview
Black Sesame Pre-IPO Tearsheet
TRYT IPO: Valuation Insights
Senco Gold Ltd IPO- Forensic Analysis
China Designer of AI-Based Self-Driving Chips Files for Hong Kong IPO
Pre-IPO Wuhan YZY Biopharma – Both R&D and Commercialization Capabilities Have yet to Be Proven
SF Holdings A/H Listing – Early Look – Front Running
Amman Mineral International IPO Trading – Looks Attractive with Ample Upside
Qiniu Pre-IPO Tearsheet

Fadu IPO Preview

Fadu is getting ready to complete its IPO in Korea in August. Fadu is one of the most highly anticipated IPOs in Korea in 2023.
The expected market cap at the top end of the IPO price range is 1.6 trillion won. The IPO price range is from 26,000 won to 31,000 won.
Fadu is a system semiconductor fabless company specializing in data centers.

Black Sesame Pre-IPO Tearsheet

Black Sesame International Holdings (BSIH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai.
BSIH is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
In terms of shipment of automotive-grade high-computing power SoCs in 2022, it was the third largest provider globally, according to Frost & Sullivan.

TRYT IPO: Valuation Insights

Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
We previously discussed the IPO in TRYT IPO: The Bull Case and TRYT IPO: The Bear Case.
In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.

Senco Gold Ltd IPO- Forensic Analysis

By Nitin Mangal

Senco Gold (0655443D IN) ‘s long awaited IPO is scheduled to open this week.
The company is the largest organized retail jewellery player in the East and has a pan India presence.
A look at its IPO filing and current financials reveal several key takeaways, including ongoing litigations, inability to generate cash and register key trademarks, etc.

China Designer of AI-Based Self-Driving Chips Files for Hong Kong IPO

By Caixin Global

Black Sesame International Holding Ltd., a Xiaomi-backed designer of artificial intelligence-based self-driving computing chips, has filed for a Hong Kong IPO
Black Sesame, which also counts Tencent Holdings Ltd. and SAIC Motor Corp. Ltd. among its major investors, plans to use the IPO proceeds mainly to develop system-on-a-chip (SoC) designs and software for intelligent vehicles in the next three years.
Bloomberg in January reported that the company expects to raise $200 million through the share sale, citing people familiar with the matter.

Pre-IPO Wuhan YZY Biopharma – Both R&D and Commercialization Capabilities Have yet to Be Proven

By Xinyao (Criss) Wang

YZY is a company that is serious about drug development However, there is actually high R&D risk of its pipeline candidates. So, YZY’s R&D capability has yet to be proven.
There are still many unanswered questions in the whole direction of bispecific antibody. If YZY’s candidates fail to prove better marginal clinical benefits, they won’t have good commercialization performance.
YZY has a long way to go based on its pipeline situation. Considering Wuhan YZY Biopharma (YZY HK) has no product in commercialization stage, its valuation may not be high.

SF Holdings A/H Listing – Early Look – Front Running

S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Amman Mineral International IPO Trading – Looks Attractive with Ample Upside

Amman Mineral Internasional (1416286D IJ) raised around US$714m in its Indonesian IPO.
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In this note, we will talk about the trading dynamics and valuation.

Qiniu Pre-IPO Tearsheet

Qiniu Limited (1045102D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Qiniu Limited (Qiniu) is a one-stop scenario-based intelligent audiovisual service provider.
According to iResearch, the firm is the third largest audiovisual platform as a service (PaaS) provider in China in terms of FY22 revenue, with a market share of 5.7%.

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Jul 03

Daily Brief ECM: Keep IPO Valuation Analysis: The Minimum Offer Price Looks Attractive. Trading Debut: July 12 and more

In today’s briefing:

Keep IPO Valuation Analysis: The Minimum Offer Price Looks Attractive. Trading Debut: July 12, 2023
J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | ‘Haven’t We Met Somewhere Before?’

Keep IPO Valuation Analysis: The Minimum Offer Price Looks Attractive. Trading Debut: July 12, 2023

By Andrei Zakharov

Keep Inc., the largest online fitness platform in China, set terms for HK IPO and plans to raise ~HK$667M at the high end of the range at HK$61.46/share.
CICC is leading the offering and Keep Inc (KEEP HK) will trade under the stock code “3650”. The company offers ~10.8M shares at a price range of HK$28.92-HK$61.46.
The low end of the range implies an IPO valuation of HK$15B, which looks attractive and is equal to the last round valuation of ~$2B that was led by SoftBank.

J&T Global Express Pre-IPO, Part 1: Chinese Express Operation | ‘Haven’t We Met Somewhere Before?’

By Daniel Hellberg

In this insight we look at the development of J&T’s China business over the past few years, including J&T’s purchase of Best Inc’s express operation in late 2021
We also compare J&T’s Chinese operation to five listed Chinese express companies in terms of scale, market position, financial performance, and relationships with e-comm platforms
Finally, we present a framework for the valuation of J&T’s China business, and offer a list of questions we would ask management as the company prepares for its IPO

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Jul 02

Daily Brief ECM: ECM Weekly (2nd July 2023) – Tryt and more

In today’s briefing:

ECM Weekly (2nd July 2023) – Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

ECM Weekly (2nd July 2023) – Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

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, Tryt Inc (9164 JP) will announce its price range in the coming week, while Kelun Biotech tries to break the US$100m+ deal silence in HK.
On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.

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Jul 01

Daily Brief ECM: Tryt IPO – Thoughts on Valuation – Even with Optimistics Forecasts and more

In today’s briefing:

Tryt IPO – Thoughts on Valuation – Even with Optimistics Forecasts, The Firm Isn’t Cheap
Lotus Pharmaceutical Placement – Sound Fundamentals but Doesn’t Seem Well Flagged
Nexteel IPO Preview

Tryt IPO – Thoughts on Valuation – Even with Optimistics Forecasts, The Firm Isn’t Cheap

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
We have looked at the company’s past performance and track record against peers in our earlier notes. In this note, we will discuss our thoughts on valuation.

Lotus Pharmaceutical Placement – Sound Fundamentals but Doesn’t Seem Well Flagged

Lotus Pharmaceutical (1795 TT)’s majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated secondary block offering.
The deal is a small one to digest at only 2.4 days of three month ADV, despite being about 8.7% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.

Nexteel IPO Preview

Nexteel is getting ready to complete its IPO in Korea in August. Nexteel is a steel pipe manufacturing company. The IPO price range is from 11,500 won to 12,500 won.
The IPO offering size is from 80.5 billion won to 87.5 billion won. The expected market cap is from 299 billion won to 325 billion won.
Nexteel’s sales increased at a CAGR of 76.4% from 2020 to 2022. The company’s operating profit surged from 1.5 billion won in 2020 to 181.3 billion won in 2022.

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Jun 30

Daily Brief ECM: ALT Co IPO Preview and more

In today’s briefing:

ALT Co IPO Preview

ALT Co IPO Preview

ALT Co is getting ready to complete its IPO in Korea in July. ALT tests high-performance non-memory semiconductors applied to various industries such as secondary batteries, artificial intelligence, and automotive.
The bankers used four companies as comps for ALT including Lb Semicon, LB Lusem, Doosan Tesna, and Nepes Ark. These four stocks are up on average 48% YTD.
The IPO price range is from 16,700 won to 20,500 won. The expected market cap of the company post IPO is from 150 billion won to 184 billion won.

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Jun 29

Daily Brief ECM: SIA Placement – Selldown Isn’t Particularly Well Flagged. Overhang Is Too Large to Ignore and more

In today’s briefing:

SIA Placement – Selldown Isn’t Particularly Well Flagged. Overhang Is Too Large to Ignore
Tryt IPO – Peer Comp – One of the Widest Margins Historically, but Has Lagged over the Track Record
Kelun-Biotech (科伦博泰) IPO: Fairly Valued at Best
Mobvoi IPO: Right Decision at the Right Time
TRYT IPO: The Bear Case
Redox IPO Trading – Peers Have Mostly Corrected over the past Month

SIA Placement – Selldown Isn’t Particularly Well Flagged. Overhang Is Too Large to Ignore

Napier (Temasek) is looking to raise around US$300m via its secondary selldown in Singapore Airlines (SIA SP).
The deal isn’t very well flagged given that the investor hadn’t earlier given any explicit guidance of a selldown.
Post-Selldown, Temasek will still own over 50% of SIA’s shares outstanding, so the overhang will be a large one.

Tryt IPO – Peer Comp – One of the Widest Margins Historically, but Has Lagged over the Track Record

By Shifara Samsudeen, ACMA, CGMA

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.

Kelun-Biotech (科伦博泰) IPO: Fairly Valued at Best

By Ke Yan, CFA, FRM

Kelun-Biotech is a China-based integrated innovative biopharmaceutical company. The company launched a deal to raise up to US$200m via a Hong Kong listing.
In our previous note, we looked at the company’s product lines and provided a brief overview on the company’s valuation.
In this note, we provide an update for the book building. We provide our quick thoughts on the valuation and deal dynamics.

Mobvoi IPO: Right Decision at the Right Time

Mobvoi is a leading AI company with generative AI and voice interaction technologies at the core of its business. The company has filed for an IPO on the HKEx.
Unlike a lot of the AI start-ups, Mobvoi has already begun commercialising its products and services and the company has started generating operating profits in 2022.
The advent of ChatGPT and Midjourney have created a hype for AI. Mobvoi has taken the right decision to go public at the right time.

TRYT IPO: The Bear Case

Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
In TRYT IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on mid-tier revenue growth rates, margin pressure led by rising labour expenses, bottom-tier FCF margin and high leverage.

Redox IPO Trading – Peers Have Mostly Corrected over the past Month

Redox (RDX AU), a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide
We have looked at the company’s past performance in our previous note, in this note we will talk about the updates since then and the trading dynamics.

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Jun 28

Daily Brief ECM: Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth and more

In today’s briefing:

Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth
J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically
M&A Research Institute Placement – Phenomenal Performance Since Listing Only a Year Ago
Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well
TRYT IPO: The Bull Case
Oddity Tech IPO Preview: AI In The Beauty Industry
J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative

Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the not so positive aspects of the deal.

J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically

J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the positive aspects of the deal.

M&A Research Institute Placement – Phenomenal Performance Since Listing Only a Year Ago

M&A Research Institute (9552 JP)’s founder and CEO, Shunsaku Sagami, together with two other board members, aims to raise a total of US$127m through an accelerated international secondary offering.
The deal is a small one to digest at only 3 days of three month ADV and about 8.5% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.

Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well

Walsin Lihwa (1605 TT) is looking to raise US$355m in its Taiwan GDS offering.
The firm is offering 27m GDS at a 4.8-7.8% discount to last close. The deal isn’t a very large one for the firm to digest on an ADV basis.
As per the firm, proceeds from this GDS issuance is expected to purchase raw materials in foreign currencies.

TRYT IPO: The Bull Case

Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
In 2022, Tyrt was the leading provider of personnel dispatch and personnel introduction services in Japan’s welfare and nursing sector.
The key elements of the bull case rest on large addressable markets, favourable market trends, strong pro-forma revenue growth, top quartile EBITDA margins and rising staff retention rates.

Oddity Tech IPO Preview: AI In The Beauty Industry

By Andrei Zakharov

Oddity Tech (ODD US) , innovative consumer-tech unicorn and a prominent player in the beauty industry, filed for a $100M U.S. IPO, with Goldman Sachs leading the offering.
Founded in 2013 in Israel by CEO Mr. Holtzman and Chief Product Officer Ms. Holtzman-Erel, Oddity Tech (ODD US) wants to disrupt the global beauty and wellness market.
Founder-Led company delivered profitable high-growth at a scale and has a rapidly growing user base. Given the company’s attractive fundamentals, Oddity Tech is bound to have a very successful IPO.

J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative