ECM Daily Briefs | Page 6 of 123

By Shifara Samsudeen, ACMA, CGMA

In today’s briefing:

Midea: Thoughts on HK Listing and Valuation
Sona Blw Precision QIP – Well Flagged Raising, past Deal Record Has Been Decent
The Born Korea IPO Preview

Midea: Thoughts on HK Listing and Valuation

Chinese appliance maker Midea’s application to list its shares on the HKEx has been approved and the company plans to list up to 10% of its shares to raise $4bn.
Midea Group Co Ltd A (000333 CH) has a diversified product portfolio, well-balanced exposure to domestic as well as overseas markets and M&A’s that have helped significantly grow its business.
Our analysis on previous secondary listings of Chinese-listed companies on HKEx shows that the HK listings were priced at a significant discount to their A-Shares.

Sona Blw Precision QIP – Well Flagged Raising, past Deal Record Has Been Decent

Sona Blw Precision Forgings Lt (SONACOMS IN) is looking to raise INR24bn (US$286m) from its qualified institutional placement (QIP).
The capital raising is well flagged having gone through rounds of board approvals, and having been well covered by various media outlets as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

The Born Korea IPO Preview

By Douglas Kim

The Born Korea is getting ready to complete its IPO in Korea in November. The total IPO offering is expected to range from 69 billion won to 84 billion won.
Based on the bankers’ valuation, the expected market cap of the company ranges from 357 billion won to 419 billion won.
The Born Korea was founded by Baek Jong-Won, the most famous celebrity chef in Korea.

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Sep 05

Daily Brief ECM: Key Things to Watch in Ecopro HN’s Big Rights Offering and more

In today’s briefing:

Key Things to Watch in Ecopro HN’s Big Rights Offering
Midea Group H Share Listing: AH Discount Views
Bajaj Housing Finance IPO – Will Trade at a Premium
Carraro India Pre-IPO Tearsheet
Challenger Limited Placement – Discount Isn’t Enticing Enough for a Surprise Selldown
Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure
General Insurance Corp of India OFS – Large One to Digest, and a Potential Overhang to Contend With
Carote Limited Pre-IPO – PHIP Updates – Recent Growth Led by International Markets

Key Things to Watch in Ecopro HN’s Big Rights Offering

By Sanghyun Park

Ecopro HN announced a ₩200 billion rights issue, offering 5.67 million shares (a 40% capital increase) with a stockholder allocation rate of 0.3 per share.
The extended timeline likely results from the issuer’s 20% discount push, with Daishin, an underdog banker, extending it to boost subscriptions despite risking price stability.
The strategy is to time entry when the stock rights and subscription costs create a solid spread versus the spot price, despite increased volatility making price predictions harder.

Midea Group H Share Listing: AH Discount Views

Midea Group Co Ltd A (000333 CH), the world’s biggest home appliances maker, is premarketing an H Share listing to raise US$3 billion.
In Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health, we noted that Midea is in good health, with strong growth, margins, and cash generation.
In this note, we examine the likely discount that Midea will offer its H Shares compared to the A Shares.

Bajaj Housing Finance IPO – Will Trade at a Premium

Bajaj Housing Finance (BHF IN) is looking to raise around US$800m in its India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.

Carraro India Pre-IPO Tearsheet

Carraro India Limited (810618Z IN) is looking to raise about US$216m in its upcoming India IPO. The deal will be run by Axis, Nuvama and BNP Paribas.
Carraro India Limited (CIL), is a technology driven integrated supplier that develops complex engineering products and solutions for its original equipment manufacturer (OEM) customers.
CIL primarily manufactures axles and transmission systems for agricultural tractors and construction vehicles such as backhoe loaders, soil compactors, cranes, self-loading concrete mixers and small motor graders.

Challenger Limited Placement – Discount Isn’t Enticing Enough for a Surprise Selldown

AP Liberty (Apollo) is looking to raise US$318m from trimming its stake in Challenger Ltd (CGF AU).
Apollo’s stake in the firm dates back to Jul 2021, when the investor first acquired a 18% stake in the firm for A$720m.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (1489172D IN) is looking to raise about US$100m in its upcoming India IPO.
Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.
In this note, we talk about the company’s historical performance.

General Insurance Corp of India OFS – Large One to Digest, and a Potential Overhang to Contend With

The GoI is looking to raise up to US$600m from selling its stake in General Insurance Corp Of India (GICRE IN).
Earlier in Apr 2024, there were media reports indicating that the GoI planned to offload a 10% stake in the insurer over multiple tranches.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Carote Limited Pre-IPO – PHIP Updates – Recent Growth Led by International Markets

Carote Ltd (CARO HK) is looking to raise around US$120m in its upcoming Hong Kong IPO.
Carote Ltd is a distributor of kitchenware products. Expanding its lineup of products, Carote aims to meet its customers’ varied kitchen scenarios and enhance their culinary experience.
We had looked at the firm’s past performance in an earlier note. In this note, we discuss its PHIP updates.

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Sep 04

Daily Brief ECM: CICT Placement – Accretive Acquisition and more

In today’s briefing:

CICT Placement – Accretive Acquisition, Should Be Favored by Existing Unitholders
Auckland Airport Possible Placement – Getting Closer to a US$800m Cleanup
Didi Global Q224 Results: EBITA Margin Up | OpCF Still Strong | But Growth Slowed Noticeably

CICT Placement – Accretive Acquisition, Should Be Favored by Existing Unitholders

Capitaland Integrated Commercial Trust (CICT SP) is looking to raise around S$350m (US$267m) in its primary placement. Included in the issuance is a preferential offering to raise an additional S$757m.
The proceeds will be geared towards acquiring a 50% interest in the ION Orchard mall from its Sponsor.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Auckland Airport Possible Placement – Getting Closer to a US$800m Cleanup

Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in Auckland Intl Airport (AIA NZ).
ACC still has an 11% stake left, which it now plans to transfer to a future fund, which will be free to sell the shares
In this note, we will talk about the possible placement and other deal dynamics.

Didi Global Q224 Results: EBITA Margin Up | OpCF Still Strong | But Growth Slowed Noticeably

By Daniel Hellberg

Estimated take rate up vs year ago and vs Q124, and EBITA margin turned +ive
However, revenue growth in core China market slowed considerably in Q224
Cash Flow and Liquidity both appear ample, little pressure to raise new funds

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Sep 03

Daily Brief ECM: Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health and more

In today’s briefing:

Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health
Hive Box Holdings Pre-IPO, Part 1: What They Do, History, Relationships, & What’s Next

Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health

Midea Group Co Ltd A (000333 CH), the world’s biggest home appliances maker, is premarketing an H Share listing to raise US$3 billion.
Midea is the world’s largest home appliance company in sales volume and revenue in 2023. Its subsidiary, KUKA Group, is one of the world’s “big four” industrial robotics companies.
The PHIP update shows that the business is in good health, with accelerating growth, rising margins, and strong cash generation. Therefore, a premium multiple to peers is justified.

Hive Box Holdings Pre-IPO, Part 1: What They Do, History, Relationships, & What’s Next

By Daniel Hellberg

In this insight we provide an overview of Hive Box’s business and its history
We then go into detail on key relationships & investors, focusing on SF Holding
We end with some initial questions and what’s up next in the IPO process

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Sep 02

Daily Brief ECM: Hamamatsu Photonics Placement – Peculiar Timing and more

In today’s briefing:

Hamamatsu Photonics Placement – Peculiar Timing
ECM Weekly (2nd Sep 2024) – Midea, Terumo, Indigo, KIT, Kioxia, Bajaj Housing, Niva Bupa, Premier
CR Beverage IPO: The Bull Case
Premier Energies IPO Trading – Very Strong Insti Demand, Looks Ready to Pop

Hamamatsu Photonics Placement – Peculiar Timing

Toyota Motor (7203 JP) aims to raise around US$190m via selling over a 4% stake in Hamamatsu Photonics Kk (6965 JP).
This is another cross-shareholding unwind and hence, won’t be a huge surprise. Although given the recent share price weakness, the timing appears peculiar.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

ECM Weekly (2nd Sep 2024) – Midea, Terumo, Indigo, KIT, Kioxia, Bajaj Housing, Niva Bupa, Premier

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 Kioxia Holdings (6600 JP), Bajaj Housing Finance (BHF IN) and Niva Bupa Health along with Premier Energies.
Placement were flowing through again this week, mainly across India and Japan.

CR Beverage IPO: The Bull Case

China Resources Beverage (CRB HK), China’s largest purified drinking water company, has received HK listing approval for a US$1 billion IPO.
CR Beverage has a product portfolio of 13 brands, including C’estbon, Zhi Ben Qing Run, Mi Shui Series, Holiday Series and Zuo Wei Cha Shi, comprising 56 SKUs.
The bull case rests on a large TAM, a core business in good health, beverages providing the second growth leg, profitability, and strong cash conversion.

Premier Energies IPO Trading – Very Strong Insti Demand, Looks Ready to Pop

By Ethan Aw

Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.
It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&M) services.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.

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Sep 01

Daily Brief ECM: SHEIN & Temu Updates: ‘De Minimis’ Threat | Chinese X-Border Slowdown | Plastics! | AMZN Project? and more

In today’s briefing:

SHEIN & Temu Updates: ‘De Minimis’ Threat | Chinese X-Border Slowdown | Plastics! | AMZN Project?

SHEIN & Temu Updates: ‘De Minimis’ Threat | Chinese X-Border Slowdown | Plastics! | AMZN Project?

By Daniel Hellberg

Draconian ‘de minimis’ reform proposal in the US has bipartisan support
In Q224 results, rampant signs of a Chinese X-border retail slowdown
Other news: plastics laws, new Amazon threat, SHEIN sustainability initiatives

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Aug 31

Daily Brief ECM: Finding Unusual Arbitrage Angles in Kumyang’s Effectively Pre-Announced Capital Increase and more

In today’s briefing:

Finding Unusual Arbitrage Angles in Kumyang’s Effectively Pre-Announced Capital Increase
Hamamatsu Photonics (6965) – Toyota Selling Yet Another Cross-Holding

Finding Unusual Arbitrage Angles in Kumyang’s Effectively Pre-Announced Capital Increase

By Sanghyun Park

The arbitrage is clear: it’s the difference between stock rights/subscription costs and short hedge price. Kumyang’s high market interest and volatility amplify this, suggesting unusual trading angles.
Kumyang’s futures also show extreme volatility, likely causing excessive backwardation around the ex-rights date and stock rights window, affecting futures-based short hedge positions.
This opens up the possibility that, depending on entry points, our futures-based short hedge position might temporarily enter an unusual profitable zone relative to the stock rights and subscription costs.

Hamamatsu Photonics (6965) – Toyota Selling Yet Another Cross-Holding

By Travis Lundy

Today after the close we got news that after a year-plus of Hamamatsu Photonics Kk (6965 JP)‘s sliding stock price, Toyota Motor (7203 JP) is selling their 5+% stake.
The offering is standard. Probably prices 9 Sep 2024. HP’s amended buyback program and probable index upweights offset most of the offering size over the next several months.
So investors have to decide whether they want to catch the falling knife.

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Aug 30

Daily Brief ECM: Terumo (4543 JP) Secondary Offering – Smaller Than It Looks and more

In today’s briefing:

Terumo (4543 JP) Secondary Offering – Smaller Than It Looks
Terumo Placement – US$1.4bn Secondary Selldown, Buyback Should Aid Deal Dynamics
Terumo (4543 JP): A US$1.4 Billion Secondary Offering
Sino-American Silicon Early Look – Another Well Flagged GDR Offering in the Works
Timee IPO: Trading Update
Smartworks Coworking Spaces Pre-IPO Tearsheet
Pre-IPO BrainAurora Medical Technology (PHIP Updates) – Some Points Worth the Attention

Terumo (4543 JP) Secondary Offering – Smaller Than It Looks

By Travis Lundy

On Thursday 29 August, Terumo Corp (4543 JP) announced a secondary offering where 7 major cross-holders would sell just under 5% of the shares outstanding to international investors.
In recent quarters, Terumo has seen better consensus EPS growth than Peers in recent quarters, and Peers have underperformed. Right now, Terumo isn’t ‘cheap’ but consensus growth is strong.
This back-end demand in this case has enough moving parts that it bears a closer look.

Terumo Placement – US$1.4bn Secondary Selldown, Buyback Should Aid Deal Dynamics

A group of shareholders are looking to raise around US$1.36bn from selling ~5% stake in Terumo Corp (4543 JP).
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
In this note, we will talk about the placement and run the deal through our ECM framework.

Terumo (4543 JP): A US$1.4 Billion Secondary Offering

Terumo Corp (4543 JP) has announced a secondary offering of up to 73.2 million shares, worth JPY203 billion (US$1.4 billion) at the last close.
The secondary offering facilitates the exit of large shareholders. Terumo also announced a buyback worth a maximum of JPY30 billion or 15 million shares.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 September (likely 10 September).

Sino-American Silicon Early Look – Another Well Flagged GDR Offering in the Works

By Shifara Samsudeen, ACMA, CGMA

Sino American Silicon Products (5483 TT) is looking to raise at least US$338m in its upcoming global depository receipts (GDRs) offering.
In late Feb 2024, Sino-American Silicon (SAS) announced its board’s resolution to issue up to 55m common shares via a GDR 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.

Timee IPO: Trading Update

Timee began trading on 26th July and share price has surged 47% since its debut where the company priced the IPO at top of the indicative price range.
Though Timee Inc (215A JP) is in early stages, the company has proven that its business model is successful and continue to dominate a market that is underpenetrated.
Though we think there is further upside, if you have already bought shares at the IPO, we would suggest taking profits and wait for a dip to make a re-entry.

Smartworks Coworking Spaces Pre-IPO Tearsheet

Smartworks Coworking Spaces Ltd (1742134D IN) is looking to raise about US$120m in its upcoming India IPO. The deal will be run by Kotak, JM Fin, IIFL and Bob Caps.
Smartworks Coworking Spaces Limited (SCSL) is an office experience and managed campus platform.
It focuses on leasing entire/ large, bare shell properties in prime locations from landlords and transforms them into fully serviced, aesthetically pleasing and tech-enabled campuses with daily-life and aspirational amenities.

Pre-IPO BrainAurora Medical Technology (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

If the System or this treatment method is really effective and accepted by hospitals/doctors, under the coverage of medical insurance catalog already, why BrainAurora’s revenue scale is still so small?
CSRC questioned BrainAurora’s high selling expenses. Since either SG&A or R&D expenses already exceed revenue, BrainAurora would continue to suffer from losses. The Company hasn’t established a solid profit model.
BrainAurora completed a total of 7 rounds of financing, with a post investment valuation of RMB2.7 billion. However, it is difficult for BrainAurora to match this high valuation after IPO.

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Aug 29

Daily Brief ECM: Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal and more

In today’s briefing:

Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal, This Time by the Correct Co-Founder
Niva Bupa Health Insurance Pre-IPO – Strong GWP Growth, However Some Risks Remain
IGI (India) Pre-IPO Tearsheet
Inventurus Knowledge Solutions Pre-IPO Tearsheet
Pre-IPO Zhou Liu Fu Jewellery – The Potential Risks and Concerns Brought by the Business Model

Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal, This Time by the Correct Co-Founder

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we will talk about the lockup dynamics and possible placement.

Niva Bupa Health Insurance Pre-IPO – Strong GWP Growth, However Some Risks Remain

Niva Bupa Health Insurance (1226871D IN) is looking to raise US$360m from its upcoming India IPO. The IPO will consist of both primary and secondary shares.
Niva Bupa Health Insurance (Niva Bupa) is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we look at the firm’s past performance.

IGI (India) Pre-IPO Tearsheet

IGI (India) Limited (2261751D IN) is looking to raise about US$480m in its upcoming India IPO. The deal will be run by Axis, Kotak, MS, and SBI Caps.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
Its primary business is in provision of services related to certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery and coloured stones as well as offering of educational programs.

Inventurus Knowledge Solutions Pre-IPO Tearsheet

By Ethan Aw

Inventurus Knowledge Solutions (IKSINCD IN) is looking to raise up to US$400m in its upcoming India IPO. The deal will be run by ICICI, JM Financial, Jefferies, Nomura and JPM.
Inventurus Knowledge Solutions (Inventurus from hereon) is a technology-enabled healthcare solutions provider, offering a care enablement platform which assists physician enterprises in the US, Canada and Australia.
Its physician-oriented platform includes clinical documentation solutions, patient scheduling assistance, automated prescription refill solutions and clinical document management, amongst others.

Pre-IPO Zhou Liu Fu Jewellery – The Potential Risks and Concerns Brought by the Business Model

By Xinyao (Criss) Wang

The franchise model of Zhou Liu Fu is the biggest performance contributor, which is also the main reason for the Company’s rapid expansion and high gross profit margin.
However, the CSRC questioned the rationality of franchise model and thus rejected its A-share IPO. We think the high revenue growth/profit margin may not be sustainable in the long term.
Pre-IPO post-investment valuation was approximately 7.407 billion yuan. Zhou Liu Fu has applied for H-Share full circulation, which may put pressure on stock price performance after the lockdown period expires.

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Aug 28

Daily Brief ECM: Keppel Infra Trust Placement – While the Raising Is Relatively Large and more

In today’s briefing:

Keppel Infra Trust Placement – While the Raising Is Relatively Large, Its past Deals Have Done Well
Initial Thoughts on the Kioxia IPO – Impact on SK Hynix and Samsung Electronics
Latest Information on LG Electronics India Subsidiary’s IPO on the Indian Stock Market
Manjushree Technopack Pre-IPO Tearsheet
Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC
Bajaj Housing Finance Pre-IPO – Thoughts on Valuation
Poly Medicure (PLM IN): Placement to Fund Capex and M&A Initiatives Amid Favorable Demand Backdrop

Keppel Infra Trust Placement – While the Raising Is Relatively Large, Its past Deals Have Done Well

Keppel Infrastructure Trust (KIT SP) is looking to raise around S$206m (US$158m) in its primary placement.
Proceeds will be used to pay down its bridge loan facility linked to its Ventura acquisition. KIT also appears to have secured its unitholders’ approval for the raising earlier.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Initial Thoughts on the Kioxia IPO – Impact on SK Hynix and Samsung Electronics

By Douglas Kim

Kioxia is getting ready to complete its IPO in Japan as soon as in October. Kioxia’s valuation is expected to exceed JPY 1.5 trillion (about USD 10.3 billion).
SK Hynix’s stake in Kioxia (through Bain led consortium) is 19%. SK Hynix’s stake in Kioxia would rise to 34% if the CBs are converted into equity.
The IPO of Kioxia has mixed implications for SK Hynix which is a major shareholder. However, the IPO of Kioxia has a more direct negative impact on Samsung Electronics.

Latest Information on LG Electronics India Subsidiary’s IPO on the Indian Stock Market

By Sanghyun Park

LG Electronics has already picked the bankers for the Indian IPO. JP Morgan and Morgan Stanley are on board as the lead underwriters, along with two unnamed local Indian banks.
LGEIL is aiming to submit the Draft Red Herring Prospectus (DRHP) to India’s SEBI by the fourth quarter of this year.
LG Electronics plans to raise about USD 700 million by selling around 25% of its stake in a secondary offering.

Manjushree Technopack Pre-IPO Tearsheet

Manjushree Technopack (MTPL IN) is looking to raise about US$360m in its upcoming India IPO. The deal will be run by Avendus, Citi, GS, JM Fin and ICICI Sec.
Manjushree Technopack Limited is a one stop packaging solutions provider with end-to-end capabilities (from design to delivery) across containers, preforms, caps and closures, pumps and dispensers and captive recycling capabilities.
It is the largest rigid plastic packaging (RPP) player in terms of installed capacity in India as of March 31, 2024, according to the Technopak Report.

Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC

By Andrei Zakharov

Bicara Therapeutics, a clinical-stage biotech company with focus on the treatment of patients with HPV-negative head and neck cancer, files for a $200M IPO.
The biotech firm was backed by Biocon Limited, India’s largest biopharmaceutical company, venture capital and investment firms, among others.
I believe Bicara Therapeutics will succeed in its pivotal Phase 2/3 trial of their bifunctional antibody in combination with Keytruda (pembrolizumab) during 2025.

Bajaj Housing Finance Pre-IPO – Thoughts on Valuation