Category

ECM

Sep 15
0

Daily Brief ECM: SHEIN and Temu: New Rule Could Crush “De Minimis” Imports | New Front In “War”  Vs DTC Platforms and more

By | Daily Briefs, ECM

In today’s briefing:

  • SHEIN and Temu: New Rule Could Crush “De Minimis” Imports | New Front In “War”  Vs DTC Platforms
  • K Bank IPO Preview
  • Weekly Deals Digest (15 Sep) – Midea, Seven & I, Raysum, Haitong/GJTA, Dyna-Mac
  • K-Bank’s IPO Details Out: Aggressive Pricing, but as a Crypto Play, It Might Surprise

SHEIN and Temu: New Rule Could Crush “De Minimis” Imports | New Front In “War”  Vs DTC Platforms

By Daniel Hellberg

  • Biden Administration rule would make “de minimis” items subject to tariffs
  • Besides adding to landed cost of those items, reporting requirements would rise
  • In addition, US/EU governments launch probes of SHEIN/Temu product safety

K Bank IPO Preview

By Douglas Kim

  • K Bank finally provided its IPO prospectus which includes more details of the IPO than what the company already announced about the IPO several days ago. 
  • Bankers used KakaoBank, SBI Sumishin Net Bank, and Bancorp Inc as comps. Average PBR of 2.56x was used to value K Bank. 
  • Some investors will question the inclusion of overseas comps including SBI Sumishin Net Bank and Bancorp in the valuation of K Bank.

Weekly Deals Digest (15 Sep) – Midea, Seven & I, Raysum, Haitong/GJTA, Dyna-Mac

By Arun George

K-Bank’s IPO Details Out: Aggressive Pricing, but as a Crypto Play, It Might Surprise

By Sanghyun Park

  • Compared to its overseas peers, K-Bank’s high valuation still stands out due to a significant gap in net income size relative to market cap.
  • The offering structure, with 50% secondary sales and weak lock-up commitments, means post-IPO float could spike to around 40%, making a stock price bump unlikely.
  • K-Bank’s crypto-focused model might attract investors valuing it as a crypto play, potentially influencing IPO pricing and post-listing stock performance.

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Sep 13
0

Daily Brief ECM: CR Beverage IPO: The Bear Case and more

By | Daily Briefs, ECM

In today’s briefing:

  • CR Beverage IPO: The Bear Case
  • Shuangdeng Group Pre-IPO Tearsheet
  • Duality Biotherapeutics (映恩生物) Pre-IPO: Too Early, Too Ambitious

CR Beverage IPO: The Bear Case

By Arun George

  • China Resources Beverage (CRB HK), China’s largest purified drinking water company, has received HK listing approval for a US$1 billion IPO.
  • In CR Beverage 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 core business’ pricing pressure, a slow pace of revenue diversification, a sizeable pre-IPO dividend, and margin and FCF generation below its key peer. 

Shuangdeng Group Pre-IPO Tearsheet

By Akshat Shah

  • Shuangdeng Group Co Ltd (JISHUZ CH) is looking to raise about US$150m in its upcoming Hong Kong IPO. The deal will be run by CICC, CCBI and Huatai.
  • Shuangdeng Group Co Ltd is engaged in energy storage business for big-data and telecommunication industries with a focus on design, R&D, manufacturing and sales of energy storage batteries and systems.
  • It was ranked first among global telecom base station and data-center energy storage battery providers in terms of shipment volume, achieving a 10.4% market share in 2023, according to F&S.

Duality Biotherapeutics (映恩生物) Pre-IPO: Too Early, Too Ambitious

By Ke Yan, CFA, FRM

  • Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.
  • In this note, we examine the company’s two core products, namely DB-1313 (HER2 ADC) and DB-1311 (B7-H3 ADC). We think the company’s products are not yet convincing.
  • While the management has expertise as biotech investors, biotech-related operational experience seems to be lacking.

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Sep 12
0

Daily Brief ECM: DAM Capital Pre-IPO Tearsheet and more

By | Daily Briefs, ECM

In today’s briefing:

  • DAM Capital Pre-IPO Tearsheet
  • The Born Korea IPO Valuation Vs Recent M&A Valuation of Compose Coffee by Jollibee Foods
  • Hozon New Energy Automobile Pre-IPO – The Negatives – Remains Far from Being Profitable
  • Trial Holdings IPO Lockup – Large Number of Small Holders Hold Around US$400m of Stock

DAM Capital Pre-IPO Tearsheet

By Akshat Shah

  • DAM Capital (930970Z IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Nuvama Wealth.
  • DAM Capital provides a range of financial solutions in investment banking comprising equity capital markets, mergers and acquisitions, private equity, structured finance advisory; and institutional equities comprising broking and research.
  • According to CRISIL, DAM Capital was the fastest growing investment bank in India by revenue CAGR from FY22-24 along with the highest profit margin in FY24.

The Born Korea IPO Valuation Vs Recent M&A Valuation of Compose Coffee by Jollibee Foods

By Douglas Kim

  • In this insight, we compare the IPO valuation of The Born Korea (475560 KS) versus the recent M&A valuation of Compose Coffee by Jollibee Foods (JFC PM).
  • Using the recent M&A multiples of Compose Coffee by Jollibee Foods suggests an attractive upside to The Born Korea (relative to the IPO price range).
  • No other listed company in Korea has a restaurant business model that is consistently profitable, with strong balance sheet, and solid sales growth as The Born Korea. 

Hozon New Energy Automobile Pre-IPO – The Negatives – Remains Far from Being Profitable

By Sumeet Singh

  • Hozon New Energy Automobile is looking to raise up to US$1bn in its upcoming HK IPO.
  • Hozon New Energy Automobile (HNEA) is a NEV technology company which sells cars under the Neta brand. The prices of its vehicles generally range between US$15,000 to US$45,000.
  • In this note, we talk about the not-so-positive aspects of the deal.

Trial Holdings IPO Lockup – Large Number of Small Holders Hold Around US$400m of Stock

By Sumeet Singh

  • Trial Holdings (5882 JP) raised around US$259m in Mar 2024. Its IPO lockup is set to expire soon.
  • TH operates a network of retail stores in Japan that offer one-stop shopping under its everyday low price (EDLP) model.
  • In this note, we will talk about the lockup dynamics and possible placement.

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Sep 11
0

Daily Brief ECM: Midea Group HK IPO Valuation Analysis and more

By | Daily Briefs, ECM

In today’s briefing:

  • Midea Group HK IPO Valuation Analysis
  • NEXTDC Placement – Good Track Record but Seems Opportunistic
  • LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations
  • Midea HK Listing: Valuation Insights
  • National Infrastructure Trust Pre-IPO Tearsheet
  • Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

Midea Group HK IPO Valuation Analysis

By Douglas Kim

  • We would subscribe to the HK offering of Midea Group due to its attractive valuations, strong fundamentals, and meaningful price discount relative to the A shares. 
  • We believe a premium valuation relative to the comps is appropriate for Midea Group due to its higher sales growth, EBIT margin, and ROE.
  • Pricing of this offering is expected to be completed on 13 September and listing on 17 September. 

NEXTDC Placement – Good Track Record but Seems Opportunistic

By Sumeet Singh

  • Nextdc Ltd (NXT AU) aims to raise around US$366m via a fully underwritten institutional placement, along with another US$133m via a non-underwritten SPP.
  • The company has undertaken a number of deals in the past, most of which have done ok. Although this one appears to be a bit opportunistic.
  • In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

By Devi Subhakesan

  • LG Electronics’s India business IPO could be valued above USD 7 billion, exceeding market expectations, driven by its dominant position in India’s growing home appliances market and strong sector valuations.
  • Favourable market conditions and robust sector growth make now an ideal time for LG Electronics (066570 KS) to launch its India IPO, securing high investor interest and compelling valuations.
  • In a recent interview, LG Electronics(066570 KS)  CEO William Cho mentioned that an Indian market debut is one of several options being considered to revitalise the company’s consumer electronics business.

Midea HK Listing: Valuation Insights

By Shifara Samsudeen, ACMA, CGMA

  • Chinese home appliance maker Midea has announced the terms for its IPO. The company plans to raise $3.46bn at an indicative price range of HK$52.0-54.8 per share.
  • The company has a diversified product portfolio, well-balanced exposure to domestic as well as overseas markets and a growing robotics business.
  • As we expected, the HK offering is priced at around 25% discount to it’s A-shares and our analysis suggests that Midea’s HK offering is priced attractively. 

National Infrastructure Trust Pre-IPO Tearsheet

By Akshat Shah

  • National Infrastructure Trust (NIT IN) is looking to raise about US$190m in its upcoming India IPO. The deal will be run by SBI Caps and HDFC Bank.
  • National Infrastructure Trust is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India.
  • Its initial asset portfolio will consist of nine road assets, in the states of Haryana, Rajasthan, Bihar, Uttarakhand, Himachal Pradesh, Madhya Pradesh and Karnataka with an aggregate length of ~683.875km.

Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

By Andrei Zakharov

  • Bicara Therapeutics unveiled the terms of its IPO: a clinical-stage biotech company offers ~11.8M shares at the price range of $16.00-$18.00, implying a market cap of ~$800M at the midpoint.
  • Existing shareholders do not intend to sell shares in this offering and Bicara Therapeutics shares will list on the Nasdaq under the ticker symbol “BCAX”.
  • The biotech company is focused on patients with HPV-negative head and neck cancer, and I view Bicara’s IPO valuation as attractive, with major catalysts coming up in 2025.

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Sep 10
0

Daily Brief ECM: Midea Group H Share Listing (300 HK): Valuation Insights and more

By | Daily Briefs, ECM

In today’s briefing:

  • Midea Group H Share Listing (300 HK): Valuation Insights
  • Midea A/H Listing – Bigger Deal, Better Pricing
  • Terumo Placement Follow-Up – Correction Has Been Inline with Recent Cross-Shareholding Unwind
  • Terumo (4543 JP): The Current Playbook
  • K Bank IPO – The Biggest IPO in Korea in 2024
  • Bajaj Housing Finance IPO- Forensic Analysis
  • P N Gadgil Jewellers IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation
  • The Story Behind K-Bank Leaking Pricing Details Before the IPO Prospectus Dropped
  • Via Technologies Early Look – Wouldn’t Be a Large One to Digest
  • Hozon New Energy Automobile Pre-IPO – The Positives – Has Been Ramping Up

Midea Group H Share Listing (300 HK): Valuation Insights

By Arun George

Midea A/H Listing – Bigger Deal, Better Pricing

By Sumeet Singh

  • Midea Group Co Ltd A (000333 CH) aims to raise up to US$3.5bn in its H-share listing, the deal is somewhat larger than what was being spoken about earlier.
  • Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
  • We have covered the deal background in our previous notes. In this note, we talk about valuations.

Terumo Placement Follow-Up – Correction Has Been Inline with Recent Cross-Shareholding Unwind

By Clarence Chu

Terumo (4543 JP): The Current Playbook

By Arun George

  • Since the US$1.4 billion secondary placement announcement, Terumo Corp (4543 JP)’s shares are down 3.5% from the undisturbed price of JPY2,771 per share (29 August).
  • Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Terumo’s shares have followed the pattern of previous large placements.
  • The offering will likely be priced on 10 September. Despite Kokusai and Honda’s disappointing performance, the average large Japanese placement tends to generate positive returns.

K Bank IPO – The Biggest IPO in Korea in 2024

By Douglas Kim

  • K Bank is the biggest IPO in Korea in 2024. The IPO price range is from 9,500 won to 12,000 won. It is offering 82 million shares in this IPO.
  • According to the bankers’ valuation, the expected market cap of the company is from 4.0 trillion won to 5.0 trillion won.
  • The IPO deal size is 779 billion (US$579 million) to 984 billion won (US$732 million). 

Bajaj Housing Finance IPO- Forensic Analysis

By Nitin Mangal

  • Bajaj Housing Finance (BHF IN) upcoming IPO is worth INR 65.6 bn, comprising of fresh issue worth INR 35.6 bn and offer for sale worth INR 30 bn. 
  • The company reports strong KPIs and has been better than peers in several aspects. AUM growth is strong and is driven by Developer Financing and Lease Rental Discounting. 
  • There are few important cautions regarding the NHB observations and assignments.

P N Gadgil Jewellers IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation

By Akshat Shah

  • P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its India IPO.
  • P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
  • Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.

The Story Behind K-Bank Leaking Pricing Details Before the IPO Prospectus Dropped

By Sanghyun Park

  • To justify a higher multiple, K-Bank is comparing itself to international internet banks, with KakaoBank as the only local peer. Differences in market conditions could complicate this comparison.
  • This might explains why K-Bank is cautiously testing the market by announcing the rights issue first and delaying the prospectus, amid regulatory crackdowns on inflated IPOs.
  • Controversy over high multiples from overseas peers and KakaoBank’s legal discount will be key in setting K-Bank’s IPO pricing.

Via Technologies Early Look – Wouldn’t Be a Large One to Digest

By Clarence Chu

  • Via Technologies (2388 TT) is looking to raise US$220m in its upcoming global depository receipts (GDRs) offering.
  • In July 2024, Via Technologies (Via Tech) announced its board’s resolution to issue up to 75m 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.

Hozon New Energy Automobile Pre-IPO – The Positives – Has Been Ramping Up

By Sumeet Singh

  • Hozon New Energy Automobile is looking to raise up to US$1bn in its upcoming HK IPO. 
  • Hozon New Energy Automobile (HNEA) is a NEV technology company which sells cars under the Neta brand. The prices of its vehicles generally range between US$15,000 to US$45,000.
  • In this note, we talk about the positive aspects of the deal.

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Sep 09
0

Daily Brief ECM: Pre-IPO Midea Group H Share (PHIP Updates) – Some Points Worth the Attention and more

By | Daily Briefs, ECM

In today’s briefing:

  • Pre-IPO Midea Group H Share (PHIP Updates) – Some Points Worth the Attention
  • ECM Weekly (9th Sep 2024) – Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier
  • Hive Box Holdings Pre-IPO, Part 2: Segments, P&L, Balance Sheet & CF, Key Drivers, & More Questions

Pre-IPO Midea Group H Share (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

  • China’s home appliance industry is facing challenges. Even with large-scale “trade in” activities, its expansion effect on market size still appears limited, making it difficult to trigger significant growth momentum.
  • However, Midea still achieved strong performance growth in 24H1. Both revenue and net profit showed double-digit growth rates. Midea’s business expansion and product profitability are much better than peers.
  • Performance drivers are overseas business and air conditioners. Our forecast is Midea’s 2024 net profit would reach about RMB37 billion. Valuation of Midea could be higher than Haier Smart Home.

ECM Weekly (9th Sep 2024) – Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

By Sumeet Singh

  • 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 Midea Group Co Ltd A (000333 CH) and Bajaj Housing Finance (BHF IN), which are two relatively large listings coming up. 
  • Placement were flowing through again this week, across the region.

Hive Box Holdings Pre-IPO, Part 2: Segments, P&L, Balance Sheet & CF, Key Drivers, & More Questions

By Daniel Hellberg

  • A change in depreciation policy boosted reported profits in Jan-May 2024
  • But Adjusted EBITDA margins have declined consistently in recent periods
  • Among our growing list of questions: why hasn’t Hive Box grown faster?

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Sep 08
0

Daily Brief ECM: Weekly Deals Digest (08 Sep) – Midea and more

By | Daily Briefs, ECM

In today’s briefing:

  • Weekly Deals Digest (08 Sep) – Midea, Fuji Soft, Pasco, Seven & I, Xingda, CPMC, PSC, Rex, Latin Res
  • The Born Korea IPO Valuation Analysis
  • 99 Speedmart Holdings IPO Trading – Poised for a Steady Listing

Weekly Deals Digest (08 Sep) – Midea, Fuji Soft, Pasco, Seven & I, Xingda, CPMC, PSC, Rex, Latin Res

By Arun George

The Born Korea IPO Valuation Analysis

By Douglas Kim

  • According to our valuation analysis, it suggests an implied price of 34,365 won, which is 27% higher than the high end of the IPO price range.
  • We estimate The Born Korea to generate sales of 467.7 billion won (up 13.1% YoY) and operating profit of 31.4 billion won (up 22.8% YoY) in 2024.
  • We believe a premium to comps’ valuation is appropriate for The Born Korea mainly due to its higher sales growth, higher ROE, stronger balance sheet, and higher profit margins.

99 Speedmart Holdings IPO Trading – Poised for a Steady Listing

By Clarence Chu

  • 99 Speed Mart Retail Holdings (99SPD MK) raised around US$530m in its Malaysia IPO. The IPO had been a mix of primary and secondary shares.
  • 99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia. 
  • We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.

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Sep 07
0

Daily Brief ECM: Midea Group: Initial Thoughts on the Hong Kong IPO Listing and more

By | Daily Briefs, ECM

In today’s briefing:

  • Midea Group: Initial Thoughts on the Hong Kong IPO Listing
  • Hero Motors Pre-IPO Tearsheet

Midea Group: Initial Thoughts on the Hong Kong IPO Listing

By Douglas Kim

  • Midea Group Co Ltd A (000333 CH) is getting ready for a Hong Kong IPO listing, trying to raise at least US$3 billion.
  • Midea Group is trading a relatively attractive valuations. It is trading at P/E of 11.8x, EV/EBITDA of 8.1x, and P/B of 2.5x based on 2024 consensus earnings estimates.
  • In the past five days, Midea’s price is down 2.3%. Some investors have been selling shares in Midea due to concerns about higher discount price offered at HK IPO listing.  

Hero Motors Pre-IPO Tearsheet

By Akshat Shah

  • Hero Motors Limited (2313904Z IN) is looking to raise about US$110m in its upcoming India IPO. The deal will be run by ICICI, DAM Cap and JM Fin.
  • Hero Motors (HML) is an integrated powertrain systems provider offering comprehensive solutions for designing, prototyping, validating, developing, and delivering system-level transmission solutions for electric as well as nonelectric powertrains.
  • According to CRISIL, it was among the first companies in India to capitalize on the global e-bike powertrain opportunity and have a distinct first mover advantage in this industry.

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Sep 06
0

Daily Brief ECM: Midea: Thoughts on HK Listing and Valuation and more

By | Daily Briefs, ECM

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

By Shifara Samsudeen, ACMA, CGMA

  • 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

By Clarence Chu

  • 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
0

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

By | Daily Briefs, ECM

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

By Arun George

Bajaj Housing Finance IPO – Will Trade at a Premium

By Sumeet Singh

  • 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

By Akshat Shah

  • 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

By Clarence Chu

  • 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

By Akshat Shah

  • 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

By Clarence Chu

  • 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

By Clarence Chu

  • 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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