In today’s briefing:
- 2023 IPOs Pipeline Worldwide (Top 100 Companies)
- Sula Vineyards IPO – Does Offer a Unique Exposure with Lots of Ifs and Buts
- Bionote: IPO Price Reduced Significantly & Bookbuilding Results
- Vinfast Auto IPO: Initial Thoughts
- Skymark Airlines IPO Trading – Subscription Has Been Strong Despite Asking More than Peers
- Daiei Kankyo IPO Trading – Peers Have Been Correcting
2023 IPOs Pipeline Worldwide (Top 100 Companies)
- This is our fourth annual edition of the IPOs Pipeline Worldwide (Top 100 Companies) report.
- Among 100 companies in our list, those from the US, India, China/HK, and the UK account for 79% of total.
- For those investors that closely monitor the global IPO opportunities, this is a good reference insight to check out the largest potential IPOs that could get completed next year.
Sula Vineyards IPO – Does Offer a Unique Exposure with Lots of Ifs and Buts
- Sula Vineyards is looking to raise around US$117m in its upcoming India IPO.
- Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia”.
- We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.
Bionote: IPO Price Reduced Significantly & Bookbuilding Results
- Bionote slashed its IPO price to 9,000 won, which is 50% lower than the low end of the previous IPO valuation range.
- Our base case valuation has been revised down to 12,741 won per share in target price, which is 41% higher than the IPO price of 9,000 won.
- The company is expected to have more than 615 billion in net cash post the IPO, which is expected to represent nearly 65% of its market cap!
Vinfast Auto IPO: Initial Thoughts
- VinFast (1905332D VN) is a full-scale mobility platform in Vietnam focused on manufacturing electric vehicles including e-scooters and e-buses looking to raise US$1bn via a NASDAQ IPO.
- The company has switched its business model from ICE vehicles to EVs and looking to sell its electric cars in Vietnam, the US and the Europe.
- With relatively new to EV manufacturing and having not sold previously in overseas markets including the US and the EU, we remain conscious over Vinfast’s prospects in the medium-term.
Skymark Airlines IPO Trading – Subscription Has Been Strong Despite Asking More than Peers
- Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company.
- SA began its operations in Japan as a domestic airline and gradually increased the number of routes offered to passengers. However, it has a mired history of bankruptcy.
- In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.
Daiei Kankyo IPO Trading – Peers Have Been Correcting
- Daiei Kankyo (9336 JP) , a waste management company, raised around US$314m in its Japan IPO.
- Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business
- In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.
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