In today’s briefing:
- 2024 Major IPOs Pipeline in Korea
- IRCON Placement – Opportunistic Monetisation of a 2.5x YTD Gain
- Entero Healthcare Pre-IPO – Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions
- Zomato Placement – SVF’s Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong
- UBTech Robotics Pre-IPO – PHIP Updates – Trying to Outrun Its Cash Burn
2024 Major IPOs Pipeline in Korea
- This is our 9th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.
- This insight will feature 50 of the biggest potential IPOs in Korea in 2024.
- These 50 IPOs in Korea are likely to represent more than 80% of all capital raised through IPOs in Korea next year.
IRCON Placement – Opportunistic Monetisation of a 2.5x YTD Gain
- The Government of India (GoI) is looking to raise US$155m from trimming a portion of its stake in Ircon International (IRCON IN), assuming the deal upsizes.
- Assuming the deal upsizes, while it would represent 8% of the firm’s current shares outstanding, it would only represent 3.8 days of its three month ADV, given its strong liquidity.
- Given that it isn’t the first time the GoI has sold its stake in IRCON, the selldown here should be expected, in our view.
Entero Healthcare Pre-IPO – Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions
- Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and secondary component.
- Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.
- In this note, we look at the company’s past performance.
Zomato Placement – SVF’s Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong
- Softbank Group (9984 JP) is looking to raise US$135m from selling its remaining stake in Zomato (ZOMATO IN).
- Since receiving shares from Zomato’s acquisition of 91% of Blinkit’s outstanding shares, Softbank has been busy trimming its stake in Zomato. The stake sale now will be a cleanup one.
- Representing just 1.2 days of Zomato’s three month ADV, the deal here would be easily digested by the firm.
UBTech Robotics Pre-IPO – PHIP Updates – Trying to Outrun Its Cash Burn
- UBTech Robotics (1683374D HK) is looking to raise about US$200m in its upcoming HK IPO, after downsizing from an earlier reported float of up to US$700m.
- UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.
- We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.
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