In today’s briefing:
- Aequitas 2025 Asia IPO Pipeline – Hong Kong
- Brigade Hotel Ventures Ltd Pre-IPO – Strong Rebound from Covid but with High Concentration
- Pre IPO X.J. Electrics (Hu Bei) – ODM/OEM Model Is Hard to Deliver High Margins and Growth Prospects
- Beijing Geekplus Technology Pre-IPO Tearsheet
Aequitas 2025 Asia IPO Pipeline – Hong Kong
- In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
Brigade Hotel Ventures Ltd Pre-IPO – Strong Rebound from Covid but with High Concentration
- Brigade Hotel Ventures Ltd (BHV IN) is an owner and developer of hotels in India, focusing primarily on South India, plans to raise about US$107m through its upcoming India IPO.
- It has a current portfolio of 9 operating hotels, of which, 4, 3 and 2 are operated under Accor, InterContinental, Marriott brands.
- BHVL intends to use the IPO proceeds primarily to repay debt of INR 4.8bn and to purchase land from the promoter for further expansion.
Pre IPO X.J. Electrics (Hu Bei) – ODM/OEM Model Is Hard to Deliver High Margins and Growth Prospects
- X.J. ELECTRICS not only relies on export revenue, but also on ODM/OEM models, with a relatively low proportion of independent brands. Such business model would not bring high profit margin.
- X.J. ELECTRICS’ equity is concentrated in PAN YUN/GUANGSHE PAN, but they have plans to reduce holdings.This makes us feel that actual controllers are more inclined to cash out through IPO.
- Valuation of X.J. ELECTRICS should be lower than Carote, as Carote has established branded business and its revenue proportion in different regions is also “healthier” than that of X.J. ELECTRICS.
Beijing Geekplus Technology Pre-IPO Tearsheet
- Geek+ (1678559D CH) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC, Morgan Stanley, CMBI and Deutsche Bank.
- It is a leader in the global AMR market and offers a series of AMR solutions to empower warehouse fulfillment and industrial material transport.
- It was the world’s largest warehouse fulfillment AMR solution provider in terms of revenue in 2023.
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