In today’s briefing:
- Amer Sports IPO: The Bull Case
- Ayala Corp Placement – While Overhang Will Exist, the Stock’s Momentum Has Been Strong
- Aequitas 2024 Asia IPO Pipeline – Hong Kong
- Pre-IPO MIXUE Group – The Snow King Opens up a Lot More Room for Imagination than Expected
- Guming Holdings (Goodme) Pre-IPO Tearsheet
- Brainbees Solutions (FirstCry) Pre-IPO Tearsheet
Amer Sports IPO: The Bull Case
- Amer Sports (AS US) is a global iconic sports and outdoor brand group. According to press reports, it has filed for a NYSE IPO to raise US$2 billion.
- In 2019, a consortium of Anta Sports Products (2020 HK), FountainVest, Anamered Investments and Tencent (700 HK) acquired Amer at an EV of €5.5 billion.
- The bull case rests on the rapid growth and gross margin improvement under the consortium’s ownership, along with technical apparel and outdoor performance’s improving revenue and margin profile.
Ayala Corp Placement – While Overhang Will Exist, the Stock’s Momentum Has Been Strong
- Mitsubishi Corp (8058 JP) is looking to raise US$100m via trimming a portion of its stake in Ayala Corporation (AC PM).
- Despite being not explicitly well flagged, Mitsubishi had sold before back in Jan 2019, and in Mar 2018. Thus, we would argue that the deal here is somewhat expected.
- While the deal would represent 43 days of the stock’s three month ADV, the recent selldowns by Mitsubishi had held up in the first week.
Aequitas 2024 Asia IPO Pipeline – Hong Kong
- In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, 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.
Pre-IPO MIXUE Group – The Snow King Opens up a Lot More Room for Imagination than Expected
- The business model of MIXUE is S2B2C. The expansive and highly efficient supply chain is the bedrock of MIXUE’s industry leading performance and scale, setting it apart from its peers.
- MIXUE has more flexibility to diversify its business to explore new growth points and is also more resilient to risks/industry changes, which determines sustainability and growth ceiling of future development.
- As competition for freshly-made tea drinks industry intensifies, capital has become “impatient”. As an industry leader, now is the best time for an IPO. MIXUE’s valuation could reach US$10 billion.
Guming Holdings (Goodme) Pre-IPO Tearsheet
- Guming Holdings (GUM HK) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and UBS.
- Guming Holdings (Guming) is a maker of freshly-made beverages in China.
- As per CIC, its “Good me” brand is China’s largest mid-priced freshly-made tea store brand in terms of both GMV in 2023 and store count as of Dec 2023.
Brainbees Solutions (FirstCry) Pre-IPO Tearsheet
- FirstCry (0172540D IN) seeks to raise up to US$700m in its upcoming India IPO. The deal will be run by Kotak, Morgan Stanley, Bank of America, JM Financial and Avendus.
- FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
- In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.
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