In today’s briefing:
- ARM Holdings Pre-IPO – Peer Comparison – The Smallest and One of the Slowest
- Integral Corporation IPO: New Price Range Is Tempting
- Integral Corporation Pre-IPO – Thoughts on Valuation
ARM Holdings Pre-IPO – Peer Comparison – The Smallest and One of the Slowest
- Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings’ US IPO.
- ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
- In our earlier note, we looked at Arm’s past performance. In this note, we undertake a peer comparison.
Integral Corporation IPO: New Price Range Is Tempting
- Integral Corporation (5842 JP) has set its IPO price at JPY2,300-2,400 per share, 18%-29% lower than the IPO reference price range of JPY2,800-3,400 per share.
- We previously discussed the IPO in Integral Corporation IPO: The Bull Case, Integral Corporation IPO: The Bear Case and Integral Corporation IPO: Valuation Insights.
- Our analysis suggests that the revised IPO price range is attractive compared to peer multiples. The re-rating of peers since the release of the prospectus also makes the offer tempting.
Integral Corporation Pre-IPO – Thoughts on Valuation
- Integral Corporation (5842 JP) is looking to raise around US$123m in its Japan IPO.
- Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
- In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.
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