In today’s briefing:
- ASICS (7936 JP): The Current Playbook
- Bloks Group Pre-IPO – The Positives – Wide Portfolio of Established IPs
- SAI Life Sciences Pre-IPO Tear Sheet
- ACME Solar Holdings Pre-IPO Tearsheet
- Bloks Group Pre-IPO – The Negatives – Concentration Risk Is Concerning, and Limited Overseas Reach
- Pre-IPO Saint Bella – The Outlook for Future Performance Growth Is Highly Uncertain
ASICS (7936 JP): The Current Playbook
- Since the US$1.4 billion secondary placement announcement, ASICS Corp (7936 JP)’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).
- Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.
- The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.
Bloks Group Pre-IPO – The Positives – Wide Portfolio of Established IPs
- Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
- Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
- In this note, we will talk about the positive aspects of the deal.
SAI Life Sciences Pre-IPO Tear Sheet
- SAI Life Sciences (SAILS12 IN) is planning to raise INR50B, consisting of INR8B worth of fresh issue and the rest will be OFS.
- Out of the proceeds from fresh issue, the company intends to utilize INR6B for repayment/pre-payment, in full or part, of all or certain outstanding borrowings availed by the company.
- Sai Life Sciences is the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue as well as EBITDA CAGR during FY22–24.
ACME Solar Holdings Pre-IPO Tearsheet
- ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial, Kotak, Nuvama Wealth and Motilal Oswal.
- ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
- As per CRISIL, the firm was among the top 10 renewable energy players in India in terms of operational capacity as of FY24.
Bloks Group Pre-IPO – The Negatives – Concentration Risk Is Concerning, and Limited Overseas Reach
- Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
- Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
- In this note, we will talk about the not so positive aspects of the deal.
Pre-IPO Saint Bella – The Outlook for Future Performance Growth Is Highly Uncertain
- SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage.
- The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.
- After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than Aidigong Maternal & Child Health Limited (286 HK).
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