In today’s briefing:
- Blibli IPO: Valuation Insights
- Bionote Pre-IPO – The Negatives – Fortunes Generated from a Sole Related Party
- Bumble Inc.: New Feature Additions & Other Developments
Blibli IPO: Valuation Insights
- Blibli (1437710D IJ), a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.
- We have previously discussed the IPO in Blibli IPO: The Bull Case, Blibli IPO: The Bear Case and Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee.
- Our valuation analysis suggests that the IPO price range is unattractive. We would give the IPO a pass.
Bionote Pre-IPO – The Negatives – Fortunes Generated from a Sole Related Party
- Bionote (377740 KS) is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.
- Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.
- A large part of the firm’s fortunes came from supplying to a sole customer, which is also a related party. Margins have since come under pressure as well.
Bumble Inc.: New Feature Additions & Other Developments
- Bumble delivered a mixed set of results for the past quarter surpassing Wall Street expectations on the revenue front but missing out on earinings.
- The Bumble app continued to grow as the company performed well in traditional as well as international growth markets.
- In the quarter, Bumble brought a wide portfolio of discovery-oriented products to the market.
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