In today’s briefing:
- Brainbees (FirstCry) IPO Trading – Decent Subscription and Valuation
- WeRide (WRD US) IPO: The Bear Case
- Ola Electric (OLAELEC IN) : Soaring High – How Much Higher Can It Go?
- TS Lines Pre-IPO: Adjusted Book Value Approach Yields Estimated Equity Valuation of US$1.96-2.06 Bn
Brainbees (FirstCry) IPO Trading – Decent Subscription and Valuation
- BrainBees Solutions (FirstCry) raised around US$500m in its India IPO.
- 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 our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.
WeRide (WRD US) IPO: The Bear Case
- WeRide (WRD US), a provider of autonomous driving products and services, seeks to raise up to US$119 million through a Nasdaq IPO and US$321 million through a concurrent private placement.
- In WeRide (WRD US) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on a volatile revenue profile, high customer concentration risk, widening losses that raise doubts on the path to profitability, elongated cash collection cycles and cash burn.
Ola Electric (OLAELEC IN) : Soaring High – How Much Higher Can It Go?
- Ola Electric’s stock has surged since its Friday listing, despite a lukewarm IPO response. We look at a possible base-to-bullish case valuation range for Ola Electric’s stock price.
- With the e2W market up 96% YoY in July and Ola Electric’s sales soaring 114%, the momentum is strong. Likely catalyst on the horizon adds to investor optimism.
- Currently, on FY2026E EV/Revenue, Ola Electric trades on par with its closest Indian e2W peer.
TS Lines Pre-IPO: Adjusted Book Value Approach Yields Estimated Equity Valuation of US$1.96-2.06 Bn
- Container ships are standardized, and fleets can be “market to market” values
- This approach suggests TS Lines’ equity could be worth > US$2.0 bn
- However, there are some caveats that come with this valuation approach
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