In today’s briefing:
- Capitaland Ascott Trust – Another One to Add to Its Latest Spree of Acquisitions
- SBFC Finance IPO Update: Rapid Growth with Few Cautions
- Concord Biotech IPO – RHP Updates – Continued Growing Although Concentration Risk Remains Elevated
- Concord Biotech (Pre-IPO): Niche Offering Amid Lean Competition to Drive Stable Growth
- SBFC Finance IPO – RHP Updates, Peer Comparison and Thoughts on Valuation
Capitaland Ascott Trust – Another One to Add to Its Latest Spree of Acquisitions
- CapitaLand Ascott Trust (CLAS SP) is looking to raise around S$200m from its primary follow-on. Included in the deal is another S$100m preferential offering to existing shareholders.
- Proceeds will be used towards acquiring three new properties, and for asset enhancement initiatives.
- The deal would be a relatively large one for the REIT to digest, at 31.6 days of three month ADV.
SBFC Finance IPO Update: Rapid Growth with Few Cautions
- SBFC Finance Limited (1547353D IN) IPO opens for subscription this week.
- The company has shown strong operations in F23, led by growth in overall business, productivity, profits on the back of controlled credit costs.
- There are however few cautions that warrant attention, which includes the litigations, attritions, write offs, etc.
Concord Biotech IPO – RHP Updates – Continued Growing Although Concentration Risk Remains Elevated
- Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO.
- Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
- As per F&S, Concord was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.
Concord Biotech (Pre-IPO): Niche Offering Amid Lean Competition to Drive Stable Growth
- Concord Biotech Ltd (658823Z IN) is amongst the few fermentation-based API manufacturing companies globally. The company commanded market share of 20%+ by volume in 2022 across identified fermentation‐based API products.
- Concord Biotech IPO opens for subscription on August 4. The IPO consists of offer for sale of 21M shares by Helix Investment Holdings at a price band of INR705–741/share.
- Large and growing addressable market, sizable market share, niche and limited competition offering, consistent growth and profitability, and reasonable valuation make the IPO worth of subscribing.
SBFC Finance IPO – RHP Updates, Peer Comparison and Thoughts on Valuation
- SBFC Finance Limited (1547353D IN) is looking to raise up to US$131m in its India IPO.
- SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.
- In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.
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