In today’s briefing:
- Chongqing Terminus Smart Technology Pre-IPO: Deteriorating Revenue and Losing Market Share
- Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO
- Guming Holdings (Goodme) Pre-IPO – Peer Comparison & Thoughts on Valuation
- LG Electronics India Pre-IPO – The Negatives – Not All Categories Have Been Growing
- Geek+ IPO Valuation Analysis: Exit Valuation Would Be Significantly Above Last Private Round of ~$2B
- Venture Global (VG): Rich Valuation Marks Questions About Being Already Priced for Perfection
- Beta Bionic, Inc. (BBNX) – Medical Device Company Targeting the Insulin Market Prepares for Q1 IPO
Chongqing Terminus Smart Technology Pre-IPO: Deteriorating Revenue and Losing Market Share
- Chongqing Terminus (2471080D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO.
- It operates in China’s public realm AIoT (Artificial Intelligence of Things) industry.
- In this note, we look at the firm’s past performance.
Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO
- American food giant with $14 billion in sales to go public in Q1
- Company is a spin-off from WH Group which acquired Smithfield in 2013
- Breaking down key points of the initial prospectus which was filed on January 6th
Guming Holdings (Goodme) Pre-IPO – Peer Comparison & Thoughts on Valuation
- Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
- Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
- In our earlier notes, we had looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.
LG Electronics India Pre-IPO – The Negatives – Not All Categories Have Been Growing
- LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
- LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
- In this note, we talk about the not-so-positive aspects of the deal.
Geek+ IPO Valuation Analysis: Exit Valuation Would Be Significantly Above Last Private Round of ~$2B
- Geek+, a Beijing-based warehouse robot maker, filed to list IPO on Hong Kong Stock Exchange. The AI & robotics company plans to raise up to $200M.
- Their last round was a $208M Series E1 in August 2022 that was led by Vertex Growth Fund, Intel Capital and B Capital China at a ~$2B post-money valuation.
- Geek+ is growing faster than Doosan Robotics, UBTech Robotics and Shenzhen Dobot. The company will likely trade above their last private round valuation of ~$2B in August of 2022.
Venture Global (VG): Rich Valuation Marks Questions About Being Already Priced for Perfection
- Largest Cash Raise for a company since July 2024 marking important event for Equity Capital Markets to start the calendar year
- Rising and volatile natural gas prices combined with rich valuation nearly prices company to perfection
- Deal color for potential price sensitive IPOs is crucial in determining near-term performance
Beta Bionic, Inc. (BBNX) – Medical Device Company Targeting the Insulin Market Prepares for Q1 IPO
- ILet Bionic Pancreas Device autonomously determine every insulin dose without requiring a user to count carbohydrate intake
- Revenue for the nine months ended September 30, 2024 was $44.7 million, more than 3.5x that of their annual revenue of $12.0 million for the year ended December 31, 2023.
- We anticipate this company to set terms (share size, price range) in the next week for a late January / early February debut.
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