In today’s briefing:
- Concord Biotech Pre-IPO – Sales Have Been Growing but Watch Out for Its High Concentration Risk
- Hesai Group IPO Preview: Will Rich Valuation Worry Long-Term Investors?
- Aequitas ASEAN Placements Bookrunner Performance (2019-2022)
- F5 Networks: F5 Distributed Cloud AIP & Other Drivers
Concord Biotech Pre-IPO – Sales Have Been Growing but Watch Out for Its High Concentration Risk
- Concord Biotech Ltd (658823Z IN) is looking to raise around US$250m in its upcoming 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, it 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.
Hesai Group IPO Preview: Will Rich Valuation Worry Long-Term Investors?
- Hesai Group (HSAI US) , a global leader in LiDAR technology for autonomous driving and ADAS, filed for a $100M placeholder IPO with Goldman Sachs and Morgan Stanley leading the offering.
- The company’s last round was a $70M Series D+ at a $3B pre-money valuation, implying EV/LTM Rev multiple of 19x today, a significant premium to comparable companies in the space.
- We remain cautious about buying into the Hesai Group (HSAI US) IPO due to rich valuation, negative free cash flows, loss-making business, intense competition, and developments in alternative technologies.
Aequitas ASEAN Placements Bookrunner Performance (2019-2022)
- In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.
- The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 54 deals.
- The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.
F5 Networks: F5 Distributed Cloud AIP & Other Drivers
- Against the backdrop of the continued tough competition, F5 delivered an all-around beat in the recent result.
- The company experienced more pervasive deal delays and heightened budget in the quarter across all geographies.
- Among new launches, F5 launched a cloud workload protection solution named F5 Distributed Cloud AIP (App Infrastructure Protection) to accelerate application protection and observability to cloud-native infrastructures.
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