In today’s briefing:
- DAM Capital Pre-IPO Tearsheet
- The Born Korea IPO Valuation Vs Recent M&A Valuation of Compose Coffee by Jollibee Foods
- Hozon New Energy Automobile Pre-IPO – The Negatives – Remains Far from Being Profitable
- Trial Holdings IPO Lockup – Large Number of Small Holders Hold Around US$400m of Stock
DAM Capital Pre-IPO Tearsheet
- DAM Capital (930970Z IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Nuvama Wealth.
- DAM Capital provides a range of financial solutions in investment banking comprising equity capital markets, mergers and acquisitions, private equity, structured finance advisory; and institutional equities comprising broking and research.
- According to CRISIL, DAM Capital was the fastest growing investment bank in India by revenue CAGR from FY22-24 along with the highest profit margin in FY24.
The Born Korea IPO Valuation Vs Recent M&A Valuation of Compose Coffee by Jollibee Foods
- In this insight, we compare the IPO valuation of The Born Korea (475560 KS) versus the recent M&A valuation of Compose Coffee by Jollibee Foods (JFC PM).
- Using the recent M&A multiples of Compose Coffee by Jollibee Foods suggests an attractive upside to The Born Korea (relative to the IPO price range).
- No other listed company in Korea has a restaurant business model that is consistently profitable, with strong balance sheet, and solid sales growth as The Born Korea.
Hozon New Energy Automobile Pre-IPO – The Negatives – Remains Far from Being Profitable
- Hozon New Energy Automobile is looking to raise up to US$1bn in its upcoming HK IPO.
- Hozon New Energy Automobile (HNEA) is a NEV technology company which sells cars under the Neta brand. The prices of its vehicles generally range between US$15,000 to US$45,000.
- In this note, we talk about the not-so-positive aspects of the deal.
Trial Holdings IPO Lockup – Large Number of Small Holders Hold Around US$400m of Stock
- Trial Holdings (5882 JP) raised around US$259m in Mar 2024. Its IPO lockup is set to expire soon.
- TH operates a network of retail stores in Japan that offer one-stop shopping under its everyday low price (EDLP) model.
- In this note, we will talk about the lockup dynamics and possible placement.
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