In today’s briefing:
- DN Solutions IPO – Tariffs, Peer Correction Don’t Help
- Pre-IPO Bama Tea – The Business Model, the Challenges and the Outlook
- Wistron GDR Early Look – Riding the AI Server Boom Amid Macroeconomic Headwinds
- Liuliu Orchard Group Co Ltd Pre-IPO Tearsheet
- Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion
- American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer
- Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company
DN Solutions IPO – Tariffs, Peer Correction Don’t Help
- DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
- DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
- In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.
Pre-IPO Bama Tea – The Business Model, the Challenges and the Outlook
- The most significant issue in the domestic tea industry is product standardization. This makes it difficult for tea companies to expand their market share and achieve economies of scale.
- Bama’s revenue growth showed an upward trend, but the growth rate is declining. There’re already signs of growth stagnation. High selling and marketing expenses will put pressure on profit margin.
- Lancang and Tenfu Caymans (6868 HK) are comparable peers. Due to larger market share/revenue scale and higher profit margin in 24Q1-Q3, we think Bama’s valuation should be higher than peers.
Wistron GDR Early Look – Riding the AI Server Boom Amid Macroeconomic Headwinds
- Wistron Corp (3231 TT) is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.
- On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.
- Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.
Liuliu Orchard Group Co Ltd Pre-IPO Tearsheet
- Liuliu Orchard Group (LLO HK) (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citic and Guoyuan.
- The company was established in 1999. It is one of the leading producers of plum-based products in China’s fruit snacks category.
- As per F&S Report, LOGCL ranked first in China’s fruit snacks industry by retail sales value, with a market share of 4.9% in 2024.
Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion
- Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
- DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
- In this note, we talk about the positive aspects of the deal.
American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer
- They are the seventh largest writer of residential property insurance in Florida based on DPW for policies in-force as of December 31, 2024.
- For the years ended December 31, 2024 they produced gross premiums written of $767.7 million and net premiums written of $194.4 million. Their net income was $39.7 million.
- We anticipate this company to set terms (share size, price range) and debut in the month of May.
Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company
- Circle Internet Group believes the global financial system can be rebuilt on the principles of the internet.
- Circle has minted more than $504.3 billion of USDC and redeemed more than $464.4 billion of USDC from January 1, 2021 to December 31, 2024.
- Their 2024 revenue, net income, and Adjusted EBITDA is $1.7 billion, $156 million, and $285 million, respectively.
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