In today’s briefing:
- Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation
- Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue
- Ather Energy Pre-IPO – The Positives – One of the E2W Pioneers
- Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut
- Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range
- Goertek Microelectronics Pre-IPO Tearsheet
- Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation – Weaker Performance than Expected
Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation
- Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
- Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
- Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.
Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue
- The company priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.
- A broken IPO usually hurts the psyche of the IPO market in the short term.
- The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.
Ather Energy Pre-IPO – The Positives – One of the E2W Pioneers
- Ather Energy is looking to raise about US$536m in its upcoming India IPO.
- Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
- In this note, we talk about the positive aspects of the deal.
Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut
- Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services sets terms for its IPO.
- Citigroup and Goldman Sachs are leading the IPO that could raise north of $400m.
- The IPO is scheduled to debut on February 7th with the parent, Titan Cement, offering 62.5% of the shares in this offering.
Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range
- The underwriters amended the terms of this offering with a S-1/A on Tuesday morning.
- With the updated terms, the company could raise as much as $170 million at the high-end of the new range.
- We have updated our first day forecast given the bullish momentum during the roadshow.
Goertek Microelectronics Pre-IPO Tearsheet
- Goertek Inc A (002241 CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. The deal will be run by CICC, CSI, CMB and UBS.
- It is a world-leading provider of smart sensing interaction solutions.
- Anchored by its robust one-stop smart sensing interaction platform, the firm is dedicated to driving the transformation of next-generation smart sensing interactions in collaboration with global ecosystem partners.
Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation – Weaker Performance than Expected
- Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO.
- Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
- In this note, we discuss its recent financials, and share our updated thoughts on valuation.
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