In today’s briefing:
- ECM Weekly (20th Jan 2025) – Guming, LG India, Schloss (Leela), Freetech, Chongqing Terminus, Murata
- Pre-IPO Guming Holdings (PHIP Updates) – Some Points Worth the Attention
- Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement’s US Unit

ECM Weekly (20th Jan 2025) – Guming, LG India, Schloss (Leela), Freetech, Chongqing Terminus, Murata
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Guming Holdings appears to be gearing up for a launch soon.
- On the placements front, while Wuxi XDC failed to perform, Murata Manufacturing (6981 JP) has been holding up so far.
Pre-IPO Guming Holdings (PHIP Updates) – Some Points Worth the Attention
- Due to intense competition, freshly-made beverage market has shown signs of saturation after rapid growth in previous years. Guming is currently in a bottleneck period. Future performance growth will decline.
- Due to a decrease in consumption, we have seen the price war in this industry. We think Guming’s profit margin performance will decline in the future if it reduces prices.
- Guming’s valuation should be higher than Nayuki Holdings (2150 HK) and Sichuan Baicha Baidao Industrial (2555 HK) due to larger revenue scale/higher net profit margin, but lower than MIXUE.
Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement’s US Unit
- Company is a manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States
- They have experienced 50% revenue growth, 150% net income growth and 65% Adjusted EBITDA growth from fiscal 2019 to fiscal 2023.
- New York Stock Exchange to list the US unit of Brussels-based Titan Cement International SA