In today’s briefing:
- Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won
- Gigabyte GDR Early Look – Benefitting from the AI Server Wave, Further Scale-Up Underway
- DN Solutions IPO: Valuation Insights
- EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform
- Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks
Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won
- EcoPro Materials announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its current outstanding shares (69.74 million).
- This capital raise is in the form of redeemable convertible preferred shares (RCPS). Conversion price of this RCPS is 75,974 won which is 9.9% higher than current price.
- Ecopro Materials’ share price is down 27% from 27 February 2025. We continue to remain negative on Ecopro Materials.
Gigabyte GDR Early Look – Benefitting from the AI Server Wave, Further Scale-Up Underway
- Gigabyte Technology (2376 TT) is looking to raise up to US$395m in its upcoming global depository receipts (GDRs) offering.
- On 14th Mar 2025, Gigabyte announced that it received its board’s approval to sell upto 50m common shares via a GDR offering. The proceeds will be used for business development.
- 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.
DN Solutions IPO: Valuation Insights
- DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.
- We previously discussed the IPO in DN Solutions IPO: The Bull Case and DN Solutions IPO: The Bear Case.
- I examine the syndicate’s valuation methodology. My analysis suggests that DN Solutions is palatable in the low end of the IPO price range.
EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform
- As of December 31, 2024, they had approximately 3.5 million Funded Accounts across their global footprint of 75 countries.
- As of December 31, 2024, the Company had $113 million of cryptoassets presented as current assets, and $5,775 million cryptoassets held on behalf of its users in custody.
- In 2024, eToro generated $12.6bn of revenue, of which $12.1bn was attributable to crypto assets and the remainder from equities, commodities and currencies.
Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks
- Veeda Clinical Research Ltd (3340714Z IN) (VCRL) is planning to raise about US$115m in its upcoming India IPO.
- VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.
- The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.
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