In today’s briefing:
- EcoPro Materials IPO: The Bull Case
- Seoul Guarantee Insurance IPO Industry Analysis
- Tianju Dihe Technology IPO Preview: Data Drives The Future
- As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters
- Lalatech Holdings Pre-IPO – Refiling Updates – Growth and Profit Pickup but Valuation Gap Remains
- Juniper Hotels Pre-IPO Tearsheet
EcoPro Materials IPO: The Bull Case
- EcoPro Materials (ECO123 KS) is a leading player in the electrode material industry. It is seeking to raise up to US$500 million in a KRX IPO.
- EcoPro Materials is offering 14.5 million shares at an IPO price range of KRW36,200-46,000 per share. Book building runs from 30 October to 3 November, with pricing on 7 November.
- The bull case rests on attractive addressable markets, aggressive production capacity expansion, ambition to be the leading non-Chinese player, strong revenue growth and improving cash conversion cycle.
Seoul Guarantee Insurance IPO Industry Analysis
- In this insight, we provide additional industry analysis of Seoul Guarantee Insurance Corp which is getting ready to complete its IPO in Korea in the next several weeks.
- The IPO of Seoul Guarantee Insurance is an important signal that the Korean government may allow greater competition in the local surety insurance market in 2-3 years.
- SGIC has promised high dividends. If we assume the IPO price at the low end of the IPO price range (39,500 won), this would suggest a dividend yield of 8%.
Tianju Dihe Technology IPO Preview: Data Drives The Future
- Tianju Dihe Technology, more commonly known as Juhe Data, filed to go public in Hong Kong. The company provides standard API services through its APIHub marketplace in China.
- Tianju Dihe Technology plans to trade on the HKSE, and CITIC Securities is leading the IPO. The company was backed by JD Technology, a fintech unit of JD.com.
- With a market leadership position and a mission to empower the digital economy with data technologies, I have no doubt that Tianju Dihe Technology will have a successful IPO.
As a Group, Typical SHEIN & Temu Users in the US Lack Political Clout; Why It Matters
- US users of the popular SHEIN and Temu shopping apps tend to be relatively young
- Compared to older Americans, younger Americans (18-34) tend to have less political clout
- What does this mean for SHEIN and Temu, and how will they respond to political challenges?
Lalatech Holdings Pre-IPO – Refiling Updates – Growth and Profit Pickup but Valuation Gap Remains
- Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
- Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
- We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.
Juniper Hotels Pre-IPO Tearsheet
- Juniper Hotels (6593708Z IN) is looking to raise up to US$217m in its upcoming India IPO. The deal will be run by JM Financial, CLSA and ICICI Securities.
- Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.
- The company is jointly held by Saraf Hotels and its affiliate, Juniper Investments and Two Seas Holdings (an indirect subsidiary of Hyatt Hotels Corporation).
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