In today’s briefing:
- Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely
- Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers
- IFBH Pte. Ltd Pre-IPO Tearsheet
- Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation
- Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One
- Park Medi World Pre-IPO: Some Points Worth Attention
Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely
- KRX’s move on SK Enmove this morning ramps up the odds of an SKI rights issue.
- Timing’s again the key — unlike POSCO Future M, this isn’t a clean setup. Word is SK may wait for H2 rate cuts and a more risk-on market backdrop.
- So, doesn’t look near-term — likely post-June once local tape firms up. Watch quirky local hot money flows that front-run moves like this.
Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers
- Chagee Holdings (CHA US) raised around US$411m in its US IPO, after pricing the deal at the top of the range at US$28/share.
- Chagee (CG) is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
- In this note, we talk about the trading dynamics and added a new peer to compare with
IFBH Pte. Ltd Pre-IPO Tearsheet
- IFBH (IFBH HK) is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.
- IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.
- As per CIC, IFBH has led mainland China’s coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.
Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation
- In the past week, Reuters reported that Shein has received approval from the UK’s Financial Conduct Authority (FCA) for its IPO in London.
- In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.
- Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion.
Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One
- Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00 (high-end of the range) and Opened at $33.75 for a 20.5% gain.
- The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time.
- Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation
Park Medi World Pre-IPO: Some Points Worth Attention
- Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
- The company aims to raise INR9.6B through issuing fresh shares. Founder and Chairman, Dr. Ajit Gupta is the selling shareholder offering shares worth of INR3B for sale.
- IPO proceeds will be utilized for debt repayment, funding capex for development of new hospital, expansion of existing hospital, and purchase of medical equipment.
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