In today’s briefing:
- Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion
- D’Alba Global IPO Preview
- StubHub Holdings (STUB): Scalable Secondary Ticket Marketplace Company Files for IPO
- Maynilad Water Services Pre-IPO Tearsheet
- Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products
- DN Solutions IPO – Thoughts on Valuations – Probably Needs a Price Cut
- SmartStop Self Storage REIT, Inc. (SMA): Long-Awaited REIT to Make April Debut
- Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO
Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion
- Frasers Centrepoint Trust (FCT SP) aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing.
- This will complement the company’s operations of the Northpoint City North Wing and consolidate the entire Northpoint City under its ownership.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
D’Alba Global IPO Preview
- D’Alba Global is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 54,500 won to 66,300 won per share.
- According to the bankers’ valuation, the expected market cap of the company will be 692 billion won to 842 billion won post IPO.
- D’Alba Global has one of the best growth rates for sales and operating profits among Korean cosmetic companies in the past four years.
StubHub Holdings (STUB): Scalable Secondary Ticket Marketplace Company Files for IPO
- Operator of one of the largest global secondary ticketing marketplace for live event, StubHub Holdings, filed for an IPO on Friday, March 21st.
- Their revenue was $1,770.6 million, $1,367.7 million and $1,036.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
- GMS increased from $6.85b –> $8.67b from 2023 to 2024 representing a 26.5% increase
Maynilad Water Services Pre-IPO Tearsheet
- Maynilad Water Services, Inc. (MWS) is looking to raise at least US$633mn in its upcoming Philippines IPO. The deal will be run by BPI Capital, HSBC, MS, and UBS.
- MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
- MWS is majority owned by Maynilad Water Holding Company, Inc. (MWHCI), enjoying the support of conglomerates like Metro Pacific Investments Corporation (MPIC), DMCI Holdings, Inc. (DMCI), and Marubeni Corporation (Marubeni).
Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products
- Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
- We looked at the latest prospectus and noted it toned down the language and strengthened its team.
- We also compare the clinical readings of its core products with benchmark products.
DN Solutions IPO – Thoughts on Valuations – Probably Needs a Price Cut
- DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
- DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
- We have looked at its past performance in our earlier notes. In this note, we will talk about valuations.
SmartStop Self Storage REIT, Inc. (SMA): Long-Awaited REIT to Make April Debut
- A REIT which had been in the pipeline since March 2022 has finally set terms for a potential April debut.
- Total self storage related revenues for the years ended December 31, 2024 and 2023 were approximately $219.0 million and $215.3 million, respectively.
- The company intends to pay monthly distributions. The IPO is scheduled to debut on April 2nd.
Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO
- For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.
- We anticipate this company to set terms (share size, price range) and debut in the second half of April.
- Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering.
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