In today’s briefing:
- Gopal Snacks Ltd IPO- Forensic Analysis
- Samhyun IPO Bookbuilding Results Analysis
- Lianlian Digitech IPO: Worsening Profitability and More Capital for LianTong
- Ola Electric Pre-IPO – Initial Thoughts on Valuation
Gopal Snacks Ltd IPO- Forensic Analysis
- Gopal Snacks (1592789D IN) IPO worth INR 6.5 bn is live on the bourses.
- The company is a prominent snacks manufacturer in India, especially in the state of Gujarat. It boasts one of the highest fixed asset turnover ratio and high ROCEs.
- On the flipside, caution must remain on its dull revenue growth post F22 and on its related party transactions, especially with promoter companies.
Samhyun IPO Bookbuilding Results Analysis
- Samhyun reported excellent IPO bookbuilding results. Samhyun’s IPO price has been determined at 30,000 won per share, which is 20% higher than the high end of the IPO price range.
- A total of 2,168 institutional investors participated in this IPO book building. The demand ratio was 649 to 1. Samhyun will start trading on 21 March 2024.
- Our base case valuation of Samhyun is implied market cap of 396 billion won or target price of 37,402 won, which is 25% higher than the IPO price.
Lianlian Digitech IPO: Worsening Profitability and More Capital for LianTong
- Lianlian DigiTech (2104619D CH) is a digital payment solution provider in China has filed for an IPO on the Hong Kong Stock Exchange.
- As per news media outlets, the company plans to raise US$500m to help enhance its technological capabilities and expand global operations.
- In this insight, we have discussed the company’s business model, key financials and the outlook on the company.
Ola Electric Pre-IPO – Initial Thoughts on Valuation
- Ola Electric is looking to raise about US$1bn in its upcoming India IPO.
- Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
- In our previous note we looked at the company’s past performance and undertook a peer comparison. In this note, we will talk about valuations.
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