In today’s briefing:
- Growatt Technology Pre-IPO Peer Comparison – Performed Well on Many Fronts
- Bionote IPO – Delayed Timeline & Updated Valuation Analysis
- Fusion Micro Finance IPO Trading – Weak Demand Seems Justified
- Marriott International: Acquiring The City Express Brand Portfolio & Other Developments
- Global Health IPO Trading – Relatively Cheap and Good
Growatt Technology Pre-IPO Peer Comparison – Performed Well on Many Fronts
- Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
- Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.
- In our previous notes, we looked at the company’s past performance. In this note, we undertake a peer comparison.
Bionote IPO – Delayed Timeline & Updated Valuation Analysis
- Bionote has delayed its IPO timeline. Now, the company expects to complete its IPO in late December. The book building for the institutional investors will now start on 8 December.
- Our updated base case valuation is target price of 16,966 won per share, which is 6% lower than the low end of the IPO price range.
- Given the downside risk relative to the IPO price range, we have a Negative View of the BioNote IPO.
Fusion Micro Finance IPO Trading – Weak Demand Seems Justified
- Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO.
- Fusion Micro Finance (FMF) is a non-banking financial company – microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.
- We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.
Marriott International: Acquiring The City Express Brand Portfolio & Other Developments
- Marriott delivered a mixed set of results for the third quarter.
- The leisure demand for the quarter remained strong and far above 2019 levels.
- Travelers are apparently continuing to mix pleasure and work visits, according to third quarter day-of-the-week trends.
Global Health IPO Trading – Relatively Cheap and Good
- Global Health (Medanta) (GH IN) raised approximately US$268m in its India IPO.
- Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
- We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.
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