In today’s briefing:
- Hesai Group IPO: The Bull Case
- HESAI Group IPO Preview
- ECM Weekly (5th Feb 2023) – Adani, Pertamina, Hesai, Ruipeng Pet, Concord, Oasis, Flight Centre
- L3Harris Technologies Inc: Acquisition Of Aerojet Rocketdyne & Other Drivers
Hesai Group IPO: The Bull Case
- Hesai Group (HSAI US) has launched a Nasdaq IPO to raise up to US$171 million at an indicative price range of US$17-19 per ADS.
- Hesai is a global leader in LiDAR technology for autonomous driving and ADAS. In the ADAS market, Hesai is the global leader in terms of shipment volume in 2022.
- The key elements of the bull case rest on a solid competitive positioning, large addressable markets, high growth and a strong balance sheet.
HESAI Group IPO Preview
- Hesai Group (HSAI US) is getting ready to complete its IPO in the next several weeks in the United States, planning to raise as much as $171 million.
- The ADAS penetration rate in China is expected to surge from 4.6% in 2022 to 11.2% in 2024 and 87.9% in 2030.
- The company is a leading maker of laser-based LiDAR sensors in China. The company’s major customers in the ADAS segment include Li Auto, Jidu, and Lotus.
ECM Weekly (5th Feb 2023) – Adani, Pertamina, Hesai, Ruipeng Pet, Concord, Oasis, Flight Centre
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, Indonesia kicked-off bookbuild for what is likely to be one of its largest IPOs this year.
- On the placement front, Adani’s FPO continued to keep everyone busy with its twists and turns.
L3Harris Technologies Inc: Acquisition Of Aerojet Rocketdyne & Other Drivers
- L3Harris finished the year on a high note and delivered an all-around beat while continuing to build momentum going into 2023.
- The RL10 is a high-end upper-stage engine that the ELA has ordered well over 100 of for the new Vulcan launch vehicle.
- We remain optimistic about the company’s future growth and maintain our ‘Hold’ rating with a revised target price.
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