In today’s briefing:
- Hesai Group IPO: Valuation Insights
- Mankind Pharma Pre-IPO – Peer Comparison – One of the Largest, with Better Growth and Margins
- New Ruipeng Pet IPO: Covid-19 Is Not the Sole Reason for Mediocre Performance
Hesai Group IPO: Valuation Insights
- 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.
- We previously discussed the IPO in Hesai Group IPO: The Bull Case and Hesai Group IPO: The Bear Case.
- In this note, we present our forecasts and discuss valuation. Our analysis suggests that Hesai is unattractively valued at the IPO price range. We would pass on the IPO.
Mankind Pharma Pre-IPO – Peer Comparison – One of the Largest, with Better Growth and Margins
- Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
- MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
- In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.
New Ruipeng Pet IPO: Covid-19 Is Not the Sole Reason for Mediocre Performance
- New Ruipeng is the largest pet care platform in China and second largest globally in terms of no.of hospitals and revenue from pet care services in both 2020 and 2021.
- The company has filed for an IPO in the US and plans to raise at least US$100m through the IPO.
- Though the company’s operations were negatively affected by Covid-19, our analysis shows that intense competition has led to the company losing its market share in the pet care services.
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