In today’s briefing:
- Hexaware Technologies IPO – Not Cheap on Its Own, but Peers Are Trading a Lot Higher
- Guming (1364 HK): Upsized at Top-Price. Strong Retail Demand
- Guming Holdings IPO Trading – Strong Retail Demand, with Decent Coverage on the Insti Tranche
- PegBio (派格生物) IPO: Thoughts on Valuation
- SailPoint, Inc. (SAIL) — IPO Price Range Increased; Software Order Book Demand Is Fever Pitch
- Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO
Hexaware Technologies IPO – Not Cheap on Its Own, but Peers Are Trading a Lot Higher
- Hexaware Technologies (HEXW IN) is looking to raise US$1bn from its India IPO.
- Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
- In this note, we discuss its RHP updates, undertake a peer comparison and share our thoughts on valuation.
Guming (1364 HK): Upsized at Top-Price. Strong Retail Demand
- Guming Holdings, the leading mid-priced milk tea player in China, has priced its IPO at the top-end and upsized it to 182.6 mn shares, raising a total of HKD1.8 Bn.
- With strong HK retail investor demand, International investors bidding for Guming stock in the IPO had their allocations scaled back to 56.5% from 90% earlier.
- Guming will list at the HK stock exchange today and could likely see a good uptick upon listing given robust investor demand.
Guming Holdings IPO Trading – Strong Retail Demand, with Decent Coverage on the Insti Tranche
- Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
- Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
PegBio (派格生物) IPO: Thoughts on Valuation
- PegBio, a China-based biotech company, plans to raise up to USD 150 million via a Hong Kong listing.
- In our previous note, we examined the company’s core product namely PB-119.
- In this note, we will provide a valuation for the company’s key products.
SailPoint, Inc. (SAIL) — IPO Price Range Increased; Software Order Book Demand Is Fever Pitch
- The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.
- Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in.
- The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.
Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO
- We believe exercising caution based upon the small market cap of the company and the existing backers is the prudent play at this time.
- Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.
- Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.
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