In today’s briefing:
- Hudco Oct 23 OFS – Momentum Has Been Strong, and Appears to Be Well Flagged
- Pre-IPO VISEN Pharmaceuticals – The Product Pipeline and the Key Risks
- Cuscal IPO – Peer Comparison & Thoughts on Valuation
Hudco Oct 23 OFS – Momentum Has Been Strong, and Appears to Be Well Flagged
- The Government of India (GoI) is looking to raise up to US$130m from trimming its stake in Housing and Urban Development Corporation Limited (HUDCO IN).
- The base deal includes a 3.5% stake sale, with an option to double it up to 7%. The selldown is targeted at meeting SEBI’s minimum public float requirements of 25%.
- At 7.5 days of three month ADV, the deal isn’t a very large one for the firm to digest.
Pre-IPO VISEN Pharmaceuticals – The Product Pipeline and the Key Risks
- VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants.
- Once the growth hormone market is taken seriously by the regulatory authorities, the industry’s growth momentum would be challenged. The actual market space could be greatly reduced as a result.
- In front of competitors with strong sales system, commercialization is a big challenge for VISEN. The Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.
Cuscal IPO – Peer Comparison & Thoughts on Valuation
- Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
- Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
- In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.
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