In today’s briefing:
- Hyundai Motor India IPO – RHP Updates, Valuation Getting Tricky
- Akeso Placement – Opportunistic Raise, past Deal Record Has Been Mixed but Relative Size Is Small
- Swiggy Pre-IPO – The Negtives – Neither Food nor Quick Commerce Was the Largest Revenue Driver
- Zhou Liu Fu Pre-IPO – Capturing the Gold Rush
- Jiangsu Guofu Pre-IPO Tearsheet
- Sung Woo IPO Valuation Analysis
- Aditya Infotech Pre-IPO Tearsheet
- Ouch! nets US$1.2M to expand market share, drive insurance innovation | e27
- Wavemaker infuses US$1.6M into NZ’s pre-employment screening startup Checkmate | e27
Hyundai Motor India IPO – RHP Updates, Valuation Getting Tricky
- Hyundai Motor (005387 KS) is looking to raise around US$3.3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
- HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
- In our previous notes, we looked at the company’s past performance. In this note, we will talk about its RHP updates and valuations.
Akeso Placement – Opportunistic Raise, past Deal Record Has Been Mixed but Relative Size Is Small
- Akeso Biopharma Inc (9926 HK) is looking to raise around US$200m from its primary placement. Proceeds from the placement will be used for R&D.
- Past deals in the name haven’t done well recently but the shares have been doing well and the deal size remains small.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Swiggy Pre-IPO – The Negtives – Neither Food nor Quick Commerce Was the Largest Revenue Driver
- Swiggy is planning to raise around US$1.25bn through its upcoming India IPO.
- Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
- In this note, we talk about the not-so-positive aspects of the deal.
Zhou Liu Fu Pre-IPO – Capturing the Gold Rush
- Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise $US200m in its upcoming Hong Kong IPO.
- It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
- In this note, we look at the firm’s past performance.
Jiangsu Guofu Pre-IPO Tearsheet
- Jiangsu Guofu (1628452D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by Haitong International, CLSA, CCB International and China Securities.
- Jiangsu Guofu is a leading hydrogen energy storage and transport equipment manufacturer in China.
- It develops and manufactures hydrogen energy core equipment used in the entire industrial value chain of hydrogen energy, consisting of production, storage, transportation, refueling and use.
Sung Woo IPO Valuation Analysis
- Our base case valuation of Sung Woo is target price of 27,981 won per share, which is within the IPO price range of 25,000 won to 29,000 won per share.
- Given the lack of upside relative to the IPO price range, we have a Negative view of this IPO.
- Our base case valuation of 27,981 won per share is based on a P/E of 16.9x based on net profit of 24.9 billion won in FY23.
Aditya Infotech Pre-IPO Tearsheet
- Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$155m in its upcoming India IPO. The deal will be run by ICICI and IIFL.
- It is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
- According to the F&S report, it was the largest Indian-owned company offering video security and surveillance products, solutions and services, in terms of revenues in FY24.
Ouch! nets US$1.2M to expand market share, drive insurance innovation | e27
- Ouch!, a Malaysia-based next-gen, tech-enabled insurance platform, has raised RM5 million (US$1.2 million) in strategic funding from PPB Ventures.
- The startup will invest the money to expand its market share, enhance technology infrastructure, and drive product innovation.
- Separately, Ouch! has received an additional one-year extension to operate under Bank Negara Malaysia’s (BNM) Regulatory Sandbox. It is now working to secure a DITO licence from BNM, which would enable it to close critical protection gaps for Malaysians, especially young families.
Wavemaker infuses US$1.6M into NZ’s pre-employment screening startup Checkmate | e27
- Checkmate, a provider of pre-employment screening solutions in New Zealand, has completed its US$1.6 million seed funding round from Wavemaker Partners.
- The capital will fuel Checkmate’s expansion into existing and new markets, including Australia, the US, and Southeast Asia, specifically the Philippines.
- The funds will also support improvements in the company’s technological capabilities and user experience as more organisations seek reliable and efficient pre-employment screening.
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