In today’s briefing:
- Hyundai Motor India Sets IPO Price Range
- Hyundai Motor India IPO: Upsized Valuation Driven by Strong Investor Interest
- CR Beverage IPO: Valuation First-Look
- Orum Therapeutics IPO Preview
- Dr Agarwal’s Health Care Pre-IPO Tearsheet
- Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long
- TNB Aura joins US$8M Series A round of EV charging operator Charge+ | e27
- TailorTech bags funding for its off-grid power management solution | e27
Hyundai Motor India Sets IPO Price Range
- Hyundai Motor India (1342Z IN) has set an IPO price range of 1,865 to 1,960 rupees per share, aiming for a valuation as high as US$19 billion.
- Hyundai Motor (005380 KS) is selling a 17.5% stake in Hyundai Motor India in this public offering. Hyundai Motor India IPO is scheduled to trade starting 22 October.
- Our updated base case valuation of Hyundai Motor India is market cap of US$19.7 billion based on P/E of 25.9x our estimated net profit of 64.1 billion INR.
Hyundai Motor India IPO: Upsized Valuation Driven by Strong Investor Interest
- Hyundai Motor India (1342Z IN) ’s IPO, launching next week, is expected to be priced between Rs1,865 and Rs1,960, valuing the company at USD 18-19 billion.
- At this valuation, Hyundai’s India unit will account for over 40% of its parent company’s market cap, potentially unlocking significant value for Hyundai Motor (005380 KS).
- Despite a weak growth in India’s passenger vehicle sales ytd, investor interest in the IPO is reportedly strong thanks to India’s booming equity market and robust fund inflows.
CR Beverage IPO: Valuation First-Look
- China Resources Beverage (CRB HK), China’s largest purified drinking water company, is premarketing an HKEx to raise US$0.5-1 billion.
- We previously discussed the IPO in CR Beverage IPO: The Bull Case, CR Beverage IPO: The Bear Case and CR Beverage IPO: The Investment Case.
- In this note, we present our forecasts and examine CR Beverage’s potential valuation range for the first time.
Orum Therapeutics IPO Preview
- Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024. The IPO price range is from 30,000 won to 36,000 won.
- The expected market cap after IPO is from 648 billion won to 778 billion won. The book building for the institutional investors starts on 24 October.
- Orum Therapeutics’ main pipelines include ‘ORM-6151’, a new drug candidate for acute myeloid leukemia, ‘ORM-5029’, a HER2-targeting breast cancer treatment candidate, and ‘ORM-1023’, a small cell carcinoma tumor candidate.
Dr Agarwal’s Health Care Pre-IPO Tearsheet
- Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$480m in its upcoming India IPO. The deal will be run by Jefferies, Kotak, MS and Motilal.
- Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
- According to the CRISIL MI&A report, it had a ~25% market share of the total eye care service chain market in India in FY24.
Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long
- Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.
- Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.
- The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.
TNB Aura joins US$8M Series A round of EV charging operator Charge+ | e27
- Singapore-based electric vehicle (EV) charging operator Charge+ has received an undisclosed sum from TNB Aura to complete its US$8 million Series A round.
- The startup, which operates over 2,000 EV charging points across Southeast Asia, will use the funds to expand its charging infrastructure.
- The startup received an undisclosed sum in a Series A round led by TRIVE Venture Capital in October 2023.
TailorTech bags funding for its off-grid power management solution | e27
TailorTech, a Malaysian startup focused on transforming power management for off-grid locations, has raised US$110,000 from Antler.
Founded by brothers Ts. Dr. Indera Shaiful and Ts. Indera Shafiq, TailorTech aims to tackle problems faced by industries that are reliant on generator sets in remote and off-grid locations, including inefficiencies, high costs, frequent maintenance, and the environmental impact associated with conventional generator sets.
TailorTech has developed the Power Enhancer System (PES), an integrated smart power management solution designed to optimise the use of generator sets.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
