In today’s briefing:
- IGI (India) IPO – Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months
- Sai Life Sciences IPO – Quick Thoughts on Peer Comp and Valuation
- LG CNS Pre-IPO – Post-COVID Beneficiary
- Star Agriwarehousing and Collateral Management Ltd Pre-IPO Tearsheet
- Pre-IPO Xiaocaiyuan International Holding (PHIP Updates) – Some Points Worth the Attention
IGI (India) IPO – Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months
- International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.
- IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
- In this note, we will look at the company’s past performance and talk about the IPO valuations.
Sai Life Sciences IPO – Quick Thoughts on Peer Comp and Valuation
- SAI Life Sciences (SAILS12 IN) is looking to raise up to US$360m in its upcoming India IPO.
- Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.
LG CNS Pre-IPO – Post-COVID Beneficiary
- LG CNS (LGCNSZ KS) is looking to raise around US$850m in its upcoming Korea IPO.
- LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.
- In this note, we look at the firm’s past performance.
Star Agriwarehousing and Collateral Management Ltd Pre-IPO Tearsheet
- Star Agriwarehousing and Collateral Management Ltd (0207140D IN) (SACM) is planning to raise about US$100m through its upcoming India IPO. The lead bookrunners for the deal are JMFin, Ambit, Equirius.
- SACM is a technology-led integrated agricultural value-chain services platform that provides services such as procurement, trade facilitation, warehousing, collateral management, financing solutions, a digital marketplace, and data services.
- According to the F&S report, the company was the largest by revenue and the most profitable technology-led integrated value chain services platform during the FY22 to FY24.
Pre-IPO Xiaocaiyuan International Holding (PHIP Updates) – Some Points Worth the Attention
- The financial data for 2024 has already shown investors weak growth signal.After IPO, Xiaocaiyuan may face stricter scrutiny from investors and the market in terms of its sustainable performance growth.
- It’s not easy for Xiaocaiyuan to find new growth points. Catering companies commonly face problems such as performance fluctuations and uncertain profitability, which has left their share price underperforming.
- Post investment valuation has already reached RMB10 billion, which far exceeds the market value of A-share peers. Due to concerns on the outlook, valuation performance after IPO could be lower-than-expected.
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