Daily BriefsECM

Daily Brief ECM: IndiQube Spaces Ltd Pre-IPO Tearsheet and more

In today’s briefing:

  • IndiQube Spaces Ltd Pre-IPO Tearsheet
  • Pre-IPO Jiangsu Hengrui Medicine – High Valuation Cannot Be Justified


IndiQube Spaces Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • IndiQube Spaces Ltd (1628202D IN) (ISL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are ICICI and JM fin.
  • IndiQube Spaces Limited (ISL) is a managed workplace solutions provider offering technological workplace solutions.
  • According to CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24. 

Pre-IPO Jiangsu Hengrui Medicine – High Valuation Cannot Be Justified

By Xinyao (Criss) Wang

  • Hengrui plans to IPO in Hong Kong, but it hasn’t yet completed the business transformation from generic drugs to innovative drugs, and is still facing the negative impact of VBP.
  • The key point is whether the innovative drug business has sustained high enough growth rate to offset the decline in generic drug business so as to support the high valuation.
  • Hengrui is overvalued in A-Share. We think Hengrui’s valuation should be lower than that of BeiGene (6160 HK) and Hansoh Pharmaceutical Group (3692 HK) in Hong Kong stock market.

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