In today’s briefing:
- Initial Thoughts on Hyundai Motor India IPO
- CICC-Backed Chinese Chip Design Firm Fined Over Fraudulent IPO Application
- Industrial & Infrastructure Investment Corp Placement – Back to the Markets for the 12th Time
- Northern Arc Capital Pre-IPO Tearsheet
- OceanaGold Philippines Pre-IPO Tearsheet
- Pre-IPO Cloudbreak Pharma – The Business, the Concerns and the Outlook
Initial Thoughts on Hyundai Motor India IPO
- Hyundai Motor India has been taking initial steps for an IPO. We believe this IPO could be completed sometime in 4Q 2024.
- Hyundai Motor India Limited (HMIL) IPO offering size is estimated to be at least US$3 billion, which would be one of the largest in India and the world this year.
- If HMIL is valued at US$25 billion and HMC sells a 15% stake, its remaining 85% stake would be worth US$21 billion, representing 55% of HMC’s market cap.
CICC-Backed Chinese Chip Design Firm Fined Over Fraudulent IPO Application
- A semiconductor company sponsored by China International Capital Corp. Ltd. (CICC), one of the country’s top investment banks, has been fined over IPO application fraud, the China Securities Regulatory Commission (CSRC) said in a statement Friday.
- S2C Ltd., which specializes in electronic design automation, has been fined 4 million yuan ($563,095) for fraudulent activities in its attempt to list on Shanghai’s tech-heavy STAR Market.
- The move marks the CSRC’s latest effort to enforce strict information disclosure requirements and tough penalties for market violations under its registration-based IPO mechanism.
Industrial & Infrastructure Investment Corp Placement – Back to the Markets for the 12th Time
- Industrial & Infrastructure Fund Investment (3249 JP) is looking to raise around US$341m in its primary follow-on offering to acquire 28 properties and an equity interest in a silent partnership.
- The deal is a somewhat large one to digest, at 83 days of three month ADV and 16.2% dilution.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Northern Arc Capital Pre-IPO Tearsheet
- Northern Arc Capital (0542390D IN) is looking to raise at least US$100m in its upcoming India IPO. The bookrunners on the deal are Citigroup, Axis Capital, and ICICI Securities.
- Northern Arc Capital (NAC) is a retail-focused non-banking financial company (NBFC) catering its banking services to the under-served households and businesses in India.
- According to CRISIL, NAC was one of the leading players amongst India’s diversified NBFCs in terms of AUM as of Mar 23.
OceanaGold Philippines Pre-IPO Tearsheet
- OceanaGold Philippines (OGCP000D PM) is looking to raise up to US$140m in its upcoming Philippines IPO. The deal will be run by BDO Capital and CLSA.
- OceanaGold Philippines (OGPI) is a producer of gold and copper in the Philippines, and a subsidiary of OceanaGold Corporation, a Toronto Stock Exchange (TSX) listed gold mining and exploration company.
- Based on the Mines and Geosciences Bureau (MGB), OGPI was the second largest producer of gold and copper in the Philippines for FY22 and 9M23.
Pre-IPO Cloudbreak Pharma – The Business, the Concerns and the Outlook
- Surgery is doctors’ first choice in many cases. Ophthalmic medical devices are also popular. Compared to the market size of ophthalmic surgeries/medical devices, market size of ophthalmic drugs is small.
- Although CLOUDBREAK’s pipeline has the potential to become first-in-class/best-in-class therapies to address unmet medical needs, considering fierce competition, the real market opportunities for its drug candidates may be smaller-than-expected
- In last funding round before the IPO, CLOUDBREAK was valued at US$469 million.Valuation of CLOUDBREAK should be lower than Ocumension Therapeutics. So, premium space for IPO pricing may be limited.
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