In today’s briefing:
- Innovent Biologics Placement – Has Ample Cash but the Discount Is Enticing
- VNG Pre-IPO – Thoughts on Valuation
- Instacart IPO Preview
- Samhi Hotels IPO – Taking a Large Hair Cut, Now at a Decent Discount
Innovent Biologics Placement – Has Ample Cash but the Discount Is Enticing
- Innovent Biologics Inc (1801 HK) (IB) aims to raise around US$313m for R&D and marketing.
- The company has undertaken a number of deals in the past, with the overall results being mixed.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
VNG Pre-IPO – Thoughts on Valuation
- VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
- VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.
- We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.
Instacart IPO Preview
- Instacart is targeting a valuation between US$8.6 billion to US$9.3 billion in its IPO. Instacart’s valuation has declined nearly 77% from its peak levels US$39 billion a few years ago.
- Established in 2012, Instacart is a leading players in North America of delivering online grocery goods to consumers’ homes.
- Instacart generated sales of US$2.6 billion (up 39.1% YoY), gross profit of US$1.8 billion (up 49.3% YoY), and operating profit of US$62 million (turned black YoY) in 2022.
Samhi Hotels IPO – Taking a Large Hair Cut, Now at a Decent Discount
- SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO.
- Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
- In this note, we talk about the updates from the recent filings and our final thoughts on valuations.
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