In today’s briefing:
- JMDC Placement – Lots to like but past Deals Have Been Mixed and It Is Expensive
- Initial Thoughts on the Porsche IPO
- CALB IPO: The Bull Case
- Open Edges Technology IPO Valuation Analysis
- YSB Inc Pre-IPO – The Positives – Evolving Business Model Coupled with Growth.
- Onewo Space-Tech Pre-IPO – Peer Comparison – Large Scale, Small Margins
JMDC Placement – Lots to like but past Deals Have Been Mixed and It Is Expensive
- JMDC Inc (4483 JP) aims to raise around US$235m, US$150m coming via an international offering and the rest via issuing shares to its largest shareholder, Omron Corp (6645 JP) .
- The company plans to use the proceeds to repay some of its debt that was taken on earlier to acquire other companies.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Initial Thoughts on the Porsche IPO
- Porsche is getting ready for an IPO to be completed by the end of this year. However, the final decision on the IPO is still subject to market conditions.
- The expected valuation of the Porsche IPO is 60 billion to 85 billion euros ($60 billion to $85 billion).
- Qatar Investment Authority has already committed to a 4.99% stake in the Porsche IPO.
CALB IPO: The Bull Case
- CALB (CALBLZ CH), a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.
- According to Frost & Sullivan, in terms of installed capacity in 2021, CALB ranked seventh globally among EV battery companies with a 3.2% market share.
- The key elements of the bull case rest on a large and growing market, rising market share, explosive top-line growth and ambitious capacity expansion plans.
Open Edges Technology IPO Valuation Analysis
- Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won.
- Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions.
- Open Edges Technology is one of the leading companies in Korea that specializes in the semiconductor design asset platforms.
YSB Inc Pre-IPO – The Positives – Evolving Business Model Coupled with Growth.
- YSB Inc (YSB HK) is looking to raise about US$500m in its upcoming Hong Kong IPO.
- YSB Inc. (YSB) operates a pharmaceutical platform, digitizing the pharmaceutical transaction and service segment.
- Throughout its history, YSB has been evolving its business model and has been growing its user base rapidly as well, thereby leading to GMV growth and in turn, sales growth.
Onewo Space-Tech Pre-IPO – Peer Comparison – Large Scale, Small Margins
- Onewo Space-Tech (ONEWO HK) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (2202 HK).
- As per Frost & Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
- In this note, we undertake a peer comparison with some of its larger listed peers.
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