In today’s briefing:
- J&T Global Express IPO: Trading Debut
- Vinfast: New Funding to Support Growth Plans Despite Struggling to Sell EVs
- Cello World IPO – Thoughts on Valuation
- Honasa Consumer IPO – RHP Updates – Sales Strong, Slight Margin Improvement
- Cirrus Aircraft Pre-IPO – Has Grown Steadily but Faces Prominent Regulatory Risks
J&T Global Express IPO: Trading Debut
- J&T priced its IPO at a fixed price of HK$12.00 per share to raise the gross proceeds of the offering of US$500 million. The shares will start trading tomorrow.
- We previously discussed the IPO in J&T Global Express IPO: The Bull Case, J&T Global Express IPO: The Bear Case and J&T Global Express IPO: Valuation Insights.
- The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO price.
Vinfast: New Funding to Support Growth Plans Despite Struggling to Sell EVs
- Vinfast’s shares have fallen more than 80% since its IPO in August. Shares are currently trading at $4.93 per share compared to IPO open price of $22 per share.
- On 20th October, Vinfast announced that the company has entered into a standby equity subscription agreement of up to $1.0bn with Yorkville Advisors which has a term of 36 months.
- A majority of Vinfast’s EV sales in 9M2023 were to related parties or affiliates of its parent, raising serious concerns over the company’s ability to establish a market presence.
Cello World IPO – Thoughts on Valuation
- Cello World is looking to raise around US$240m in its upcoming India IPO.
- Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
- In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.
Honasa Consumer IPO – RHP Updates – Sales Strong, Slight Margin Improvement
- Honasa Consumer (HC) is looking to raise about US$200m in its upcoming India IPO.
- HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
- In our previous note, we looked at the company’s past performance. In this note, we talk about the RHP updates and valuations.
Cirrus Aircraft Pre-IPO – Has Grown Steadily but Faces Prominent Regulatory Risks
- Cirrus Aircraft (0153126D US) is looking to raise up to US$300m in its upcoming HK IPO.
- Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
- CA has managed to grow its profitability steadily over the track record period. However, the firm is subjected to heightened regulatory risks as US and China tensions rise.
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