In today’s briefing:
- Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal
- CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses
- Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
- Ather Energy IPO – Still Not Cheap Enough
Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal
- SK Telecom (017670 KS) plans to raise around US$280m via selling its 2%+ stake in Kakao Corp (035720 KS).
- Kakao’s recent performance hasn’t been particularly great and the stock has been suffering even since the Kakao Pay management scandal in 2021.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses
- CiDi Inc. is looking to raise about US$200m in its upcoming Hong Kong IPO.
- CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
- The company stands to benefit from sustained industry tailwinds. While still in its early stages, CiDi has made progress in narrowing its losses.
Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
- Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
- DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
- In this note, we talk about the not-so-positive aspects of the deal.
Ather Energy IPO – Still Not Cheap Enough
- Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
- Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
- In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.
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