In today’s briefing:
- Kansai Electric Power (9503 JP): The Current Playbook
- Kioxoa Pre-IPO – The Positives – Among the Leaders in Its Space
- JST Group Pre-IPO: Growing Rapidly but with Some Accounting Red Flags
- MNC Solutions Pre-IPO Peer Comparison – Tiny Player Outgrowing Peers
Kansai Electric Power (9503 JP): The Current Playbook
- Since the US$3.5 billion primary/secondary offering announcement, Kansai Electric Power (9503 JP)’s shares have been down 20.6% from the undisturbed price of JPY2,397 per share (13 November).
- Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, KEPCO’s shares have followed the pattern of previous large placements.
- The offering will likely be priced on 26 November. The average large Japanese placement tends to generate positive returns.
Kioxoa Pre-IPO – The Positives – Among the Leaders in Its Space
- Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO
- It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
- In this note, we talk about the positive aspects of the deal.
JST Group Pre-IPO: Growing Rapidly but with Some Accounting Red Flags
- JST Group (1703609D CH) is looking to raise up to US$100m in its upcoming Hong Kong IPO.
- It is China’s largest and most popular e-commerce SaaS ERP provider to facilitate the connection of merchants with over 400 e-commerce platforms in China and across the world.
- In this note, we look at the firm’s past performance.
MNC Solutions Pre-IPO Peer Comparison – Tiny Player Outgrowing Peers
- MNC Solution (MNC KS) is looking to raise US$200m in its upcoming Korea IPO.
- MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
- In our previous note, we looked at the firm’s past performance. In this note, we undertake a peer comparison.
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