In today’s briefing:
- Keppel Infra Trust Placement – While the Raising Is Relatively Large, Its past Deals Have Done Well
- Initial Thoughts on the Kioxia IPO – Impact on SK Hynix and Samsung Electronics
- Latest Information on LG Electronics India Subsidiary’s IPO on the Indian Stock Market
- Manjushree Technopack Pre-IPO Tearsheet
- Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC
- Bajaj Housing Finance Pre-IPO – Thoughts on Valuation
- Poly Medicure (PLM IN): Placement to Fund Capex and M&A Initiatives Amid Favorable Demand Backdrop
Keppel Infra Trust Placement – While the Raising Is Relatively Large, Its past Deals Have Done Well
- Keppel Infrastructure Trust (KIT SP) is looking to raise around S$206m (US$158m) in its primary placement.
- Proceeds will be used to pay down its bridge loan facility linked to its Ventura acquisition. KIT also appears to have secured its unitholders’ approval for the raising earlier.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Initial Thoughts on the Kioxia IPO – Impact on SK Hynix and Samsung Electronics
- Kioxia is getting ready to complete its IPO in Japan as soon as in October. Kioxia’s valuation is expected to exceed JPY 1.5 trillion (about USD 10.3 billion).
- SK Hynix’s stake in Kioxia (through Bain led consortium) is 19%. SK Hynix’s stake in Kioxia would rise to 34% if the CBs are converted into equity.
- The IPO of Kioxia has mixed implications for SK Hynix which is a major shareholder. However, the IPO of Kioxia has a more direct negative impact on Samsung Electronics.
Latest Information on LG Electronics India Subsidiary’s IPO on the Indian Stock Market
- LG Electronics has already picked the bankers for the Indian IPO. JP Morgan and Morgan Stanley are on board as the lead underwriters, along with two unnamed local Indian banks.
- LGEIL is aiming to submit the Draft Red Herring Prospectus (DRHP) to India’s SEBI by the fourth quarter of this year.
- LG Electronics plans to raise about USD 700 million by selling around 25% of its stake in a secondary offering.
Manjushree Technopack Pre-IPO Tearsheet
- Manjushree Technopack (MTPL IN) is looking to raise about US$360m in its upcoming India IPO. The deal will be run by Avendus, Citi, GS, JM Fin and ICICI Sec.
- Manjushree Technopack Limited is a one stop packaging solutions provider with end-to-end capabilities (from design to delivery) across containers, preforms, caps and closures, pumps and dispensers and captive recycling capabilities.
- It is the largest rigid plastic packaging (RPP) player in terms of installed capacity in India as of March 31, 2024, according to the Technopak Report.
Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC
- Bicara Therapeutics, a clinical-stage biotech company with focus on the treatment of patients with HPV-negative head and neck cancer, files for a $200M IPO.
- The biotech firm was backed by Biocon Limited, India’s largest biopharmaceutical company, venture capital and investment firms, among others.
- I believe Bicara Therapeutics will succeed in its pivotal Phase 2/3 trial of their bifunctional antibody in combination with Keytruda (pembrolizumab) during 2025.
Bajaj Housing Finance Pre-IPO – Thoughts on Valuation
- Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
- BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
- We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.
Poly Medicure (PLM IN): Placement to Fund Capex and M&A Initiatives Amid Favorable Demand Backdrop
- Poly Medicure (PLM IN) raised INR10B through QIP and allotted ~5M equity shares to eligible institutional buyers. Lighthouse India Fund IV AIF has been issued 20.5% of the QIP shares.
- The company intends to use the proceeds to fund capex and inorganic initiatives. The company is setting up three new plants, to expand offerings in high-value therapeutic areas.
- Poly Medicure intends to acquire businesses that offer similar products, which will help the company to expand product portfolio and increase reach in various global markets.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
