In today’s briefing:
- Kioxia (285A JP) IPO: Valuation Insights
- Kioxia IPO – Should Price at the Top, Though Peers Are Still Correcting
- Mr DIY Indonesia IPO – Aiming to Repeat the Performance of Its Parent’s Listing
- Mouri Tech Pre-IPO – Growth Slowing, Customers and Employee Numbers Declining
Kioxia (285A JP) IPO: Valuation Insights
- Kioxia Holdings (285A JP) is a leading player in the NAND flash memory market. It will list on 18 December and seek to raise up to US$727 million.
- We previously discussed the IPO in Kioxia (285A JP) IPO: The Bull Case and Kioxia (285A JP) IPO: The Bear Case.
- Our valuation analysis suggests that the IPO price range of JPY1,390-1,520 per share is attractive. Therefore, we would participate in the IPO.
Kioxia IPO – Should Price at the Top, Though Peers Are Still Correcting
- Kioxia Holdings (285A JP) is aiming to raise around US$840m (including over-allocation) in 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.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.
Mr DIY Indonesia IPO – Aiming to Repeat the Performance of Its Parent’s Listing
- PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (2517930D IJ) is looking to raise US$296m from its Indonesia IPO.
- Mr DIY Indonesia (MRDIYI) is a home improvement retailer. The entity is the Indonesian entity under the Mr DIY group’s list of subsidiaries.
- In this note, we will undertake a peer comparison and discuss our thoughts on valuation.
Mouri Tech Pre-IPO – Growth Slowing, Customers and Employee Numbers Declining
- Mouri Tech Limited (MT IN) is planning to raise about US$179m through its upcoming IPO in India. It is a provider of IT solutions, focusing on (iERP) and digital transformation services.
- Mouri Tech operates in four main segments: iERP solutions, enterprise digital transformation, infrastructure services, and program management. Its iERP offerings include both on-premise and cloud-based systems.
- The digital transformation services help organizations automate and modernize their processes. The infrastructure services include cloud engineering and cybersecurity solutions.
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