In today’s briefing:
- Knowledge Realty Trust Pre-IPO Tearsheet
- Pre-IPO Shanghai Bao Pharmaceuticals – Future Commercialization Is a Test
- Softcare Pre-IPO – Strong Market Penetration but Gross Margins May Be Capped
- Seoul Guarantee Insurance IPO Trading – KDIC Stake Overhang Remains, Yield Might Help
Knowledge Realty Trust Pre-IPO Tearsheet
- Knowledge Realty Trust (258259D IN) looks to raise about US$712m through its upcoming India IPO. The lead bookrunners for the deal are Kotak, Axis, BoFA, ICICI, IIFL, JMFin, MS, SBI.
- Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India. KRT covered 87% of India’s office supply and gross absorption between FY16-9M24, as per CBRE report.
- The portfolio includes 6 city-center offices and 24 business parks/centers. These assets are spread across 6 cities — Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City.
Pre-IPO Shanghai Bao Pharmaceuticals – Future Commercialization Is a Test
- KJ017 is the first and only recombinant human hyaluronidase to reach NDA stage in China. Bao needs to combine SC Formulations with antibodies. KJ103 may not be a blockbuster variety.
- Considering multiple mature FSH products have been on the market for many years and also been recognized by patients, Bao needs to invest in educating the market/patients to accept SJ02.
- After Series C+ Financing, Post-money valuation reached RMB4.87 billion. However, we think there could be some uncertainties in terms of future commercialization performance of Bao’s three core products.
Softcare Pre-IPO – Strong Market Penetration but Gross Margins May Be Capped
- Softcare (SOFT HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO.
- Softcare (SC) is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
- In this note, we look at the firm’s past performance.
Seoul Guarantee Insurance IPO Trading – KDIC Stake Overhang Remains, Yield Might Help
- Seoul Guarantee Insurance (031210 KS) raised around US$125m in its Korean IPO.
- Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
- We have looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we talk about the trading dynamics.
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