In today’s briefing:
- Kokusai Electric IPO: The Bull Case
- IDFC First Bank Early Look – Likely to Be an Accretive Deal but Not Particularly Cheap
- Tian Tu Capital IPO – Even with a Wide Price Range, Upside Seems Limited
- Entero Healthcare Solutions Pre-IPO Tearsheet
- Three IPO Candidates of the Dongwon Group (StarKist, Dongwon Loex, and Dongwon Home Food)
- Bajaj Finance US$1bn QIP Early Look -Doesn’t Really Need the Raise, All past Deals Have Done Well
Kokusai Electric IPO: The Bull Case
- Kokusai Electric (6525 JP) is a speciality manufacturer of semiconductor production equipment. KKR & (KKR US) seeks to raise about US$750 million through listing Kokusai.
- Kokusai has the leading market share in the batch deposition equipment market and the second largest market share in the treatment equipment market, according to TechInsights and Gartner.
- The key elements of the bull case rest on a leading market share, strong IP, healthy forward revenue indicators, increasing recurring service revenue, solid gross margin trends and modest leverage.
IDFC First Bank Early Look – Likely to Be an Accretive Deal but Not Particularly Cheap
- IDFC First Bank Limited (IDFCBK IN) plans to launch a Qualified Institutional Placement (QIP) of up to INR30bn (US$362m) in Oct 23, as per media reports.
- On 22nd Sep 23, IFR had reported that IDFC First Bank is looking to launch a Qualified Institutional Placement (QIP) to raise up to INR30bn (US$362m) in Oct 23.
- In this note, we will talk about the possible placement and other deal dynamics.
Tian Tu Capital IPO – Even with a Wide Price Range, Upside Seems Limited
- Tian Tu Capital (1390587D CH) is looking to raise up to US$253m in its Hong Kong IPO.
- Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
- In this note, we will look at the updates since our last note and share our thoughts on valuation.
Entero Healthcare Solutions Pre-IPO Tearsheet
- Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The bookrunners on the deal are ICICI Securities, DAM Capital, Jefferies, JM Financial, SBI Capital.
- Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.
- As per the CRISIL report in the DRHP, Entero is amongst the top three healthcare products distributors in India in terms of FY22 revenue.
Three IPO Candidates of the Dongwon Group (StarKist, Dongwon Loex, and Dongwon Home Food)
- It was reported in the local Korean media that the Dongwon Group is considering on listing three private companies including Starkist, Dongwon Loex, and Dongwon Home Food.
- Prior to their IPOs, Dongwon Group is reviewing the potential of selling partial stakes in these companies in pre-IPO investments.
- One of the major purposes of the IPOs would be to gain access to more capital which could be used by the Dongwon Group to acquire HMM.
Bajaj Finance US$1bn QIP Early Look -Doesn’t Really Need the Raise, All past Deals Have Done Well
- Bajaj Finance Ltd (BAF IN), one of India’s largest NBFCs, aims to raise up to US$1bn via a QIP.
- Bajaj Finance is an NBFC offering auto, consumer and home loans, along with other products as well.
- In this note, we talk about the deal dynamics and recent updates.
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