In today’s briefing:
- Lalatech IPO: New Filing Shows March From Losses To Profits Between 2021 and 2023
- Aadhar Housing Finance IPO – Larger and Slower, at a Reasonable Discount
- Zeekr IPO – Missed Targets and Related Party Deals – We Would Stick to the Bottom-End
- HD Hyundai Marine Solution IPO Trading – Strong Demand and Peers Continue to Rise
Lalatech IPO: New Filing Shows March From Losses To Profits Between 2021 and 2023
- In this insight we show drivers of LalaTech’s +US$1bn turnaround in OpInc
- We also evaluate which drivers are likely to generate future improvements
- Lalatech won’t repeat incredible 2021-23 CoR, OpEx performances, in our view
Aadhar Housing Finance IPO – Larger and Slower, at a Reasonable Discount
- Aadhar Housing Finance (AHF) is now looking to raise around US$360m in its India IPO, via selling a mix of primary and secondary shares.
- AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
- We have looked at the company’s performance in our past note. In this note, we talk about valuations.
Zeekr IPO – Missed Targets and Related Party Deals – We Would Stick to the Bottom-End
- ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$370m in its US listing.
- Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
- We have looked at the company’s past performance in our earlier notes. In this note, we talk about the updates from its recent filings and have a relook at valuations.
HD Hyundai Marine Solution IPO Trading – Strong Demand and Peers Continue to Rise
- HD Hyundai Marine Solution (443060 KS) had raised around US$539m in its Korean IPO, after pricing the deal at the top end of KRW83,400/share.
- HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship’s life cycle after the delivery of a new ship.
- In this note, we will talk about the demand for the deal and other trading dynamics.
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