In today’s briefing:
- LG CNS IPO: The Bull Case
- Shenzhen Dobot IPO (2432.HK): Global Offering, The Rising Star of Collaborative Robotics
- Inventurus Knowledge Solutions IPO: Superior Margins and Growth Warrants a Premium
- ECM Weekly (16th Dec 2024) – LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum
LG CNS IPO: The Bull Case
- LG CNS (LGCNSZ KS), the IT service unit of LG Corp (003550 KS), seeks to raise up to US$837 million through a primary/secondary offering.
- In 2020, Macquarie Asset Management bought a 35% stake from LG Corp for KRW950 billion, beating KKR & Co (KKR US), the other shortlisted bidder.
- The bull case rests on an attractive market, improving visibility, strong AI-led growth, below-peer average dependence on related parties, and top-tier profitability.
Shenzhen Dobot IPO (2432.HK): Global Offering, The Rising Star of Collaborative Robotics
- Shenzhen Dobot, a CICC-backed robotics unicorn, aims to raise up to HK$830M (~$107M) in the initial public offering in Hong Kong.
- The offering is expected to be between HK$18.80 and HK$20.80, implying a market cap of ~HK$8B or ~$1B at the midpoint of the price range.
- Given Shenzhen Dobot’s long-term growth opportunities and high TAM, they are likely to get a premium valuation, and the company could trade like UBTech Robotics and Doosan Robotics.
Inventurus Knowledge Solutions IPO: Superior Margins and Growth Warrants a Premium
- Inventurus Knowledge Solutions (IKSINCD IN) is looking to raise up to US$295m in its upcoming India IPO.
- It is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia, with a core focus in the US.
- We have looked at the company’s past performance in our earlier notes. In this note, we discuss the industry growth, conduct a quick peer comparison and discuss the company’s valuation.
ECM Weekly (16th Dec 2024) – LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, a number of offerings were live in India, in a bid to beat the year-end lull.
- On the placements front, there was a large placement for SenseTime Group (20 HK) and a number of smaller deals in India.
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