In today’s briefing:
- LS Materials IPO Bookbuilding Results Analysis
- Sunho Biologics (盛禾) Pre-IPO: Testing the Unproven Targets
LS Materials IPO Bookbuilding Results Analysis
- LS Materials IPO price has been determined at 6,000 won per share, which is higher than the high end of the IPO price range (5,500 won).
- A total 2,025 institutional investors participated in this IPO book building. The demand ratio was 396.8 to 1. The IPO offering amount is 87.8 billion won.
- We believe that its share price is likely to trade higher than the high end of our valuation range (7,953 won per share) post IPO.
Sunho Biologics (盛禾) Pre-IPO: Testing the Unproven Targets
- Sunho Biologics, a China-based clinical-stage biotechnology company, plans to raise up to US$100m via a Hong Kong listing.
- In this note, we examine the company’s three core products, namely IAP0971, IAE0972, and IAH0968, which target malignancies.
- A large part of the company’s pipeline is testing the unproven targets. We also think the management and pre-IPO investors are of mediocre quality.
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