In today’s briefing:
- Mao Geping Cosmetics IPO Trading – Highest Demand for This Year
- Vishal Mega Mart IPO – Showcasing the Wrong Peers, Somewhat Limited Upside
- LG Electronics India IPO Preview
- LG Electronics India Pre-IPO Tearsheet
- ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00
Mao Geping Cosmetics IPO Trading – Highest Demand for This Year
- Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO.
- Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.
Vishal Mega Mart IPO – Showcasing the Wrong Peers, Somewhat Limited Upside
- Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
- Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.
LG Electronics India IPO Preview
- LG Electronics India is getting ready to complete an IPO in India in the next several months. The IPO offering size is expected to be about US$1.8 billion.
- LG Electronics (066570 KS) plans to sell 101.8 million shares, accounting for about 15% of the post-offer paid up equity capital shares of LG Electronics India.
- If LGEI is valued at US$13 billion, then an 85% of this stake would be worth US$11.1 billion, which would be worth more than LG Electronics’s own market cap.
LG Electronics India Pre-IPO Tearsheet
- LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. The deal will be run by MS, JPM, Axis, BofA and Citi.
- LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
- LGEI has been the number one player in this industry for 13 consecutive years (CY11-CY23) as per the value market share in the offline channel in India, as per Redseer.
ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00
- ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.
- The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.
- I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.
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