In today’s briefing:
- Midea Group: Initial Thoughts on the Hong Kong IPO Listing
- Hero Motors Pre-IPO Tearsheet
Midea Group: Initial Thoughts on the Hong Kong IPO Listing
- Midea Group Co Ltd A (000333 CH) is getting ready for a Hong Kong IPO listing, trying to raise at least US$3 billion.
- Midea Group is trading a relatively attractive valuations. It is trading at P/E of 11.8x, EV/EBITDA of 8.1x, and P/B of 2.5x based on 2024 consensus earnings estimates.
- In the past five days, Midea’s price is down 2.3%. Some investors have been selling shares in Midea due to concerns about higher discount price offered at HK IPO listing.
Hero Motors Pre-IPO Tearsheet
- Hero Motors Limited (2313904Z IN) is looking to raise about US$110m in its upcoming India IPO. The deal will be run by ICICI, DAM Cap and JM Fin.
- Hero Motors (HML) is an integrated powertrain systems provider offering comprehensive solutions for designing, prototyping, validating, developing, and delivering system-level transmission solutions for electric as well as nonelectric powertrains.
- According to CRISIL, it was among the first companies in India to capitalize on the global e-bike powertrain opportunity and have a distinct first mover advantage in this industry.
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