In today’s briefing:
- Nippon Express (9147 JP): The Current Playbook
- Classys: One of Korea’s Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends
- Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside
- Shanghai Zhida Technology Development Pre-IPO Tearsheet
Nippon Express (9147 JP): The Current Playbook
- Since the US$260 million secondary placement announcement, Nippon Express Holdings (9147 JP) shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).
- Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.
- The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.
Classys: One of Korea’s Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends
- Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.
- We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company’s strong growth in sales and profits.
- On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).
Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside
- Astera Labs, which offers connectivity solutions tailored for AI accelerators, GPUs, FPGAs and other high-performance computing platforms, announced terms for its IPO today.
- California-Based semiconductor company plans to raise ~$392M by offering ~14.8M shares at a price range of $27 to $30. Selling stockholders offer ~3M shares of common stock in this IPO.
- At the midpoint of the proposed price range, Astera Labs would command a fully diluted market value of $5B, above their last private round of $3.15B.
Shanghai Zhida Technology Development Pre-IPO Tearsheet
- Shanghai Zhida Technology Development Co Ltd (SZTD HK) is looking to raise about US$130m in its upcoming Hong Kong IPO. Shenwan Hongyuan is the sole bookrunner.
- Shanghai Zhida Technology Development (SZTD) is a provider of electric vehicle (EV) home charging solutions.
- As per F&S, the firm was the world’s largest provider of EV home charging solutions in terms of sales volume of home EV chargers over its track record period.
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