In today’s briefing:
- Ola Electric IPO: The Bull Case
- Cloudbreak Pharma (拨康视云) Pre-IPO: Old Drug, New Formulation
Ola Electric IPO: The Bull Case
- Ola Electric (1700674D IN), the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation.
- Ola is the best-selling E2W brand in India in terms of monthly E2W registrations on the VAHAN Portal of the Ministry of Road Transport and Highways.
- The bull case rests on rising market share in a growing market, a rapid growth phase, increasing gross margin and a favourable cash conversion cycle.
Cloudbreak Pharma (拨康视云) Pre-IPO: Old Drug, New Formulation
- Cloudbreak Pharma, a China-based clinical-stage biotechnology company, plans to raise up to US$200m via a Hong Kong listing.
- In this note, we examine the company’s core products, namely CBT-001 and CBT-009, for pterygium and juvenile myopia respectively.
- We are seeing a lack of convincing sustainable innovation from the company. Pre-IPO investors and management are mediocre.
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