In today’s briefing:
- Our IPO Calls for 2022
- DPC Dash IPO: Valuation
- Weilong Delicious IPO: Thoughts on First Day Trading
- Singapore Proptech Firm Ohmyhome Files for US$15M IPO at US$88M Valuation
Our IPO Calls for 2022
- As 2022 comes to an end, we revisit our IPO calls over the last 12-months and how these stocks have performed to assess the effectiveness of our calls.
- We made explicit buy/sell calls on 12 IPOs during this period with a hit-rate of 83.3% with Grab, GoTo, Cloud Music, SenseTime and Leapmotor IPOs making the highest returns.
- We also wrote on several other IPOs during this period, however, those IPOs have not received approval yet.
DPC Dash IPO: Valuation
- DPC Dash (1405 HK) is the exclusive master franchisee of Domino’s Pizza in mainland China, Hong Kong and Macau with around 546 stores as of 9M2022.
- With Domino’s trailing Pizza Hut in the Chinese market, we think DPC Dash doesn’t deserve to trade on par with other leading Domino’s Master Franchisees around the world.
- Therefore, we see an opportunity to make money on the short side, once the IPO is completed.
Weilong Delicious IPO: Thoughts on First Day Trading
- Weilong Delicious Global (9985 HK) has priced its IPO at HK$10.56 per share, slightly above the bottom of the IPO price range of HK$10.4-11.4 per share.
- The company’s HK offering was oversubscribed by 10.53x while the international offering was oversubscribed by 2.6x.
- Even at the above price, Weilong’s IPO is still at a significant premium to domestic as well as international peers.
Singapore Proptech Firm Ohmyhome Files for US$15M IPO at US$88M Valuation
- Singapore-based Ohmyhome has filed for an initial public offering (IPO) in the US at about US$88 million valuation, according to multiple reports.
- The property-tech company seeks to raise up to US$16.25 million and offer 3.25 million shares at a price range of US$4-5 apiece.
- Spartan Capital Securities is the lead managing underwriter and book-runner for the IPO.
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