In today’s briefing:
- Patanjali Foods FPO – Very Well Flagged with a Decent Discount
- TRYT IPO: Valuation Updates
- Genda IPO – Has Weathered the Pandemic Better, Although Sector Doesn’t Seem to Be Growing Much
- Autostreets Development Pre-IPO Tearsheet
Patanjali Foods FPO – Very Well Flagged with a Decent Discount
- The promoters of Patanjali Foods aim to sell up to 9% of the company via an FPO.
- The sale is being done so as to increase the firm’s public shareholding to the minimum required 25% imposed by SEBI.
- We have looked at the background of the deal in our earlier note, in this note we talk about the recent update and run the deal through our ECM framework.
TRYT IPO: Valuation Updates
- TRYT has priced its IPO at ¥1,200 per share, at the midpoint of the indicative IPO price range, at a market capitalisation and post-money EV of ¥120bn and ¥151.6bn respectively.
- In our previous insight, we compared the company’s implied trailing multiples with peer trailing multiples and concluded that TRYT’s IPO is overvalued at the above price range.
- In this insight, we have discussed our forecasts for Tryt Inc (9164 JP) and updated our valuation for the company.
Genda IPO – Has Weathered the Pandemic Better, Although Sector Doesn’t Seem to Be Growing Much
- Genda Inc (9166 JP) is looking to raise around US$100m in its Japan IPO.
- Genda develops and operates amusement facilities in Japan, primarily operating under its Genda GiGO Entertainment subsidiary.
- In this note, we will undertake a peer comparison, share our earnings assumptions and discuss our thoughts on valuation.
Autostreets Development Pre-IPO Tearsheet
- Autostreets Development (AUTOSTR0 CH) is looking to raise at least US$100m in its upcoming HK IPO. The deal will be run by Citic Securities and Haitong International.
- Autostreets Development is China’s largest used vehicle transaction platform in terms of transaction volume in 2022, according to CIC.
- In 2022, approximately 160,000 units of used vehicles were transacted through its transaction platform, with a market share of 12.6% among China’s used vehicle transaction platforms, as per the company.
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