In today’s briefing:
- Rept Battero IPO: Valuation Insights
- DOMS Industries Ltd IPO- Forensic Analysis
- Mankind Pharma Placement – Its Expensive, but at Least It’s High Quality
- DOMS Industries IPO – Thoughts on Valuation – Isn’t Cheap, Neither Are Its Peers Cheap
- IMotion Automotive Pre-IPO – Refiled PHIP Updates – Lack of Competitive Edge Starting to Show
Rept Battero IPO: Valuation Insights
- REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.
- We previously discussed the IPO in Rept Battero IPO: The Bull Case and Rept Battero IPO: The Bear Case.
- There are no cornerstone investors. Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would pass on the IPO.
DOMS Industries Ltd IPO- Forensic Analysis
- Doms (DOMS IN) IPO opens for subscription soon. The INR 12 bn IPO includes INR 3.5 bn fresh issue and the remaining as offer for sale.
- The company is a prominent player in the Indian stationary market and has one of the most diverse product portfolio with a market share of 12% in F23.
- DOMS ticks right in majority of the boxes when it comes to operations and B/S health. One must still be cautious regarding dependence on FILA group, and faster depreciating rates.
Mankind Pharma Placement – Its Expensive, but at Least It’s High Quality
- A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
- MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
- We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.
DOMS Industries IPO – Thoughts on Valuation – Isn’t Cheap, Neither Are Its Peers Cheap
- Doms (DOMS IN) is looking to raise around US$140m in its India IPO.
- DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.
- We have looked at the company’s past performance in our earlier note. In this note, we talk about valuations.
IMotion Automotive Pre-IPO – Refiled PHIP Updates – Lack of Competitive Edge Starting to Show
- IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.
- The company possesses advanced full-stack R&D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
- We had covered the company’s performance and PHIP updates in our earlier notes. In this note, we talk about its refiled PHIP updates.
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