In today’s briefing:
- Samsung SDI: Announces a 2 Trillion Won Rights Offering Capital Raise
- Bama Tea Pre-IPO – Fourth Attempt to Go Public
- Bluestone Jewellery and Lifestyle Pre-IPO – Strong Growth but with Cash Flow Struggles
- DN Solutions IPO Preview
- Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements

Samsung SDI: Announces a 2 Trillion Won Rights Offering Capital Raise
- On 14 March, Samsung SDI (006400 KS) announced a 2 trillion won (US$1.4 billion) rights offering capital raise plan.
- Samsung SDI’s 2 trillion won capital raise is likely to have a near-term negative impact on the company’s share price.
- We are negative on Samsung SDI’s rights offering capital raise mainly due to shares dilution. We also remain concerned that weak demand for EVs globally could last longer.
Bama Tea Pre-IPO – Fourth Attempt to Go Public
- Bama Tea (BT) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
- BT mainly grew through franchising. Its broad portfolio boosts market reach. A shift to online sales and stable tea prices may improve gross margins.
- BT needs capital for expansion but faces challenges: a fragmented, slow-growing industry, declining franchise earnings, weak 9M24 tea-leaf sales, supplier/customer concentration, and this being BT’s fourth attempt at going public.
Bluestone Jewellery and Lifestyle Pre-IPO – Strong Growth but with Cash Flow Struggles
- Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN)(BJL) is planning to raise about US$118m in its upcoming India IPO.
- BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand.
- It is a digital-first direct-to-consumer (DTC) brand and is the second largest digital-first omni-channel jewellery brand in India in terms of revenue for FY24, as per RedSeer Report.
DN Solutions IPO Preview
- DN Solutions is getting ready to complete its IPO in Korea in May 2025. The IPO price range is from 65,000 won to 89,700 won.
- The book building for the institutional investors will last from 22 to 28 April. The expected IPO offering amount is from 1.14 trillion won to 1.57 trillion won.
- The IPO price range is based on DN Solutions’ net profit of 317.4 billion won, P/E of 25.2x, and IPO discount rates of 29.1% to 48.6%.
Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements
- Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.
- The company has passed the hearing for the listing and filed a new version of the prospectus.
- We look at the difference between previous filing and current filing.