In today’s briefing:
- Sebit Chem IPO Preview – A Major Competitor to Sungeel Hitech in Rechargeable Batteries Recycling
- Soosan Industries IPO Book Building Results
- Healthvista India Pre-IPO Tearsheet
- Beijing UBOX Online Technology Pre-IPO – Trimming Losses, but yet to Factor in 2022 Lockdowns
- Sebit Chem Valuation Analysis
Sebit Chem IPO Preview – A Major Competitor to Sungeel Hitech in Rechargeable Batteries Recycling
- Sebit Chem is getting ready to complete its IPO in early August. The IPO price range is from 25,000 won to 30,000 won.
- The IPO base deal size is from US$21 million to US$25 million. The expected market cap after the IPO is from 126 billion won to 151 billion won.
- Sebit Chem is one of the competitors to Sungeel Hitech which completed a very successful IPO book building. Sebit Chem is also likely to enjoy strong demand among many investors.
Soosan Industries IPO Book Building Results
- Soosan Industries had disappointing IPO book building results. The demand ratio from the institutional investors was 130 to 1 which is lower than some of the recent IPOs.
- The IPO price has been determined at 35,000 won. Soosan Industries is one of the leading companies in Korea for providing maintenance services for nuclear power plant equipment in Korea.
- Our base case valuation of Soosan Industries is target price of 56,383 won per share, which is 61% higher than the IPO price of 35,000 won.
Healthvista India Pre-IPO Tearsheet
- Healthvista India (1370230D IN) is looking to raise about US$126m in its upcoming India IPO. The deal will be run by SBI Cap, IIFL Securities and JM Financial.
- Healthvista India is an out-of-hospital healthcare service provider. Under its brand Portea, it offers services such as primary care, geriatric and palliative care, amongst others.
- It also distributes specialty pharmaceuticals and provides “point of care” medical equipment for sale and rental.
Beijing UBOX Online Technology Pre-IPO – Trimming Losses, but yet to Factor in 2022 Lockdowns
- Beijing UBOX Online Technology (1741985D CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
- Beijing UBOX Online Technology (UBOX) is an unmanned retail operator (vending machine) in China.
- As per F&S, it was the largest unmanned retail operator in China, with the largest retail machine network in the country.
Sebit Chem Valuation Analysis
- Our base case valuation of Sebit Chem IPO is target price of 50,775 won which is 69% higher than the high end of the IPO price range.
- Sebit Chem’s business is now mainly composed of recycling waste rechargeable batteries and waste acid (mostly from semiconductor and LCD related products).
- Our base case valuation is based on 23.7x P/E (comps’ average) using our estimated net profit of 10.8 billion won in 2023.
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