In today’s briefing:
- Seoul Guarantee Insurance Corp IPO – Cancelled
- Kokusai Electric IPO Trading – Decent Demand, Now for the Real Test
- Waystar IPO Preview: Debt-Fueled Expansion Through M&A Deals In A High-Interest Rate Environment
- Which Hong Kong E-Comm Logistics IPO Is Right for You? We Compare SF Holding, J&T, and CaiNiao
Seoul Guarantee Insurance Corp IPO – Cancelled
- Seoul Guarantee Insurance (031210 KS) stated today that it will cancel its IPO mainly due to low demand.
- Despite the company’s emphasis on high dividends and high ROA of 5.8% in 2022 (5x average ROA of the domestic non-life insurance companies), many institutional investors emphasized on the negatives.
- The major negatives include high interest rates, lack of growth potential, concerns about additional shares sale overhang, and unattractive valuations.
Kokusai Electric IPO Trading – Decent Demand, Now for the Real Test
- KKR raised around US$730m via selling a stake in Kokusai Electric’s (6525 JP) (KE) Japan IPO.
- KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
- In our previous notes we have looked at the company’s past performance, undertaken a peer comparison and looked at valuations. In this note, we talk about the trading dynamics.
Waystar IPO Preview: Debt-Fueled Expansion Through M&A Deals In A High-Interest Rate Environment
- Waystar Holding, a cloud-based technology company and healthcare RCM solution provider, filed for a $100M placeholder IPO.
- Founded in 2017 through the merger of two healthcare firms, ZirMed and Navicure, Waystar Holding provides mission-critical cloud software to healthcare organizations in the United States.
- The company has ~$2.3B of outstanding borrowings and plans to use net proceeds from an upcoming IPO to repay outstanding indebtedness under credit facilities.
Which Hong Kong E-Comm Logistics IPO Is Right for You? We Compare SF Holding, J&T, and CaiNiao
- Three potentially large e-comm logistics IPOs are now in-process in Hong Kong
- We compare the three ‘by the numbers’, then examine their strengths and weaknesses
- We conclude by providing a matrix that may help investors decide where to allocate time
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