In today’s briefing:
- Swiggy Pre-IPO Early Look – Innovation Leader, Profitability Laggard
- Innospace IPO Preview
- ICTK IPO Book Building Results Analysis
- SK Finance Pre-IPO Tearsheet
- Games Global IPO: Strong Profitability and Impressive Portfolios of IGaming Content
Swiggy Pre-IPO Early Look – Innovation Leader, Profitability Laggard
- Swiggy aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards the end of the year.
- Swiggy, along with Zomato, operates a duopoly that has come to dominate the food delivery market in India. In 1H24, Swiggy serviced over 274,000 restaurants via its 370,000 delivery partners.
- In this note, we will take an early look at the company based on the publicly available financials.
Innospace IPO Preview
- Innospace is getting ready to complete its IPO in June 2024. According to bankers’ valuation, the implied market cap of Innospace is from 347 billion won to 434 billion won.
- Innospace engages in the satellite launch vehicle production and launch service business.
- The company estimates its sales to increase from 0.2 billion won in 2023 to 2.0 billion won in 2024, 47.8 billion won in 2025, and 97.2 billion won in 2026.
ICTK IPO Book Building Results Analysis
- ICTK reported excellent book building results. ICTK’s IPO price has been determined at 20,000 won, which is 25% higher than the high end of the IPO price range.
- ICTK is a security company specializing in Internet of Things (IoT) based on physical copy prevention technology called PUF which is a cutting-edge technology during the chip manufacturing process.
- Our base case valuation is implied market cap of 376.8 billion won or target price of 28,694 won, which is 43% higher than the IPO price (20,000 won).
SK Finance Pre-IPO Tearsheet
- SK Finance Limited (0893736D IN) is looking to raise US$260m in its upcoming India IPO. The bookrunners on the deal are Kotak, Jefferies, Motilal Oswal, and Nomura.
- SK Finance is a non-deposit non-banking finance company middle layer (NBFC ML) operating in two main verticals, vehicle financing and financing for micro, small and medium enterprises (MSMEs).
- As per the CRISIL report in the DRHP, the firm was the fastest growing player in the vehicle financing and MSME financing segments based on AUM growth over FY21-23.
Games Global IPO: Strong Profitability and Impressive Portfolios of IGaming Content
- Games Global, a promising iGaming content provider and B2B online gaming supplier, set terms for its U.S. IPO. The IPO price is expected to be between $16 and $19/share.
- With the most recent F-1/A, the company may raise ~$114M at the high end of the range at $19/share. Zinnia Limited sells additional 8.5M shares in this offering.
- Games Global has created an impressive portfolios of iGaming content through a series of successful acquisitions, and I see upside potential vs. IPO price of $17.50 at the midpoint.
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