In today’s briefing:
- Swiggy Pre-IPO Tearsheet
- Tokyo Metro IPO – Thoughts on Valuation
- Tencent/Netease: One Approval for Tencent in September
- Midea HK Listing: Take Profit
- Hive Box Holdings Pre-IPO, Part 3: Hive Box Vs InPost Group: Similarities & (BIG) Differences
- Intermestic IPO – Digestible Valuation
Swiggy Pre-IPO Tearsheet
- Swiggy (1255298D IN) Swiggy is looking to raise about US$1.25bn in its upcoming India IPO. The deal will be run by Kotak, Citi, Jefferies, Avendus, JPM, BofA and ICICI.
- Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
- The platform can also be used to make restaurant reservations (Dineout), event bookings (SteppinOut), product pick-up/drop-off services (Genie) and other hyperlocal commerce activities (Swiggy Minis).
Tokyo Metro IPO – Thoughts on Valuation
- Tokyo Metro (9023 JP)‘s shareholders aim to raise up to US$2.3bn in its Japan IPO.
- Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about valuations.
Tencent/Netease: One Approval for Tencent in September
- China announced game approval for the September batch. The number of games approved remained at a higher level than 2023.
- The pace of China game approval appears to have accelerated to the same level as pre-tightening.
- Of the companies that we are monitoring, Tencent and Kingsoft got one approval each.
Midea HK Listing: Take Profit
- Midea debuted on HKEx on 17th September and shares last closed at HK$74.25 per share, up by about 35% compared to final HK offer price of HK$54.80 apiece.
- We previously suggested that Midea’s HK offering was attractive as HK shares were priced at a 25% discount to its A-shares, and was at a discount to Haier Smart Homes.
- The PBOC announced several measures to revive the housing market in the country which contributed to the recent rally in the China home appliance sector.
Hive Box Holdings Pre-IPO, Part 3: Hive Box Vs InPost Group: Similarities & (BIG) Differences
- In this insight we compare Hive Box to InPost, a smart locker specialist
- The firms play in different geographies, making apples:apples comps tough
- In the absence of better comps, comparing Hive Box to InPost still useful
Intermestic IPO – Digestible Valuation
- Intermestic (262A JP) is looking to raise US$120m in its Japan IPO.
- Intermestic is an eyewear manufacturer of eyeglasses and eyeglass accessories in Japan.
- In an earlier note, we looked at the firm’s past performance. In this note, we will undertake a peer comparison, and share our thoughts on valuation.
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