In today’s briefing:
- Tata Technologies Pre-IPO – The Negatives – Still Has a Few Issues
- Rakuten Bank (5838 JP) – A Keenly Priced Quality Addition to the Global Neobanks Universe
- PharmaEssentia GDS Issuance – Strong Revenue Growth and Narrowing Losses
- Guoquan Food (Shanghai) Pre-IPO Tearsheet
- Indegene Limited (1864095D IN) Pre-IPO: Enough Head Room For Long-Term Profitable Growth
- Adicon Holdings Pre-IPO – Thoughts on Valuation
Tata Technologies Pre-IPO – The Negatives – Still Has a Few Issues
- Tata Technologies (TATATECH IN) (TT) is looking to raise around US$600m in its upcoming India IPO.
- Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
- In this note we talk about the not-so-positive aspects of the deal.
Rakuten Bank (5838 JP) – A Keenly Priced Quality Addition to the Global Neobanks Universe
- Rakuten Bank’s IPO will add an attractively valued Japanese neobank to the globally listed neobank universe; furthermore, the Rakuten Group ecosystem is a powerful tool for customer acquisition and retention
- On efficiency metrics, Rakuten Bank scores well versus its key domestic peers as well as global comparables; Rakuten Group companies act as a key conduit for new clients
- At the announced issue price of ¥1,400, Rakuten Bank’s PBV ratio implies an attractive 25% discount to its core Japanese peer SBI Sumishin Net Bank, for similar ROE
PharmaEssentia GDS Issuance – Strong Revenue Growth and Narrowing Losses
- Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.
- The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&D in the US for the expansion of the company’s product portfolio.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Guoquan Food (Shanghai) Pre-IPO Tearsheet
- Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
- Guoquan Food (Shanghai) is a home meal solutions provider in China.
- Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22.
Indegene Limited (1864095D IN) Pre-IPO: Enough Head Room For Long-Term Profitable Growth
- Indegene Limited (1864095D IN), a healthtech firm focused on life sciences commercialization is looking to raise INR32B through an IPO, comprises of fresh issue and an offer for sale.
- The IPO funds will be used to repay debt, fund capex, pay for one of the company’s past acquisitions, and pursue any future inorganic growth.
- Amid a large and growing underpenetrated addressable market, Indegene is poised for long-term profitable growth by leveraging on its marquee clientele, long-standing client relationship, and comprehensive offering.
Adicon Holdings Pre-IPO – Thoughts on Valuation
- ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO.
- Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&S.
- In this note, we talk about our thoughts on valuation.
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