In today’s briefing:
- Tata Technologies Pre-IPO – The Positives – A Tata Group Listing After a Long Lull
- ZJLD Group IPO: Valuation First Look
- Mankind Pharma IPO: The Bear Case
- Adicon Holdings Pre-IPO – Peer Comparison – When Your Peers Seem to Stand Out More
Tata Technologies Pre-IPO – The Positives – A Tata Group Listing After a Long Lull
- 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 positive aspects of the deal.
ZJLD Group IPO: Valuation First Look
- ZJLD Group (ZJLD HK), a baijiu company in China, is set to launch an HKEx IPO to raise US$800-900 million next week, according to press reports.
- We previously discussed the IPO in ZJLD Group IPO: The Bull Case and ZJLD Group IPO: The Bear Case.
- In this note, we present our forecasts and take the first look at ZJLD’s potential valuation range.
Mankind Pharma IPO: The Bear Case
- Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs45 billion (US$550 million) in April, according to press reports.
- In Mankind Pharma IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on worrying recent developments, FCF burn, rise in inventory days and a steady decline in RoCE.
Adicon Holdings Pre-IPO – Peer Comparison – When Your Peers Seem to Stand Out More
- 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 our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.
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