In today’s briefing:
- Tian Tu Capital IPO Trading – Subscription Rates Were Lukewarm
- Ecoeye IPO Valuation Analysis
Tian Tu Capital IPO Trading – Subscription Rates Were Lukewarm
- Tian Tu Capital (1390587D CH) raised around US$144m in its Hong Kong IPO.
- Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
- We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.
Ecoeye IPO Valuation Analysis
- Our base case valuation of Ecoeye IPO is 45,421 won per share, representing 31% higher than the high end of the IPO price range.
- Given the solid upside, we have a positive view of Ecoeye IPO. The target P/E multiple of 28.8x is based on a 20% premium to the comps’ average valuation multiple.
- We believe this premium valuation multiple is appropriate given higher sales growth rate and operating margin for Ecoeye as compared to the comps.
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