In today’s briefing:
- Tian Tu Capital Pre-IPO Tearsheet
- Beneunder Pre-IPO – The Positives – Basking in the Sun
- Bharat FIH IPO: Rife with Bottlenecks
- Beneunder Pre-IPO – The Negatives – Doubts Remain, Including Related Party Dealings
Tian Tu Capital Pre-IPO Tearsheet
- Tian Tu Capital (1390587D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by JP Morgan and Huatai International.
- Tian Tu Capital is a private equity investor that invests in Chinese consumer brands/companies, managing capital for institutional investors and high-net worth individuals.
- Among the 205 portfolio companies it had invested in up to FY21 (Dec 31, 2021), 23 of them had reached a valuation of US$1bn at that date.
Beneunder Pre-IPO – The Positives – Basking in the Sun
- Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
- According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare.
- In this note, we will talk about the positive aspects of the deal.
Bharat FIH IPO: Rife with Bottlenecks
- Bharat FIH (BFIH IN) is India’s largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to Xiaomi Corp (1810 HK).
- It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August.
- The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.
Beneunder Pre-IPO – The Negatives – Doubts Remain, Including Related Party Dealings
- Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
- According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare.
- In this note, we will talk about the not-so-positive aspects of the deal.
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