In today’s briefing:
- Timee (215A JP) IPO: The Bull Case
- Emcure Pharmaceuticals Pre-IPO – Refiling Updates and Valuations
- Cirrus Aircraft IPO – Fundamentally Sound but Parent Still Under Sanction
- Pre-IPO UGenix Biotech – Future Growth Potential Is Highly Uncertain
Timee (215A JP) IPO: The Bull Case
- Timee Inc (215A JP), a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.
- Timee’s app allows users to work shifts as short as one hour at restaurants, convenience stores, and hotels, with quick payment for their work.
- The bull case rests on favourable market trends, best-in-class revenue growth, good retention rates, credible growth drivers, and top-quartile EBITDA margins.
Emcure Pharmaceuticals Pre-IPO – Refiling Updates and Valuations
- Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO.
- Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
- We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.
Cirrus Aircraft IPO – Fundamentally Sound but Parent Still Under Sanction
- Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO.
- Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
- In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.
Pre-IPO UGenix Biotech – Future Growth Potential Is Highly Uncertain
- Although UGenix is a genetic technology company focusing on prenatal testing/precision oncology, it was the large-scale COVID-19 testing demand that made UGenix’s overall revenue grow rapidly, which, however, is unsustainable.
- NIPT market size is far less than expected. The clinical need for NGS has not developed as rigid demand. Restrictions on companion diagnosis pricing indicate market space would be compressed.
- The business of both prenatal testing and precision oncology are not easy. Due to uncertain commercialization outlook/profitability and other negative factors, UGenix’s stock price after IPO could underperform.
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