Daily Brief ECM: Trial IPO to Drive Tech Innovation Targeting Convenience Stores and more

In today’s briefing:

Trial IPO to Drive Tech Innovation Targeting Convenience Stores
Manyo Factory IPO Preview
The Meteoric Rise of China’s Hottest Fitness App Keep and Its Ambitious Plans to Go Public

Trial IPO to Drive Tech Innovation Targeting Convenience Stores

A lot has been said and written about Trial’s IPO but much of this relates to pass performance and comparing it to supermarkets.
As the company’s latest Trial Go store in Fukuoka shows, Trial is a tech-based retailer and a true discounter, and discounting is where the growth is in Japanese FMCG.
Trial thinks its technology can reduce costs significantly, improving margins while allowing it to roll out more small format stores to compete with convenience stores. It may be right.

Manyo Factory is well known for its functional skin care products made from naural ingredients. Its products have been enjoying excellent sales in Japan and Korea.
Given the company’s superior sales growth and operating margins than its peers combined with the large IPO discount, there is likely to be a strong interest in Manyo Factory IPO.
Unlike other major Korean cosmetic companies with poor sales and operating profit in the past three years, Manyo Factory experienced excellent growth of its sales and profits in this period.

Keep Inc., the sports technology unicorn and the largest fitness app in China, has renewed its application proof in Hong Kong. Goldman Sachs and CICC are leading the upcoming IPO.
With a mission to make the world move, the fitness app has been making waves in the fitness industry with its innovative approach to online fitness.
Keep fitness app has been downloaded over 300M times since inception and there were 370M+ fitness users in China in 2022, the world’s largest market globally.

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