In today’s briefing:
- Tryt IPO – Thoughts on Valuation – Even with Optimistics Forecasts, The Firm Isn’t Cheap
- Lotus Pharmaceutical Placement – Sound Fundamentals but Doesn’t Seem Well Flagged
- Nexteel IPO Preview
Tryt IPO – Thoughts on Valuation – Even with Optimistics Forecasts, The Firm Isn’t Cheap
- Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
- Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
- We have looked at the company’s past performance and track record against peers in our earlier notes. In this note, we will discuss our thoughts on valuation.
Lotus Pharmaceutical Placement – Sound Fundamentals but Doesn’t Seem Well Flagged
- Lotus Pharmaceutical (1795 TT)’s majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated secondary block offering.
- The deal is a small one to digest at only 2.4 days of three month ADV, despite being about 8.7% of current mcap.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Nexteel IPO Preview
- Nexteel is getting ready to complete its IPO in Korea in August. Nexteel is a steel pipe manufacturing company. The IPO price range is from 11,500 won to 12,500 won.
- The IPO offering size is from 80.5 billion won to 87.5 billion won. The expected market cap is from 299 billion won to 325 billion won.
- Nexteel’s sales increased at a CAGR of 76.4% from 2020 to 2022. The company’s operating profit surged from 1.5 billion won in 2020 to 181.3 billion won in 2022.
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