In today’s briefing:
- Tuhu Car IPO: Forecasts and Valuation
- Integral Corporation IPO: Trading Debut
- 4Paradigm IPO – PHIP Updates, Peer Comparison & Thoughts on Valuation
- Seoul Guarantee Insurance IPO: The Bull Case
- Sai Silks Kalamandir IPO – Not Particularly Exciting but Is Relatively Cheap
- Seoul Guarantee Insurance Pre-IPO – The Positives – Broad Coverage Across Guarantee Insurance
- Seibu Giken IPO – Quick Note – Not Particularly Enticing
- Integral Corporation IPO Trading – Low Demand but Somewhat Cornered
Tuhu Car IPO: Forecasts and Valuation
- Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.
- Tuhu Car (2007986D HK) ‘s franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.
- In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.
Integral Corporation IPO: Trading Debut
- Integral Corporation (5842 JP) priced its IPO at JPY2,400 per share to raise gross proceeds of US$122 million. The shares will start trading on 20 September.
- We previously discussed the IPO in Integral Corporation IPO: The Bull Case, Integral Corporation IPO: The Bear Case and Integral Corporation IPO: New Price Range Is Tempting.
- The market sentiment on the sector has steadily improved since the prospectus’ release. Our analysis suggests that the IPO price remains attractive.
4Paradigm IPO – PHIP Updates, Peer Comparison & Thoughts on Valuation
- 4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.
- 4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
- In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.
Seoul Guarantee Insurance IPO: The Bull Case
- Seoul Guarantee Insurance (031210 KS), a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).
- The IPO price range is KRW39,500-51,800 per share. The bookbuilding will run from 13 to 19 October, with pricing on 25 October. The shares will be listed in November.
- The bull case rests on a leading market share, solid premium growth, the highest industry margins, a high solvency ratio and a high dividend payout.
Sai Silks Kalamandir IPO – Not Particularly Exciting but Is Relatively Cheap
- Sai Silk Kalamandir (SSKL IN) is looking to raise about US$145m in its India IPO.
- Sai Silk Kalamandir (SSK) is one of the largest retailers of ethnic apparel in South India, particularly in sarees, according to Technopak.
- In this note, we look at the company’s past performance and provide our thoughts on valuations.
Seoul Guarantee Insurance Pre-IPO – The Positives – Broad Coverage Across Guarantee Insurance
- Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO.
- Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
- In this note, we will talk about the positive aspects of the deal.
Seibu Giken IPO – Quick Note – Not Particularly Enticing
- Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
- SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
- In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.
Integral Corporation IPO Trading – Low Demand but Somewhat Cornered
- Integral Corporation (5842 JP) raised around US$123m in its Japan IPO.
- Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
- In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.
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