In today’s briefing:
- Vishal Mega Mart IPO Trading – Strong Demand Despite Not so Strong Anchor
- Sai Life Sciences IPO Trading – Strong Anchor Demand with Decent Overall Coverage
- LG CNS IPO Industry Analysis
- LG CNS Pre-IPO – Peer Comp – Doesn’t Really Stand Out in Growth, Although OPM Were at the Higher End
- Pre-IPO Xunfei Healthcare Technology (PHIP Updates) – Profitability Are Always the Pain Points
- Eco-Shop Marketing Pre-IPO Tearsheet
- Inventurus Knowledge Solutions IPO Trading: Decent Anchor Quality and Strong Subscription Results
Vishal Mega Mart IPO Trading – Strong Demand Despite Not so Strong Anchor
- Vishal Mega Mart (VMM) raised around US$950m in its India IPO.
- Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Sai Life Sciences IPO Trading – Strong Anchor Demand with Decent Overall Coverage
- SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO.
- Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
LG CNS IPO Industry Analysis
- The IT service market in Korea is estimated to be 51.5 trillion won in 2023 and it is expected to growth at a CAGR of 9.4% from 2023 to 2028.
- The Cloud & AI market is expected to grow at an annual rate of 10.5% from 32.7 trillion won in 2023 to 53.8 trillion won in 2028.
- LG CNS had about 8.9% share in the IT services market in Korea in 2023.
LG CNS Pre-IPO – Peer Comp – Doesn’t Really Stand Out in Growth, Although OPM Were at the Higher End
- LG CNS (LGCNSZ KS) is looking to raise around US$850m in its upcoming Korea IPO.
- LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.
- In a previous note, we looked at the firm’s past performance. In this note, we undertake a peer comparison.
Pre-IPO Xunfei Healthcare Technology (PHIP Updates) – Profitability Are Always the Pain Points
- Medical industry characteristics are the seriousness of diagnosis/treatment and the irreversibility of the process, which are the difficulties in implementing technology. The value that AI can provide is limited.
- Xunfei’s business model is not To C, but To G (government) model. It’s not possible for SOE customers to pay high price for Xunfei’s AI model/products, leading to questionable profitability.
- Pre-IPO valuation has reached RMB8.4 billion. Without sustainable growth and stable profitability, valuation/liquidity of Xunfei after listing wouldn’t be good. We think Xunfei’s valuation could be similar to Yidu Tech.
Eco-Shop Marketing Pre-IPO Tearsheet
- Eco-Shop Marketing (ECO MY) is looking to raise about US$226m in its upcoming Malaysia IPO. The deal will be run by Maybank, UBS and RHB.
- Eco-Shop is one of Malaysia’s leading ultra-affordable household retailers. The firm operates 320 stores across Malaysia.
- It offers customers a wide and exciting range of products at compelling value
Inventurus Knowledge Solutions IPO Trading: Decent Anchor Quality and Strong Subscription Results
- Inventurus Knowledge Solutions (IKSINCD IN) raised around US$295m in its India IPO.
- IKS is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia, with a core focus in the US.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
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