In today’s briefing:
- WeRide IPO – Stiff Competition and Bleak Sentiment. Premium Valuation Doesn’t Help
- WeRide IPO: High-Risk Venture Investment and Unproven Business Model
- China Resources Beverage Pre-IPO – Thoughts on Valuation
WeRide IPO – Stiff Competition and Bleak Sentiment. Premium Valuation Doesn’t Help
- WeRide (WRD US) is looking to raise US$119m in its US IPO.
- WeRide provides autonomous driving products and services from L2 to L4 of driving automation.
- We had looked at the firm’s past performance in our earlier notes. In this note, we discuss our thoughts on valuation.
WeRide IPO: High-Risk Venture Investment and Unproven Business Model
- WeRide, a pure-play autonomous driving company with operations in 7 countries, may raise up to $120M in upcoming IPO in the United States.
- WeRide is expected to IPO this week. The company’s amended prospectus puts the price range per ADS at $15.50 to $18.50, implying a market cap of ~$4.6B at the midpoint.
- The company has raised ~$1.4B in equity financing to date and was backed by Qiming Venture Partners and the venture capital fund of the Renault Nissan Mitsubishi Alliance, among others.
China Resources Beverage Pre-IPO – Thoughts on Valuation
- China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
- China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
- In our earlier notes, we talked about the company’s past performance and undertook a peer comparison. In this note, we will look at valuations.
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