In today’s briefing:
- Worley Placement – Largest Shareholder Selling at an Attractive Discount
- SHEIN IPO: The Biggest IPO in 2024 in London?
- Indegene Limited Pre-IPO: Subscribe on Profitable Niche Business Model and Attractive Valuation
- China Resources Beverage Pre-IPO – The Positives – Strong Position in Its Main Market
- Pre-IPO Mao Geping Cosmetics – Potential Risks Behind High Gross Margins
- Premier Energies Pre-IPO Tearsheet
Worley Placement – Largest Shareholder Selling at an Attractive Discount
- DAR Group is looking to raise A$1.5bn (US$983m) from selling the majority of its stake in WorleyParsons Ltd (WOR AU).
- DAR had attempted to privatize Worley in late 2016. Failing that attempt, it has been adding to its stake over the years.
- As the deal isn’t a cleanup, there will be an overhang post-deal, although its a relatively small one at just 4.5% of DAR’s remaining stake; locked up for 30 days
SHEIN IPO: The Biggest IPO in 2024 in London?
- Although Shein has yet to formally announce the listing destination, there is a growing anticipation that the listing venue could be London, rather than New York.
- It has been reported that the company has more than doubled its net profit to more than US$2 billion in 2023.
- The company is currently seeking a corporate value of nearly US$70 billion to US$90 billion in the Shein IPO which would be one of the biggest IPOs globally in 2024.
Indegene Limited Pre-IPO: Subscribe on Profitable Niche Business Model and Attractive Valuation
- Indegene Limited (1864095D IN) has set IPO price band at INR430–452 per share. The IPO consists of fresh issue as well as OFS by existing shareholders.
- Considering FY24 annualized post-IPO EPS of INR13.48, Indegene seeks a P/E valuation of 31.9–33.5x.
- Considering niche business focus, proven execution capability, marquee clientele, long-standing client relationship, life science focus, and comprehensive offering, Indegene’s valuation seems quite attractive.
China Resources Beverage Pre-IPO – The Positives – Strong Position in Its Main Market
- 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 this note, we talk about the positive aspects of the deal.
Pre-IPO Mao Geping Cosmetics – Potential Risks Behind High Gross Margins
- MAO GEPING relies heavily on flagship brand MAOGEPING, with over-reliance risks on single brand.The strategy of focusing more on offline sales channels makes it appear less up-to-date with the times.
- Different from most brands, the influence of MAO GEPING largely comes from its founder, Mr. Maogeping, who if reduces his holdings, could have a negative impact on the Company’s business/prospects.
- Solely relying on marketing and promotion to drive performance growth is not a long-term solution.Lack of core technology and product innovation would limit MAO GEPING’s future development in fierce competition.
Premier Energies Pre-IPO Tearsheet
- Premier Energies Limited (0377949D IN) is looking to raise US$300m in its upcoming India IPO. The bookrunners on the deal are JP Morgan, Kotak, and ICICI Securities.
- Premier Energies (Premier) is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes EPC projects and provides follow-up O&M services.
- As per Frost & Sullivan (F&S), the firm was the second largest domestic manufacturer in terms of annual installed capacity as of Mar 2024.
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