In today’s briefing:
- WuXi XDC Cayman Pre-IPO – The Negatives – Bottlenecks Have Held Margins Back. Receivables Ballooning
- Concord Biotech IPO Trading – Strong Subscription Rates, Peers Have Moved up Since Last Note
- Rakuten Securities IPO: Japan Optimism and Fractional Trading Boost Revenue Amid Stable Costs
- India Shelter Finance Pre-IPO Tearsheet
WuXi XDC Cayman Pre-IPO – The Negatives – Bottlenecks Have Held Margins Back. Receivables Ballooning
- WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
- WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
- In this note, we will talk about the not-so-positive aspects of the deal.
Concord Biotech IPO Trading – Strong Subscription Rates, Peers Have Moved up Since Last Note
- Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO.
- Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
- In this note, we will talk about the trading dynamics.
Rakuten Securities IPO: Japan Optimism and Fractional Trading Boost Revenue Amid Stable Costs
- Rakuten Group (4755 JP) announced last month that its consolidated subsidiary, Rakuten Securities (RAKUSEC JP), has applied for a listing on the Tokyo Stock Exchange.
- In the last eight quarters, the Securities business has experienced more than 100% profit growth, thanks to linear revenue growth while costs remained relatively stable.
- The previous private market valuation of ¥400bn implies a PE ratio of 15.0x, assuming the company maintains its current 2Q23 profitability level.
India Shelter Finance Pre-IPO Tearsheet
- India Shelter Finance (0570670D IN) is looking to raise up to US$217m in its upcoming India IPO. The deal will be run by Ambit, Citigroup, ICICI Securities and Kotak Mahindra.
- India Shelter Finance (ISF) is a retail focused affordable housing finance company. Between FY21-23, the firm registered a two-year CAGR growth of 40.8% in terms of AUM, according to CRISIL.
- Its target segment comprises self-employed customers, focusing on first time home loan takers in the low and middle income group in Tier II and Tier III cities in India.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
