In today’s briefing:
- WuXi XDC IPO: Valuation First-Look
- Will Semiconductor GDR Listing – Well Flagged and Short Interest Has Been on the Rise
- Hybe Placement- Another Block Incoming
- Cello World IPO Trading – Very Strong Institutional Subscription
- WuXi XDC Cayman Pre-IPO – BULL/BEAR Scenario Considerations for Valuations
- WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market
- CaiNiao Smart Logistics Pre-IPO Part 4 | Acquiring BABA’s Express Stakes Could Soak Up IPO Proceeds
- Honasa Consumer IPO Trading – Great Anchor Book, Not so Great Overall Demand. Loved by FIIs
- HighTide Therapeutics (君圣泰医药) Pre-IPO: Unconvincing Bet on NASH
WuXi XDC IPO: Valuation First-Look
- WuXi XDC Cayman (1877628D HK), a leading contract research, development and manufacturing organization (CRDMO), is pre-marketing an HKEx IPO to raise US$500 million, according to press reports.
- We previously discussed the IPO in WuXi XDC IPO: The Bull Case and WuXi XDC IPO: The Bear Case.
- In this note, we present our forecasts and take the first look at WuXi XDC’s potential valuation range.
Will Semiconductor GDR Listing – Well Flagged and Short Interest Has Been on the Rise
- Will Semiconductor Shan (603501 CH) is looking to raise US$450m in its Switzerland GDR listing. The bookrunners on the deal are UBS and JP Morgan.
- In its base deal, the firm is offering 31m GDRs (1 GDR to 1 ordinary A-share) for sale, at a 5.4-17.2% discount to last close on its A-share leg.
- The base deal would be a relatively small one for the firm to digest, representing just 3.8 days of three month ADV on its A-share leg.
Hybe Placement- Another Block Incoming
- HYBE (352820 KS)‘s second-largest shareholder, Netmarble, seeks to raise approximately US$408m through a secondary block deal, selling approximately 2.5m shares (6% of TSO).
- The deal is a slightly large one to digest at 10.9 days of three month ADV and 5.5% of current mcap.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Cello World IPO Trading – Very Strong Institutional Subscription
- Cello World raised around US$230m in its India IPO and will begin trading soon.
- Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
- In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the demand and trading dynamics
WuXi XDC Cayman Pre-IPO – BULL/BEAR Scenario Considerations for Valuations
- WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m 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 share our updated thoughts on valuation and look at bull/bear scenarios for WXDC’s earnings.
WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market
- WuXi XDC, a leading CRDMO focused on the global ADC and bioconjugate market, filed to go public in Hong Kong and plans to raise up to $500M.
- The company is expected to IPO in November or December at the latest. Morgan Stanley, Goldman Sachs, and J.P. Morgan are the lead underwriters. The offering may attract investor interest.
- WuXi Biologics will spin off its ADC business, and WuXi XDC will raise capital through IPO to finance the construction of new facilities in Singapore and expand capacity in China.
CaiNiao Smart Logistics Pre-IPO Part 4 | Acquiring BABA’s Express Stakes Could Soak Up IPO Proceeds
- Acquiring parent Alibaba’s express investments could soak up much of CaiNiao’s IPO proceeds
- Such transfers would help Alibaba, but the potential benefit to CaiNiao is less clear
- The transfers of these stakes could become an important aspect of CaiNiao’s IPO process
Honasa Consumer IPO Trading – Great Anchor Book, Not so Great Overall Demand. Loved by FIIs
- Honasa Consumer (Honasa IN) raised about US$200m in its India IPO.
- HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
- In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.
HighTide Therapeutics (君圣泰医药) Pre-IPO: Unconvincing Bet on NASH
- HighTide Therapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$200m via a Hong Kong listing.
- In this note, we examine the company’s core products, namely HTD1801, for the indication of NASH and T2DM.
- We are not yet convinced of the product’s prospects. We also think the management and pre-IPO investors are of mediocre quality.
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