In today’s briefing:
- Celltrion and Celltrion Health Placement – Past Deals Have Been Mixed
- Samsung SDS Placement – Deal Is Very Well Flagged and the Stock Is Cheap, but It’s a Tough One
- Farm Fresh IPO Trading – Solid Subscription, Should Come in at a Premium to Domestic Peers
- Ferretti IPO: At Best Fairly Valued
- Arrail Group (瑞尔集团) IPO Trading: Weak Demand, Rich Valuation
- RecBio (江苏瑞科) IPO: Fairly Valued on Optimistic Industry Forecast
- Navi Technologies Pre-IPO – The Positives – Sold the First for US$20bn, Now Building One Without VCs
Celltrion and Celltrion Health Placement – Past Deals Have Been Mixed
- Temasek aims to raise around US$450m+ via selling 1.7% of Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) each.
- We have looked at its two previous sell downs in 2018 and 2020.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Samsung SDS Placement – Deal Is Very Well Flagged and the Stock Is Cheap, but It’s a Tough One
- Kookmin Bank Trust Department is looking to raise up to US$321m via selling 3.9% of Samsung SDS.
- The deal appears to be very well flagged as the ultimate sellers are the Samsung family.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Farm Fresh IPO Trading – Solid Subscription, Should Come in at a Premium to Domestic Peers
- Farm Fresh Berhad (FF MY) raised around US$239m in its Malaysia IPO.
- In our view, the firm’s stronger margins and better growth potential warrants a premium to its other domestic peers.
- In this note, we will talk about the updates since then and the trading dynamics.
Ferretti IPO: At Best Fairly Valued
- Ferretti, a leading yacht builder based in Italy, started book building to raise up to USD 302m via a Hong Kong listing.
- In our previous note, we looked at the company’s key product segments, operating metrics, financials, and industry. We also compared the company with a close peer.
- In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.
Arrail Group (瑞尔集团) IPO Trading: Weak Demand, Rich Valuation
- Arrail Group raised HKD 589.9 million (USD 75m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, Mar 22nd.
- In our previous notes, we looked at the company’s background, its operation, its financials, and its expansion plan, compared its key metrics with peers and provided thoughts on valuation.
- In this note, we look at the updates since our last note and prior to debut.
RecBio (江苏瑞科) IPO: Fairly Valued on Optimistic Industry Forecast
- RecBio is an innovative vaccine company with a focus on HPV vaccines. The company started book building to raise up to USD 98m via a Hong Kong listing.
- In the previous note, we looked at the company’s core products, including its HPV portfolio and the COVID-19 vaccine and the valuation.
- In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.
Navi Technologies Pre-IPO – The Positives – Sold the First for US$20bn, Now Building One Without VCs
- Navi Technologies (NT) aims to raise around US$500m in its India listing. NT was started by Sachin Bansal, co-founder of Flipkart which was sold to Walmart in 2018.
- NT is a technology-driven financial products and services company. The company was only incorporated in 2018, it offers personal loans, home loans, general insurance and mutual funds.
- In this note, we will talk about the positive aspects of the deal.
Before it’s here, it’s on Smartkarma
