In today’s briefing:
- Delhivery IPO: A Bumpy Delivery
- IDP Education Placement – Time for Round 2 (US$700m Worth) Of the Selldown
- Pre-IPO ClouDr Group – The Logical Business Model Can Support Future Growth
Delhivery IPO: A Bumpy Delivery
- Delhivery (1058656D IN) is a fully integrated logistics player in India. The company’s application for a listing has been approved by the regulators.
- The company plans to raise US$650m through issuing new shares while existing shareholders will offer US$3120m worth of shares at the IPO.
- The company plans to use proceeds from the IPO for funding growth (both organic as well as inorganic growth through acquisitions and strategic initiatives) and for other general corporate purposes.
IDP Education Placement – Time for Round 2 (US$700m Worth) Of the Selldown
- Education Australia, the largest shareholder of IDP Education, last raised around US$858m (A$1.1bn) via selling 15% of IDP Education in Aug 2021.
- The lock-up from that deal is set to expire later this month, which will result in an additional 12.5% of the company’s shares, worth US$670m (A$927m) being unlocked.
- In this note we will talk about the recent results and the upcoming lockup expiry.
Pre-IPO ClouDr Group – The Logical Business Model Can Support Future Growth
- Based on our analysis, the logic of ClouDr Group’s business model is more solid and feasible than that of Ping An Good Doctor, indicating better outlook.
- If compared with JD Health and Alibaba Health,besides the sales of pharmacy supplies and hospital supplies, ClouDr also provides hospital/pharmacy SaaS services, indicating wider business scope and broader development space.
- In terms of valuation, Neusoft Xikang Holdings (NXH HK) is a good comparable company for ClouDr,but investors need to be aware of the market sentiment to new IPOs at that time.
Before it’s here, it’s on Smartkarma
