In today’s briefing:
- Mitsubishi Estate Logistics Placement – Annual Routine
- Adani Wilmar IPO Trading – Listing Sentiment Isn’t the Greatest
- GOGOX IPO Initiation: A Less than Perfect Delivery
- Lepu Biopharma IPO: PHIP Updates
- Krafton IPO Lock-Up Expiry – Few IPO Shares, More from Pre-IPO Investors
Mitsubishi Estate Logistics Placement – Annual Routine
- Mitsubishi Estate Logistics (3481 JP) (MEL) is looking to raise US$203m to acquire two new properties.
- The properties are expected to be more accretive to DPU than its last year’s placement, the deal has also been well-flagged and MEL has made capital raise an annual routine.
- In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.
Adani Wilmar IPO Trading – Listing Sentiment Isn’t the Greatest
- Adani Wilmar (6596700Z IN) raised around US$500m in its India IPO.
- Anchor quality wasn’t the greatest, in our view, and were the firm to trade towards its peers’ trailing average, it would imply a 21.8% downside potential.
- In this note we will talk about the subscription levels and trading dynamics.
GOGOX IPO Initiation: A Less than Perfect Delivery
- GoGoX Holdings (GOGO HK) is a major online intra-city logistics platform in Asia. It is pre-marketing an HKEx IPO to raise US$200 million, according to press reports.
- The fundamentals are unattractive as intensifying competition is pressuring growth, increasing losses and spurring cash burn.
- As the losses and cash burn is expected to persist over the next three years, we would give the IPO a pass.
Lepu Biopharma IPO: PHIP Updates
- Lepu Biopharma (LBP HK) is a biopharmaceutical company focusing on oncology therapeutics. The company has filed for an IPO to list on the Hong Kong Stock Exchange.
- Lepu has the leading ADC candidate pipeline in China, in terms of number of clinical-stage ADC drug candidates. In our previous insight, we discussed the company’s business, products and outlook.
- In this follow-up insight, we have highlighted and discussed some of the key new data points from the company’s Post Hearing Information Pack (PHIP).
Krafton IPO Lock-Up Expiry – Few IPO Shares, More from Pre-IPO Investors
- Krafton Inc (259960 KS) raised about US$3.8bn in its South Korea IPO and its six month lock-up expires on 10th February.
- Krafton Inc is a video game developer based in South Korea. The company is known for developing the global hit, PlayerUnknown’s Battlegrounds (PUBG), an online multiplayer battle royale game.
- It is backed by Tencent and has also developed other games such as Tera, Elyon, Golf King: World Tour, Mini Golf King, Bowling King, and Archery King.
Before it’s here, it’s on Smartkarma
