In today’s briefing:
- Vedant Fashions IPO: Regal Ware Deserves a Premium. India’s Leading Men’s Ethnic Apparel Brand Play.
- Pre-IPO Shanghai NewMed Medical – Concerns on Fierce Competition and Future Commercialization
Vedant Fashions IPO: Regal Ware Deserves a Premium. India’s Leading Men’s Ethnic Apparel Brand Play.
- Vedant Fashions, owner of India’s leading homegrown brand for premium ethnic wear for men – Manyavar, will launch its IPO on Feb 4th at a price range of Rs824-866/share.
- The USD420 mn IPO suggests an equity valuation of USD2.8 bn implying forward P/E of around 70X at a premium to apparel peers but in line with consumer good companies.
- The rapid growth in demand for premium ethnic-branded-wear for men have helped Vedant Fashions emerge as a segment leader with a pan India presence and attractive growth outlook.
Pre-IPO Shanghai NewMed Medical – Concerns on Fierce Competition and Future Commercialization
- From Shanghai NewMed Medical (NMM HK)’s pipeline, it can be seen that almost all the candidates do not have obvious advantages in development progress in front of the competing products.
- NewMed has little experience in launching and commercializing product candidates, especially as a late-comer. So, the actual commercialization performance could be lower than expected.
- Since there are so many uncertainties as well as the poor market sentiment for new IPOs in HKEX, we are conservative about the outlook of NewMed at the current stage.
Before it’s here, it’s on Smartkarma
