In today’s briefing:
- Zhihu HK Secondary Listing Trading – Delivered the Correction but Still Set for the Worst Debut Yet
- SK Shieldus IPO: Revises IPO Filing But Maintains Same Price Range
- Campus Activewear IPO – Peer Comparison-Competitive Market, Firm Has Been Resilient During Pandemic
- Campus Activewear Pre-IPO – Synergistic Business Model, but in a Fragmented Industry
- HilleVax Pre-IPO: Lead Candidate Has Potential to Become First Approved Vaccine for Norovirus
Zhihu HK Secondary Listing Trading – Delivered the Correction but Still Set for the Worst Debut Yet
- Zhihu Technology (ZH US) raised around US$106m via a dual primary listing in Hong Kong.
- Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.
- In this note, we’ll talk about the demand and trading dynamics.
SK Shieldus IPO: Revises IPO Filing But Maintains Same Price Range
- After the market close today, SK Shieldus revised its IPO filing, especially for the valuation comps. However, it maintained the same IPO price range of 31,000 won to 38,800 won.
- Bankers included two new comps (Taiwan Secom and Cyberone). Bankers excluded ADT Inc, Alarm.com, and Qualys as comps.
- Our valuation of SK Shieldus suggests market cap of 4.1 trillion won or target price of 44,892 won (28.6% higher than the mid-point of the IPO price range).
Campus Activewear IPO – Peer Comparison-Competitive Market, Firm Has Been Resilient During Pandemic
- Campus Activewear Ltd (1535013D IN) is looking to raise about US$184m in its India IPO, via a 100% secondary selldown.
- While there are other domestically listed footwear makers, Campus’ competitors generally market a broader product offering, ranging from casual, formal or outdoor shoes etc..
- Campus’ performance was amongst the most resilient during the pandemic, but its margins continues to trail peers.
Campus Activewear Pre-IPO – Synergistic Business Model, but in a Fragmented Industry
- Campus Activewear Ltd (1535013D IN) is looking to raise about US$200m in its India IPO, via a 100% secondary selldown.
- Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India.
- Operating under the “CAMPUS” brand, the firm offers a diverse portfolio of styles, color palettes, and price points.
HilleVax Pre-IPO: Lead Candidate Has Potential to Become First Approved Vaccine for Norovirus
- HilleVax (HLVX US), a novel vaccine developer intends to raise $100 million through an IPO. Its lead program HIL-214, intended to prevent norovirus infection is in phase 2 clinical trial.
- The number of shares to be offered and the price range are yet to be disclosed. Post listing, the company will trade under the ticker HLVX on the Nasdaq.
- HIL-214’s large addressable market, with huge unmet need, HilleVax’s earlier fund-raising history, and Takeda’s backing are some of the positives of this new offering.
Before it’s here, it’s on Smartkarma
