1. 2024 IPOs Pipeline Worldwide (Top 100 Companies)
- This is our 5th annual edition of the IPOs Pipeline Worldwide (Top 100 Companies) report.
- After weak global IPO markets in 2022 and 2023, the near term trend for global IPOs continues to remain lackluster.
- For those investors that closely monitor the global IPO opportunities, this is a good reference insight to check out the largest potential IPOs that could get completed next year.
2. REPT BATTERO Energy IPO Trading – Needs to Correct by 20-30%, at Least
- REPT BATTERO Energy (REPT) raised around US$270m in its Hong Kong IPO.
- REPT is a lithium-ion battery manufacturer in China, focusing on R&D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
3. Midea (000333 CH): Positive Read-Through From Gree’s Profit Alert
- Gree Electric Appliances (000651 CH) announced a profit alert for FY22 yesterday. Net profit is expected to increase 10.2% – 19.6% yoy for the whole year.
- The resilient result of Gree should alleviate concerns of the market that Midea is too correlated with China’s new home sales.
- The stock is trading at 10x 2024E earnings compared to an average of 13x over the last 10 years, with earnings likely growing at a high-single-digit pace.
4. Muthoot Microfin IPO – RHP Updates, Quick Peer Comparison and Thoughts on Valuation
- Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.
- Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
- In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.
5. Embassy Office Parks REIT Block – Likely Well Flagged and Overhang Will Be Removed
- Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from Embassy Office Parks REIT (EMBASSY IN).
- The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.
- In this note, we will talk about the selldown and run the deal through our ECM framework.
6. India Shelter Finance IPO Trading – Subscription Pulled by Strong Insti Demand
- India Shelter Finance (0570670D IN) raised around US$144m from its India IPO.
- India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
7. UBTech Robotics IPO – Quick Thoughts on Valuation – Too Hefty a Premium for Slowing Growth
- UBTech Robotics (9880 HK) is looking to raise about US$168m in its upcoming HK IPO, after downsizing from an earlier reported float of up to US$700m.
- UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.
- In our previous note, we looked at the company’s performance and its PHIP updates. In this note, we share our quick thoughts on valuation.
8. Credo Brands Marketing IPO- Forensic Analysis
- Credo Brands (Mufti) (CREDO IN) IPO opens as a full OFS worth INR 5.5 bn.
- The company operates ‘Mufti’ which is one of the renowned brands in Indian Men Casual Fashion category.
- CMBL faces several questions including employee pay vs KMP, accounting for unsold inventory, delay in important payments, conflict of interest with BoD/SMPs etc.
9. Octillion Energy Holdings Pre-IPO Tearsheet
- Octillion Energy Holdings (OE HK) is looking to raise US$400m in its upcoming Hong Kong IPO.
- Octillion Energy Holdings (OE) primarily designs, manufactures and markets tailor-made battery systems for electric vehicles (EVs), and to a lesser extent, electric storage systems (ESS) and battery management systems (BMS).
- As per F&S, OE had a 9.6% market share and was ranked the third largest EV battery system provider for passenger battery EVs (BEVs) in China by FY22 shipment units.
10. ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.
- On the placement front, most of the action continued to come from India.
Weekly Top Ten Equity Capital Markets
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