Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

Full Truck Alliance IPO: In Early Stage of Monetisation

CARSgen Therapeutics IPO: Catalyzing Cancer Therapies

Angelalign Technology IPO: No Misalignment

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Angelalign Technology  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/angelalign-technology-inc" target="_blank" data-smartkarma-citation="entities:31480:1" rel="noopener">Angelalign Technology (6699 HK)</a> , one of the leading clear alignment treatment solution providers in China has set the terms for its IPO. The company plans to issue approx. 16.8m shares (10% of the outstanding shares post-IPO) at an indicative price range of HK$147-173 per share. At the midpoint of the above price range of HK$160 per share, Angelalign will raise net proceeds of HK$2.5bn (US$324m) at a market capitalisation of HK$26.5bn and a post-money valuation of HK$22.9bn.<table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 225.0pt;">Angelalign Technology IPO Details</td></tr>
<tr>
<td style="width: 162.3pt;">No. of Shares Issued</td>
<td style="width: 62.7pt;">   16,829,600</td>
</tr>
<tr>
<td style="width: 162.3pt;">IPO Price per Share (HK$)</td>
<td style="width: 62.7pt;">147-173</td>
</tr>
<tr>
<td style="width: 162.3pt;">Offer as a % of Outstanding Shares</td>
<td style="width: 62.7pt;">10.2%</td>
</tr>
<tr>
<td style="width: 162.3pt;">Total Shares Outstanding (m)</td>
<td style="width: 62.7pt;">165.81</td>
</tr>
<tr>
<td style="width: 162.3pt;">Net Proceeds (HK$m)</td>
<td style="width: 62.7pt;">          2,513.0</td>
</tr>
<tr>
<td style="width: 162.3pt;">Market Capitalisation (HK$m)</td>
<td style="width: 62.7pt;">        26,529.1</td>
</tr>
<tr>
<td style="width: 162.3pt;">Enterprise Value (HK$m)</td>
<td style="width: 62.7pt;">        22,945.5</td>
</tr>
</tbody></table>Source: Company disclosures, LSR (net proceeds, market cap and EV are at the midpoint of the IPO price range)The company plans to use approx. 40% of the net proceeds from the IPO on funding the construction of new manufacturing facilities and R&amp;D center and plans to utilise another 18.3% of the net IPO proceeds on further strengthening its R&amp;D capabilities.

Angelalign Technology (6699 HK) , one of the leading clear alignment treatment solution providers in China has set the terms for its IPO. The company plans to issue approx. 16.8m shares (10% of the outstanding shares post-IPO) at an indicative price range of HK$147-173 per share. At the midpoint of the above price range of HK$160 per share, Angelalign will raise net proceeds of HK$2.5bn (US$324m) at a market capitalisation of HK$26.5bn and a post-money valuation of HK$22.9bn.
Angelalign Technology IPO Details

No. of Shares Issued
   16,829,600


IPO Price per Share (HK$)
147-173


Offer as a % of Outstanding Shares
10.2%


Total Shares Outstanding (m)
165.81


Net Proceeds (HK$m)
          2,513.0


Market Capitalisation (HK$m)
        26,529.1


Enterprise Value (HK$m)
        22,945.5

Source: Company disclosures, LSR (net proceeds, market cap and EV are at the midpoint of the IPO price range)The company plans to use approx. 40% of the net proceeds from the IPO on funding the construction of new manufacturing facilities and R&amp;D center and plans to utilise another 18.3% of the net IPO proceeds on further strengthening its R&amp;D capabilities.

Angelalign IPO Valuation: Limited Upside from the Top End