ECM Weekly (10th October 2021) - Japan Post, MicroPort Medbot, MicroTech, FWD, Medbanks, 4Paradigm

Events next week:

• Aditya Birla Sun Life AMC IPO Trading - Tepid Demand

ECM activity is certainly starting to heat up in Asia Pacific. In particular, Japan has had a steady stream of large placements. This week Japan Post Holdings (6178 JP) was the center of attention as plans of the Japanese government selldown is slated to open this Monday, and price on the 25th of October. The selldown has been well-flagged and it will be a quasi clean-up. We revisited Hulic Co Ltd (3003 JP) just before its pricing and so far, Hulic’s share price has been holding up above its deal price.

• Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn't Do Well
• Hulic Placement Update - Correction in Line with Our Expectation
• Chinasoft Placement - Small Deal and Proceeds Will Be Put to Good Use

Back to IPOs, in Hong Kong, MicroTech Medical Hangzhou (2235 HK) launched its bookbuild on Wednesday and it will close this coming Monday. The company's listing debut is on 19th October. We think valuation looks full despite the strong cornerstone line-up.

• MicroTech (微泰医疗) IPO: Demanding Valuation Despite a Decent Story
• MicroTech (微泰医疗) Pre-IPO: Thoughts on Valuation

We initiated on IPOs in the pipeline, Medbanks Network Technology (1690522D CH), an healthcare service provider with an oncology and pharmacy tilt, and 4Paradigm (1764934D HK), a platform-centric AI enterprise solutions provider.

• Medbanks (思派健康) Pre-IPO - Caught a Lucky Break
• 4Paradigm (第四范式智能) Pre-IPO - Stupendous Growth but Needs Better Disclosure of Certain Data

We also shared our thoughts on valuation of Shanghai MicroPort MedBot Group (MMG HK), which is set to capture significant market share in China's laparoscopic robotic surgical market.

• MicroPort MedBot Pre-IPO - Thoughts on Valuation
• MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor

In the U.S, FWD Group Holdings (FWD US) has been doing its rounds, meeting investors. We took a closer look at how the company compares to regional insurance competitors and share our thoughts on its valuation.

• FWD Pre-IPO - Peer Comparison
• FWD Pre-IPO - Thoughts on Valuation

Last, but not least, tearsheets for newly filed IPOs this week:

• Linmon Media Pre-IPO Tearsheet
• Oravel Stays (Oyo) Pre-IPO Tearsheet
• LB Group Pre-IPO Tearsheet