Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
The Q4 IPO rush is finally slowing down but we still have a few more trading debuts in the coming week.
There is just one bookbuild ongoing in Hong Kong- Bank of Guizhou Co Ltd (1147131D CH) which launched its US$800m IPO on Friday. This week's listings in Hong Kong have generally done well. Venus Medtech and Alphamab didn't disappoint, closing 22% and 40% higher than their IPO price as of Friday, respectively. XD did well too. It closed 16% above its IPO price, outperforming our expectation on the back of good cornerstone investors and despite the lower subscription rate compared to CMGE.
News on upcoming IPOs are also starting to trickle in. There were news reports of two Hillhouse-backed companies, Blue Moon and Genecor, looking/mulling to list next year.
In India, Ujjivan SFB didn't disappoint trading more than 50% higher on debut as expected. But its holding company Ujjivan Bank seems to lagging behind, as per Sumeet Singh note.
India IPOs are also starting to look up as we are getting news of more big IPO filings or looking to list. This includes Home First Financials, Equitas SFB, Fincare SFB, UTI AMC.
In the U.S, we continue to see Chinese companies push through to list despite valuation cuts and bookrunners pulling from the deals. OneConnect traded flat after significant valuation cut while Ucommune, China's WeWork, is filed after two bookrunners pulled from the IPO.
Our overall accuracy rate is 73.6% for IPOs and 65.5% for Placements
(Performance measurement criteria is explained at the end of the note)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.
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