ECM Weekly (17th October 2021) - SG Lottery, GQG, Judo Bank, Vulcan Steel, Biocytogen, Kakao Pay

Events next week:

The pipeline of IPOs just kept swelling as seen above. But this week has been all about the resurgence of Australia IPOs with the launch/pending launch of GQG Partners (1402558D US), Judo Bank (1628888D AU), and Vulcan Steel (VSL AU) bookbuilds. There is also SiteMinder, SG Lottery (SGL AU), and Ventia (CIMIC spin-off) looking to launch soon as well.

• Judo Bank IPO - Built a Niche in the Market by Helping SMEs
• GQG Partners IPO - Strong net inflow since inception but recent underperformance weighs
• Vulcan Steel Limited IPO - Past Performance Looks Fine but Margins Might Be at Cyclical Highs
• SG Lottery Pre-IPO - First Look at Possibly Australia’s Largest IPO in 2021

This week in Hong Kong, Clover Biopharmaceuticals (CBL HK) joined the long list of IPOs approved and pending bookbuild launch. We also initiated on Biocytogen Pharmaceuticals (Beijing) (BCP HK), a pre-clinical and clinical stage research service biopharma company, looking to raise up to US$300m.

• Biocytogen (百奥赛图) Pre-IPO: From Animal CRO to Biotech

But recent Hong Kong biotech IPO performance hasn't been great as seen from Abbisko Cayman (2256 HK)'s disappointing performance this week.

• Abbisko (和誉) IPO Trading: Poor Demand for the Early Stage R&D

Large Japan placements, Hulic Co Ltd (3003 JP) and SUMCO Corp (3436 JP) have traded well post-pricing which should bolster sentiment for Japan Post Holdings (6178 JP)'s bookbuild which is ongoing until 22nd October and pricing will be on 25th October.

• Sumco Placement Quick Update - A Slightly Wider Discount than 2015
• Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn't Do Well

However, PHC Holdings (6523 JP)'s IPO did not trade well even after downsizing the IPO and pricing it at the low end.

• PHC Holdings IPO Trading - Needs to Start Acting like One Company to Move Higher

In India, FSN E-Commerce Ventures (Nykaa) (1003622D IN) is looking to launch its IPO later this month. More IPOs should come soon too as it was reported that Adani Wilmar and Star Health Insurance IPOs have secured their approval from SEBI this week.

• FSN E-Commerce (Nykaa) Pre-IPO - Mixed Bag - Fashion Growing, Beauty Slowing
• Star Health Insurance Pre-IPO - Leading the Retail Healthcare Insurance Space

In Korea, Kakao Pay (377300 KS) will open its books on this coming Wednesday, for a day. We took a look at valuation again and also compared it to KakaoBank (323410 KS).

• Kakao Pay IPO - Low-End Still Appear Reasonable but Stock Will More Likely Be Driven by Sentiment
• Kakao Pay IPO - Comparison with Kbank and an alternate look at valuation

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

• Wellness Forever Pre-IPO Tearsheet
• Green Tea Group Pre-IPO Tearsheet (Refiled)
• SBI Sumishin Net Bank Pre-IPO Tearsheet
• Farm Fresh Berhad Pre-IPO Tearsheet
• Global Health Pre-IPO Tearsheet