ECM Weekly (24th October 2021) - Japan Post, SiteMinder, MicroPort Medbot, PolicyBazaar

Events next week:

• MicroTech (微泰医疗) IPO Trading: Rich Valuation Outweigh Selling Point

Australia ECM is still looking busy but at least the deals are getting done instead of pulled, for a change. SiteMinder (1909429D AU) closed its bookbuild this week and was said to be covered. GQG Partners (1402558D US) was priced at the low end and it was reported that allocation was skewed to cornerstone investors. The IPO will debut this Friday. There is also APM and SG Lottery that will likely come to market soon with cornerstone investors secured.

• SiteMinder IPO - An Impressive Performance During Pandemic

• SG Lottery Pre-IPO - First Look at Possibly Australia’s Largest IPO in 2021

Back in Hong Kong, we finally got another live deal from the long list of approved IPOs that have been building up since last month. Shanghai MicroPort MedBot Group (MMG HK) launched its up to US$200m bookbuild, a far cry from its initially planned US$700m - 1bn bookbuild. Books will close this Tuesday and list on 4th November.

• MicroPort MedBot Pre-IPO - Valuation Appears Reasonable but Sentiment Will Weigh

• MicroPort MedBot Pre-IPO - Thoughts on Valuation
• MicroPort MedBot Pre-IPO - RoboDoc - pre-revenue, has a large competitor but a large market as well
• MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor, and

For upcoming Hong Kong IPOs, it was reported that Beijing Airdoc Technology (BAT HK) will launch its bookbuild next week after it refiled its PHIP with updated financials and better disclosure. We also initiated on Clover Bio which was approved last week.

• Clover (三叶草生物) Pre-IPO: COVID-19 Wildcard

• Beijing Airdoc (北京鹰瞳科技) Pre-IPO - Updates on 1Q21 Results and Competition

• Beijing Airdoc (北京鹰瞳科技) Pre-IPO - A Niche Field with Merits but Can It Sell?

India ECM is also looking busy with FSN E-Commerce Ventures (Nykaa) (1003622D IN), One MobiKwik, and Fino Payments Bank looking to launch next week. Policybazaar Insurance Web Aggregator (1569999D IN) and Adani Wilmar’s IPO were approved this week and should come to market soon.

• Adani Wilmar Pre-IPO - Higher Growth Market Could Move This Giant

• PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth

Last but not least, we initiated on Mitratel (1319Z IJ), which was looking to launch its IPO bookbuild this week. Mitratel is the tower leasing unit of Telkom Indonesia.

• Dayamitra (Mitratel) Pre-IPO - Largest Telco Tower Provider with a Strong Backing

• Dayamitra (Mitratel) Pre-IPO - Industry and Competitive Landscape

For placements, Japan Post Holdings (6178 JP) will price this Monday post-market. At Friday’s close price, we think that it is in a better place than its 2017 deal. We also covered the Synergy Grid’s placement which closed its bookbuild on Friday and will list on the 10th of November.

• Japan Post Holdings Placement - The Final US$8bn Countdown - Shaping up Better than the Last Deal

• Synergy Grid & Development Re-IPO - Deal Background and Positives

• Synergy Grid & Development Re-IPO - Negatives and a Look at Valuation

Other placements that have already traded include Shimao Services Holdings Limited (873 HK) , China Education Group (839 HK), and Malayan Banking (MAY MK) (from an undisclosed institution).

• China Education Group Placement - Recent Momentum Is Strong but past Deal Record Isn’t Supportive

• Shimao Services (世茂服务) Placement - Bumping up Cash for Acquisitions

• Maybank Placement - No Big Deal

• Aristocrat Leisure's Playtech Acquisition, Entitlement and Shortfall

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

• Beijing Yuanxin Technology Group Pre-IPO Tearsheet