ECM Weekly (3 Aug 2019) - Sterling&Wilson, Spandana Sphoorty, Smoore, AllHome, JS Global

India capital market was off to a promising start with IndiaMART (IMT IN) 33% above its IPO price on the first day last month and, now, Affle's bookbuild closed strong with oversubscription rate of about 86x. Building on that momentum, another two India IPOs, Spandana Sphoorty Financial (SSFL IN) and Sterling & Wilson Solar (SWSL IN), launched their IPOs this week with the former starting bookbuild on Friday while Sterling will open its books on Monday.

• Spandana Sphoorty Pre-IPO - Coming Back to Life
• Spandana Sphoorty IPO - Looks Expensive Versus Peers
• Sterling and Wilson Solar IPO - Earnings Will Likely Decline

Outside of India, Thailand capital market is looking up too as we gear up for bigger IPOs, starting with Index Living Mall debuting last week. Even though it has struggled a little to hold above its IPO price, it isn't stopping larger companies from coming onto the market. We heard that Central Group is looking to list its department store unit, adding to the list of other large Thailand IPOs such as Asset World Corporation (AWC TB) and Singha Hotel and Resorts (SPRHOTEL TB).

In Hong Kong, things are fairly quiet. But we heard that Shenzhen Smoore Technology L (0959165D CH) is looking to raise US$400m in its Hong Kong IPO after delisting from China's NEEQ this year. It will certainly be an IPO to look out for, considering China Tobacco International (HK) (6055 HK) incredible post-IPO performance. Beyond speculation, we think that the company's FEELM tech has been impressive, allowing it to transition from an ODM to tech and brand owners.

• Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology