bullish

ECM Weekly (31 January 2021) - Kuaishou, Basecare Med, MicroPort Cardioflow, Cloopen

512 Views31 Jan 2021 11:06
SUMMARY

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.


All eyes are on Hong Kong's Kuaishou Technology (1024 HK) IPO. It was reported that the deal was 1,200x oversubscribed, topping out Nongfu Spring's mega IPO demand. IPO performance of the company will likely set the tone for other mega Hong Kong IPOs, at least for the first half of this year. Read more about our final take on valuation, index flows and other deal dynamics in:

Meanwhile, we continue to see an influx of IPOs launching their bookbuild, probably looking to come to market before Chinese New Year. This week we had Basecare Medical Device Co L (1537404D CH) and MicroPort CardioFlow (1844972D HK) launched their IPO bookbuild. The former closed its books early while the latter was said to have priced at the top-end. We are also hearing that Dida (DIDA HK) is likely to come to market in February. We share our thoughts on peer comparison, forecasts and valuation.

India IPO deal flow is still looking strong too. Brookfield India Real Estate Trust (BIREIT IN) is looking to open its books this coming Wednesday whereas Indigo Paints (IP IN) will list on Tuesday. Indian Railway Finance Corporation (INFZ IN) debuted on Friday with a lacklustre performance which was expected of a company that is essentially a regulated entity with pre-ordained returns and has no real say in its own future.

Further way from home, in the US, we are hearing that Cloopen Group Holding Ltd (RAAS US) was premarketing this week and looking to open books next week. We looked at the company's business and operational data in:

Placements this week.

Accuracy Rate:

Our overall accuracy rate is 73.7% for IPOs and 67.2% for Placements

(Performance measurement criteria is explained at the end of the note)

New IPO filings this week

  • Angelalign Tech (Hong Kong, >US$100m)
  • Intco Medical Tech (Hong Kong, dual-listing, >US$100m)
  • SCE Intelligent Commercial Management (Hong Kong, >US$100m)
  • GFT International (Hong Kong, potential US$100m)
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.

News on Upcoming IPOs

Analysis on Upcoming IPOs

NameInsight
Hong Kong
ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)

ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok

ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)

ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H?

ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants

ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok

ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India

ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges

Cheerwin

Cheerwin (朝云集团) Pre-IPO - Monetizing a Mature Business

Dida

Dida Pre-IPO - Making Hay While Big Brother Retreats

Dida

Dida Pre-IPO - Earnings Forecast and First Stab at Valuation

Dida

Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability

Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement

Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained

RemeGenRemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48
ToplistToplist China Pre-IPO - Overwhelmingly More Negatives than Positives
TaslyTasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters
WeDoctorWeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More
WeDoctorWeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor
India
ASKASK Investment Managers Pre-IPO - Riding on a Wave of Wealth
Anmol IndAnmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers

Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It

CMS InfoCMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right
Crystal CropCrystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers
ESAF SFBESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party
Flemingo Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
Emami CemEmami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO
IRFCIndian Railway Finance Pre-IPO - Low Risk, Low Margin Business
NSENSE IPO Preview- Not Only Fast..its Risky and Expensive
NSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some
Mrs. BectorMrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta

LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO

Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable
LodhaLodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
Penna CemPenna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid
PNB MetPNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers
Samhi HotelsSamhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
The U.S
CDPCDP Holdings Pre-IPO Review - Highly Reliant on Best Inc.
CloudMindsCloudMinds Inc Early Thoughts - Still Nascent
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