ECM Weekly (5th April 2021) - Nayuki, Peter Warren, Linklogis, Zhaoke Ophthalmic, Macrotech Dev

The IPO pipeline in Hong Kong looks even stronger as of last week, after numerous draft prospectuses were filed. Notable deals include WeDoctor (1737089D HK), WM Tech (owner of Wumart Stores in China, and Medlive Tech (online professional physician network in China).

For upcoming debuts, Linklogis (LINK HK) closed a day earlier and priced above the midpoint of its IPO price range. The company is due to trade this coming Friday. We covered the IPO earlier in:

• Linklogis Pre-IPO - The Positives - Fast Growing Blockchain Driven Supply Chain Financier
• Linklogis Pre-IPO - The Negatives - Inconsistent Growth and Margins, Well Funded Competitors
• Linklogis Pre-IPO - Earnings Forecast, Peer Comparison and First Stab at Valuation
• Linklogis IPO - Pricey for a Reason

We initiated coverage on Nayuki Holdings (NYK HK), a popular premium teahouse chain in China, and Zhaoke Ophthalmology Pharmaceutical (ZKO HK), a China-based ophthalmic pharmaceutical company, earlier this week:

• Nayuki (奈雪) Pre-IPO - Fast-Growing, Cash Flow Positive Teahouse Chain

• Zhaoke Ophthalmic (兆科眼科): Could Be Over-Valued for Pre-IPO Round

In the US, bookbuild for Smart Share Global (EM US) was short. Books opened Monday, priced on Wednesday, ADS debuted on Thursday. SSG’s share price struggled in early hours of trading and closed flat, even after pricing below their initial price range. We covered the IPO in:

• Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up
• Smart Share Global (怪兽充电): Rent A Power Bank on the Ground
• Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape
• Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation
• Smart Share Global (怪兽充电) IPO - Overcharged
• Smart Share Global (怪兽充电) IPO Trading - Cheaper Now but Still May Not Be Enough

In India this week, we initiated coverage on Power Grid Corporation Of India (PWGR IN) and revisited Macrotech Developers (LODHA IN), which was previously known as Lodha Developers. Anchor books are set to open this coming Tuesday:

• POWERGRID InvIT Pre-IPO - Always Going to Be Tricky with a Declining Yield

• Macrotech (Lodha) Developers Pre-IPO - New Name but up to Some of the Same Old Tricks

• Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable.

Last, but not least, in Australia, we covered Peter Warren’s IPO which is set to list close to the end of the month.

• Peter Warren IPO - Delicately Poised

News on Upcoming IPOs