ECM Weekly (7th March 2021) - Coupang, DDMP REIT, Aztech, Baidu HK, Autohome HK, Tuya

A handful of IPO bookbuild launched this week while Asia IPO pipeline continues to build up. Ting Hsin, the company behind Master Kong brand, is said to be mulling the IPO of its restaurant business. In Australia, Latitude Financial Services (1272471D AU) is trying to IPO for the third time. Last but not least, in Indonesia, three state-based geothermal companies are planning to merge and head for an IPO that could raise more than US$500m.

• Latitude Financial Group Pre-IPO Review - Credit Prospectus Throw up Some Interesting Data Points
• Latitude Financial Group IPO - Steady but Slow - In the Grey Zone
• Latitude Financial Group IPO - More like Flexigroup and Less like Afterpay, for Better or Worse

In Hong Kong, it was reported thatBaidu (BIDU US) has gotten approval for its Hong Kong secondary listing while Autohome Inc (Adr) (ATHM US) launched its bookbuild. Sumeet Singh the two listings in:

• Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year
• Autohome Secondary Listing - Going Down a Different Route
• Autohome Secondary Listing - Doesn’t Need the Cash at All

In the Philippines, DDMP REIT (1848316D PM) launched its bookbuild. Valuation is undemanding while Areit (AyalaLand REIT) (AREIT PM) strong trading in the past few months despite the poor debut should help.

• DDMP REIT IPO - Would Go in Towards the Low-End

In the U.S., Coupang (CPNG US) is raising up to US$3.6bn with an implied top-end market cap of US$51bn. Valuation isn't cheap but near-term factors could still help the deal trade well on debut.

• Coupang IPO - Momentum Play, Unequal Lock-Up, Index Inclusion

Ke Yan, CFA, FRM continued Hong Kong Healthcare IPO coverage with an initiation on Chaoju Eye Care Holdings (CEC HK)

• Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive

A-City Group (1810341D HK) re-filed its draft prospectus after its application lapsed last year. We covered the basic aspects of the company earlier last year in:

• A-City Group (雅居乐雅城集团) Pre-IPO - Strong Growth, Relatively Poorer Visibility

There was also Tuya Inc (1869782D US)'s F-1 filing with the SEC. News reports indicated that the company is aiming for a deal size of about US$1bn. We covered the basic aspects and platform review in:

• Tuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review
• Tuya (涂鸦智能) Pre-IPO - Ride the IoT Wave Via Tuya’s Platform

ECM in Singapore had been a mixed bag. While it was great to see another large non-REIT IPO (Aztech) come to market after Nanofilm Technologies International (NANO SP), Kinderworld's US$100m IPO was pulled once again due to poor demand. That said, things are looking up for Aztech. Demand looked strong as we heard that books were multiple times covered and closed a day early.

• Aztech IPO - Undemanding Valuation

Last but not least, in India, Aadhar Housing Finance Ltd (1218027D IN), which filed its draft red herring prospectus in January, was aiming to launch its US$1bn IPO in the first half of this year. Sumeet Singh covered the IPO in:

• Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures