ECM Weekly (8 Dec 2019) - OneConnect, JS Global, Renrui, Poly Property, Freee, Burger King India
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
This coming week is still looking fair busy with a handful of trading debuts across different geographies. In Hong Kong, CMC Reit (CMCREIT HK), Venus MedTech (2500 HK), Alphamab Co Ltd (9966 HK), XD Inc. (2400 HK), and Renrui Human Resources (6919 HK) will be listing. For their respective trading dates, see the snippet of upcoming events below.
There were reports that JS Global Lifestyle (1691 HK) is looking to relaunch its IPO this coming Monday after pulling it in October just three days before its IPO. We are also expecting Poly Property Development (POLY HK), Times Neighborhood, and Powerlong Commercial Management to launch their bookbuild soon since they have received approval and filed their respective PHIP. Notably, all three companies are property management companies.
- Poly Property Development (保利物业发展) Pre-IPO - PHIP Updates, Peer Comparison, & Thoughts on Valuation
- Renrui Human Resources (人瑞人才) IPO - Valuation up 4.2x in One and a Half Years
- Venus Medtech (启明医疗) IPO: Valuation Still OK at the High End
- Alphamab (康宁杰瑞) IPO: You Will Likely Be Zeroed
In the U.S, OneConnect launched its bookbuild and will be listing on Friday at a discounted valuation from its previous round of funding but valuation still looked too expensive despite its strong parentage and has ample growth runway. It remains far from being profitable and continues to depend on its parent, Ping An, for the bulk of its revenue.
In India, Ujjivan Small Finance Bank (USFB IN) will be listing on the 12th of December. Indicators all point towards a strong trading debut. The bank's grey market premium at Rs26 per share and IPO was 165x oversubscribed. For upcoming IPOs, there were news reporting that SAMHI Hotels (SAMHI IN) will be launching their IPO bookbuild this month.
Accuracy Rate:
Our overall accuracy rate is 73.2% for IPOs and 65.5% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Akesobio (Hong Kong, ~US$300m)
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
- Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster
- Genetron (泛生子) Pre-IPO: Expertise to Be Proven Outside Brain Tumor
- Freee K.K. IPO - It's Not Exactly Free but Looks Ok at the Lower-End
- Renrui Human Resources (人瑞人才) IPO - Valuation up 4.2x in One and a Half Years
- OneConnect Financial IPO - Even the Sizeable Down Round Might Not Be Enough
- Poly Property Development (保利物业发展) Pre-IPO - PHIP Updates, Peer Comparison, & Thoughts on Valuation
- JS Global (JS 环球生活) Updates Before IPO Relaunch - Going at It Again
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- Powerlong Commercial IPO Trading - Good Subscription Results but Issues Remain29 Dec 2019
- ECM Weekly (23 Dec 2019) - Bank of Guizhou, Powerlong Commercial Management23 Dec 2019
- ECM Weekly (14 Dec 2019) - SBI Cards, Poly Property, JS Global, OneConnet14 Dec 2019
- JS Global (JS 环球生活) Updates Before IPO Relaunch - Going at It Again08 Dec 2019
- OneConnect Financial IPO - Even the Sizeable Down Round Might Not Be Enough03 Dec 2019
- ECM Weekly (1 Dec 2019) - Venus Medtech, Alphamab, CMC REIT, XD, BAM01 Dec 2019