ECM Weekly (8 Mar 2020) - Bytedance, SBI Cards, ESAF SFB, Innocare, Kintor Pharma, GreenTown Mgt
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Global markets were still volatile but overall, things may finally start to take a turn for the better, at least in Asia, as a few IPOs managed to launch and complete their IPO bookbuild. In Hong Kong, Bright Culture conduct its IPO marketing virtually and it set to price at the lower half of its IPO price range. We are also hearing that Innocare has been premarketing and will be looking to launch its IPO some time next week.
Other early coverage on upcoming Hong Kong IPOs include:
- Kintor Pharma (开拓药业) Pre-IPO: Interesting Prostate Cancer Drug but Low in Core Assets
- GreenTown Management (绿城管理) Pre-IPO - Sacrificed Margins in Pursuit of Growth, Muddled by JVs
In India, investors seemed unfazed as SBI Cards' IPO was 26.54x oversubscribed for overall books. QIB tranche was covered 57.18x, HNW tranche 45.23x and retail 2.5x. Sumeet Singh shared his thoughts on updated valuations in:
Other India IPO coverage this week:
- Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business
- ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party
Sumeet Singh also shared his thoughts on Bytedance's meteoric rise in India.
We are also hearing that Mr DIY is considering delaying its IPO and will likely make its decision soon. That said, there seems to be still a healthy pipeline of deals coming in Southeast Asia. AMTD Digital is looking to dual list in Singapore and the US to fund their plans of developing a regional fintech platform. United Hampshire's IPO also seemed to be going well with books said to be multiple times covered.
Accuracy Rate:
Our overall accuracy rate is 73.5% for IPOs and 65.1% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Kerry Express (Thailand, ~US$300m)
- Immunotech Biopharm (Hong Kong, re-filed)
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
- ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party
- Kintor Pharma (开拓药业) Pre-IPO: Interesting Prostate Cancer Drug but Low in Core Assets
- SBI Cards and Payments IPO - Would Still Bid but Worth Keeping Some Powder Dry
- InnoCare (诺诚健华) Pre-IPO: PHIP and Valuation Update
- Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business
- GreenTown Management (绿城管理) Pre-IPO - Sacrificed Margins in Pursuit of Growth, Muddled by JVs
- ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India
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