IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Harbour Biomed IPO: Positive Thoughts in Brief

Zhaoke Ophthalmology: Bringing Focus to China

HBM Holdings (Harbour Biomed) IPO Initiation: Making Resistance Futile

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

HBM Holdings Limited / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/harbour-biomed-holdings-limited" target="_blank" data-smartkarma-citation="entities:29717:1" rel="noopener">Harbour Biomed (2142 HK)</a> is a biopharmaceutical company with a focus on discovering, developing and commercialising differentiated antibody therapeutics in immunology and oncology disease areas. Harbour has launched a Hong Kong IPO to raise net proceeds of HK$1,589.5 million ($205 million) at the mid-point of the IPO price range of HK$11.70-12.92 per share.</p></div><div><p>Nine cornerstone investors have agreed to invest about $92 million in the IPO (41.92% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include BlackRock, <a href="https://www.smartkarma.com/entities/hbm-healthcare-investments-ag" target="_blank" data-smartkarma-citation="entities:22373:1" rel="noopener">Hbm Healthcare Investments Ag (HBMN SW)</a>, Hillhouse Capital, Hudson Bay Capital, Octagon Capital, Anlan Fund, <a href="https://www.smartkarma.com/entities/legend-holdings-corp-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings Corp H (3396 HK)</a>, OrbiMed and 3W.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/hbm-holdings-harbour-biomed-ipo-initiation-making-resistance-futile" target="_blank" data-smartkarma-citation="insights:45740" rel="noopener">HBM Holdings (Harbour Biomed) IPO Initiation: Making Resistance Futile</a>, we stated that the prospects of Harbour’s core drug assets are favourable. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. </p></div></div></div>

Harbour Biomed (2142 HK) is a biopharmaceutical company with a focus on discovering, developing and commercialising differentiated antibody therapeutics in immunology and oncology disease areas. Harbour has launched a Hong Kong IPO to raise net proceeds of HK$1,589.5 million ($205 million) at the mid-point of the IPO price range of HK$11.70-12.92 per share.Nine cornerstone investors have agreed to invest about $92 million in the IPO (41.92% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include BlackRock, Hbm Healthcare Investments Ag (HBMN SW), Hillhouse Capital, Hudson Bay Capital, Octagon Capital, Anlan Fund, Legend Holdings Corp H (3396 HK), OrbiMed and 3W.In HBM Holdings (Harbour Biomed) IPO Initiation: Making Resistance Futile, we stated that the prospects of Harbour’s core drug assets are favourable. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. 

HBM Holdings (Harbour Biomed) IPO: Valuation Insights