Miniso (MNSO US): Impulse Shopper's Paradise. Not a Sustainable Growth Model.

MINISO (名创优品) IPO - Reasonable Towards the Low-End

MINISO (名创优品) Pre-IPO - Store Walkthrough - Co-Branding Allows for Stronger Pricing

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">MINISO Group Holdings (MNSO US)</a> raised about US$608m at US$20 per ADS, above the top-end of the initial price range.</p>
<p>MINISO is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable. It operates its flagship brand “MINISO” and has a global presence with about 2,500 stores in China and over 1,680 stores across 80 other countries. </p>
<p>We have earlier covered various aspects of the IPO in:</p>
<div>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/miniso-pre-ipo-store-walkthrough-co-branding-allows-for-stronger-pricing" target="_blank" data-smartkarma-citation="insights:43821" rel="noopener">MINISO (名创优品) Pre-IPO - Store Walkthrough - Co-Branding Allows for Stronger Pricing</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/miniso-pre-ipo-asset-light-and-fairly-resilient-despite-covid" target="_blank" data-smartkarma-citation="insights:43623" rel="noopener">MINISO (名创优品) Pre-IPO - Asset-Light and Fairly Resilient Despite COVID</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/miniso-ipo-reasonable-towards-the-low-end" target="_blank" data-smartkarma-citation="insights:43988" rel="noopener">MINISO (名创优品) IPO - Reasonable Towards the Low-End</a> </li>
</ul>
<p>In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.</p>
</div>

MINISO Group Holdings (MNSO US) raised about US$608m at US$20 per ADS, above the top-end of the initial price range.
MINISO is a value retailer with a focus on offering products that are aesthetically pleasing, good-quality, and affordable. It operates its flagship brand “MINISO” and has a global presence with about 2,500 stores in China and over 1,680 stores across 80 other countries. 
We have earlier covered various aspects of the IPO in:



MINISO (名创优品) Pre-IPO - Store Walkthrough - Co-Branding Allows for Stronger Pricing 

MINISO (名创优品) Pre-IPO - Asset-Light and Fairly Resilient Despite COVID 

MINISO (名创优品) IPO - Reasonable Towards the Low-End 

In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.


MINISO (名创优品) IPO Trading - Not Much Value Left After Pricing Above Range