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

Suzhou Basecare Medical IPO: Trading Debut

Suzhou Basecare Medical IPO Initiation: Improving IVF

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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

Suzhou Basecare Medical / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/suzhou-basecare-medical-corporation-limited" target="_blank" data-smartkarma-citation="entities:31087:1" rel="noopener">Suzhou Basecare Medical (MED CH)</a> has developed a portfolio of genetic test kits that cover all key stages of the reproductive cycle. The initial focus of the product portfolio was on helping couples address infertility problems and increase their chances of having a healthy baby through IVF (in vitro fertilization) procedures.</p>
<p>At the proposed IPO price range of HK$26.36-27.36 per share, Basecare will have a market cap of HK$7,029.3-7,296.0 ($907-941 million). At the mid-point of the IPO price range, the total net proceeds are HK$1,684.7 million ($217 million). </p>
</div><div><p>Seven cornerstone investors will subscribe for $90 million of the offer shares (39.0% of the offer shares at the mid-point of the IPO price). The cornerstone investors include OrbiMed Funds, Lake Bleu Capital, CRF Investment, Affin Hwang Asset Management, WinTwin Capital, Foresight Funds and IvyRock Asset Management.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/suzhou-basecare-medical-ipo-initiation-improving-ivf" target="_blank" data-smartkarma-citation="insights:47352" rel="noopener">Suzhou Basecare Medical IPO Initiation: Improving IVF</a>, we stated that with a large addressable market opportunity and Basecare’s early mover advantage, we believe that Basecare’s fundamentals are attractive. Overall, we would participate in the IPO due to an attractive IPO price range.</p></div></div></div>


Suzhou Basecare Medical (MED CH) has developed a portfolio of genetic test kits that cover all key stages of the reproductive cycle. The initial focus of the product portfolio was on helping couples address infertility problems and increase their chances of having a healthy baby through IVF (in vitro fertilization) procedures.
At the proposed IPO price range of HK$26.36-27.36 per share, Basecare will have a market cap of HK$7,029.3-7,296.0 ($907-941 million). At the mid-point of the IPO price range, the total net proceeds are HK$1,684.7 million ($217 million). 
Seven cornerstone investors will subscribe for $90 million of the offer shares (39.0% of the offer shares at the mid-point of the IPO price). The cornerstone investors include OrbiMed Funds, Lake Bleu Capital, CRF Investment, Affin Hwang Asset Management, WinTwin Capital, Foresight Funds and IvyRock Asset Management.In Suzhou Basecare Medical IPO Initiation: Improving IVF, we stated that with a large addressable market opportunity and Basecare’s early mover advantage, we believe that Basecare’s fundamentals are attractive. Overall, we would participate in the IPO due to an attractive IPO price range.

Suzhou Basecare Medical IPO: Valuation Insights