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Founded in 2008, Ingerson Capital Partners is a respected financial services company based in Tokyo, Japan. Our goal is to help you get the most out of every investment while also allowing you to prepare for the future, knowing that your assets are secure and flourishing.

ICP Oatly

Financial advisors at Ingerson Capital Partners have reviewed the Oatly Group's initial public offering and how it could be the biggest plant-based food company to go public this year. It will follow in the footsteps of several plant-based enterprises that have made successful market debuts in recent years, the most notable of which is Beyond Meat. Oatly, on the other hand, is the only plant-based food company to go public this year.

 

Oatly, a company best known for its oat milk, which can be used in coffee and cereals, raised $ 1.4 billion late Wednesday. About 84.4 million American depositary shares were sold at $ 17 each, the top of the company's $ 15 to $ 17 price range. deal's lead underwriters are Morgan Stanley, JP Morgan, and Credit Suisse.

 

Oatly, which bills itself as the "first oat drink company," makes vegan milk, yogurts, lattes, and spreadable cheeses from liquid oats. Its products can be found in over 50,000 outlets throughout 20 countries.

 

The business is operating at a loss. In 2020, losses increased to $ 60.4 million, up from $ 35.6 million in 2019. The company's revenue more than doubled, reaching roughly $ 421.4 million. According to Ingerson Capital Partners analysts, it had 792 employees in 2020.

 

Companies similar to Oatly have recently performed poorly as well. Beyond Meat's stock has lost 35% in the last three months, including a 24% loss in the previous month. Beyond Meat, which received $ 241 million in its IPO over two years ago, is Oatly's IPO raised $ 1.4 billion, giving it a market capitalization of $ 10 billion based on its $ 17 IPO price.

 

Recent initial public offerings (IPOs) have also underperformed. Squarespace (SQSP), a web hosting company, made its public debut on Wednesday, with shares closing at $ 43.31, or 13% less than the $ 50 reference price. Waterdrop (WDH), Talaris Therapeutics (TALS), and Vaccitech (VACC) are among the recent offers that have debuted below their offer prices.

 

Some well-known investors have backed Oatly. The startup secured $200 million in financing sponsored by Blackstone Group in July (BX). Winfrey, musician Jay-Z's organization Roc Nation, Natalie Portman, former Starbucks Chairman and CEO Howard Schultz, Orkila Capital, and Rabo Corporate Investments, Rabobank's investment arm, were among the participants in the round. After the IPO, Blackstone will own roughly 7% of Oatly.

 

Oatly isn't likely to be the last plant-based food company to launch. Impossible Foods is preparing to go public through an initial public offering (IPO) or a special purpose acquisition company (SPAC) merger. According to Ingerson Capital Partners experts, An IPO might value the plant-based burger company at $10 billion.

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ICP Li Auto

The trade war between China and the United States hasn't deterred Chinese corporations from pursuing listings on American stock exchanges. Analysts from Ingerson Capital Partners review how Li Auto raised $ 1.1 billion in its Nasdaq launch on Thursday.

 

The Beijing-based company aims for China's burgeoning middle class, which wants to drive cleaner, smarter, and larger vehicles. Its first model, a six-seat electric SUV that began shipping at the end of last year at a subsidized price of 328,000 yuan (about $ 46,800).

 

Li Auto's IPO was priced at $ 11.5 per share, well over its goal range, giving it a fully diluted valuation of $ 10 billion. A concurrent private issue of shares to existing investors raised an additional $ 380 million.

 

Ingerson Capital Partners Head of Capital Markets, Matthew Price said “The IPO was timed to coincide with a boom in investor interest in electric vehicle manufacturers. Tesla's stock has risen dramatically in recent quarters. In recent months, Nio, Li Auto's domestic rival, has seen its stock price rise after raising a similar amount in a $ 1 billion IPO in New York in 2018. ”

 

Beijing's national initiative to electrify China's auto industry has given investors a boost. The question is whether these businesses have the requisite personnel and resources to succeed in an industry where development cycles are generally longer.

 

Li Auto is following in the footsteps of its rival Nio, going public after a brief history of customer delivery. According to the company's prospectus, it only started shipping its first model in December of last year and had dispatched a little over 10,000 units as of June.

 

According to Ingerson Capital Partners research, the startup lost 2.44 billion yuan ($ 350 million) in 2019, up from 1.53 billion yuan in 2018. After starting monetization, it ended the first quarter of 2020 with a gross profit of $ 9.6 million.

 

Tesla, on the other hand, has been profitable for four quarters in a row. In 2019, it made 284 million yuan ($40.4 million) in annual revenue, mainly from car sales and a minor share from services like charging stalls, a minuscule fraction of Nio's $1.12 billion. On the other hand, Nio had a more considerable net loss of $1.62 billion in the same year.

 

The investors in Li Auto are undoubtedly optimistic that the Chinese company would one day be able to equal Tesla's commercial success.

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ICP Latitude

The initial public offering of Latitude Financial Group has been repriced to $ 1.78 per share, providing an 11-times profit and a 5.8% dividend yield. Ingerson Capital Partners analysts reveal the deal was repriced on Monday morning ahead of a bookbuild scheduled for Tuesday and Wednesday to generate the funds.

 

This year's biggest IPO in Australia is Latitude. It had hoped to raise $ 1.24 billion, but the offer size is likely to be $ 1 billion at the current pricing. The decision to reprice came after Latitude's owners settled on a price of $ 2 per share on Friday. , up from a previous range of $ 2 to $ 2.25.

 

Latitude's bankers spent the weekend in the market, talking to funds before the owners decided to slash the price to $ 1.78 in order to ensure that the stock gets away and trades well in the aftermarket. After the organization is listed, the owners will keep a majority share in it.

 

“It arrives at an exciting time for Australian initial public offerings. Investors have flocked to the technology sector and yield-based offerings like Home Consortium and FINEOS Corporation. Still, they have shied away from others like gas services company MPC Kinetic, which was dismissed last week. ”James Peterson, Ingerson Capital Partners Head of Analytics.

 

Latitude's float has been pitched along both technical and yield lines. It is a consumer finance company that specializes in point-of-sale finance, credit cards, and loans and is primarily owned by financial investors KKR, Varde Partners, and Deutsche Bank.

 

In the 12-months leading up to June 2020, the company forecasts $ 1.1 billion in operating income and $ 287.6 million in cash net profit.

 

Under the broker firm offer, around one-third of the offer has been taken up by retail investors. Latitude's three brokers --Goldman Sachs, Macquarie, and UBS --will operate an institutional bookbuild starting Tuesday.

 

On a market capitalization basis, the offer valued Latitude at $ 3.56 billion, implying 12.4 times anticipated earnings for the 12-months to June 2020 and a 5.2% dividend yield.

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