Company and industry
Identify the sources of revenue, customer concentration, competitive advantages and funding requirements. Connect the company story with its financial disclosures.
Stocks & IPOs
Stocks & IPOs
Stocks & IPOs
Understand the company before following the offering.
Stocks and new listings are a central part of SilverCape's investment direction. We examine the business behind a security, linking its operating record and competitive position with the terms of an offering and its valuation.
Our IPO perspective extends beyond the subscription period. It includes how a company plans to use new capital, the expectations embedded in its price and the evidence available as it develops after listing.
IPO investment
Before, during and after listing
Offering and valuation
Review the final prospectus, capital structure, use of proceeds and offering terms. Compare valuation assumptions with the quality and durability of the business.
Trading and liquidity
Consider the shares available for trading, potential selling pressure, price volatility and the ability to enter or exit a position.
After listing
Follow earnings releases, cash generation, the use of raised capital and changes in the original investment thesis.
New shares can trade below their offer price. An allocation or a listing does not guarantee a return.
HKEX securities risk information
Listed equities
The business remains the reference point
Financial quality
Revenue quality, cash conversion, balance-sheet flexibility and the cost of maintaining a competitive position.
Governance and ownership
The incentives of management and shareholders, disclosure quality and the treatment of minority interests.
Price and expectations
The operating outcomes required to support a valuation, with alternative scenarios considered alongside the central case.
EXPLORE FURTHERRead Our IPO Perspective