Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

NextVision Stabilized Systems / Index Rebalance

<ul>
<li>The MV Global Defense Industry Index represents the performance of companies in national defense industries.</li>
<li>There will be four ADDs for the MV Global Defense Index for the December 2025 rebal. </li>
<li>We expect one-way flow of US$391mn for December 2025, which translates to a turnover of 5.4%.</li>
</ul>


The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be four ADDs for the MV Global Defense Index for the December 2025 rebal. 
We expect one-way flow of US$391mn for December 2025, which translates to a turnover of 5.4%.


[Quiddity Index] MV Global Defense Dec25 Rebalance Results: Flow Expectations

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bigbear-ai-holdings-inc" target="_blank" data-smartkarma-citation="entities:36863:1" rel="noopener">BigBear.ai Holdings</a>, <a href="https://www.smartkarma.com/entities/next-vision-stabilized-systems-ltd-nextvision" target="_blank" data-smartkarma-citation="entities:44223:1" rel="noopener">NextVision Stabilized Systems</a>, <a href="https://www.smartkarma.com/entities/ondas-holdings-inc" target="_blank" data-smartkarma-citation="entities:33321:1" rel="noopener">Ondas Holdings Inc</a> and <a href="https://www.smartkarma.com/entities/planet-labs-pbc" target="_blank" data-smartkarma-citation="entities:35253:1" rel="noopener">Planet Labs</a> will be added to the MarketVector Global Defense Industry Index at the close on 19 December.</li>
<li>The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 5.8% resulting in a round-trip trade of US$846m.</li>
<li>The adds have all run up over the last year and the passive buying could give the stocks another leg up in the short-term.</li>
</ul>



BigBear.ai Holdings, NextVision Stabilized Systems, Ondas Holdings Inc and Planet Labs will be added to the MarketVector Global Defense Industry Index at the close on 19 December.
The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 5.8% resulting in a round-trip trade of US$846m.
The adds have all run up over the last year and the passive buying could give the stocks another leg up in the short-term.


MV Global Defense Industry Index Rebalance: 4 Adds; 5.8% Turnover; US$850m Trade

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.</li>
<li>The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.</li>
<li>With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.</li>
</ul>


The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.


Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

Firefly Aerospace / Equity Capital Markets

<ul>
<li>The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>According to our sources, the deal is being classified as multiple-times oversubscribed.</li>
<li>FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. </li>
</ul>


The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
According to our sources, the deal is being classified as multiple-times oversubscribed.
FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. 


Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

<ul>
<li>They will be offering 16.2mm shares at $35-$39  with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>The company's principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.</li>
<li>Revenue in Q2 is up more around 140% versus the same period in 2024 but the company's net losses continue to mount.</li>
</ul>


They will be offering 16.2mm shares at $35-$39  with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
The company's principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
Revenue in Q2 is up more around 140% versus the same period in 2024 but the company's net losses continue to mount.


Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

United States

Karman Holdings Inc operates as a holding company. The Company, through its subsidiaries, specializes in the design, testing, manufacturing, and sale of mission-critical and launch vehicles systems for existing and emerging missile, defense, and space programs. Karman Holdings serves customers worldwide.

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Karman Holdings (KRMN US)

[Quiddity Index] MV Global Defense Dec25 Rebalance Results: Flow Expectations

Four ADDs and $800mm to trade in the MV Global Defense rebal to be executed on 19 December. There is one name with about 4x ADV to buy. The rest...

Travis Lundy

MV Global Defense Industry Index Rebalance: 4 Adds; 5.8% Turnover; US$850m Trade

There are 4 adds for the index in Dec. Estimated one-way turnover is 5.8% resulting in a round-trip trade of US$846m. The adds have run up a lot...

Brian Freitas

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

IPO Boutique

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...

IPO Boutique

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52-week Range

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[Quiddity Index] MV Global Defense Dec25 Rebalance Results: Flow Expectations

Four ADDs and $800mm to trade in the MV Global Defense rebal to be executed on 19 December. There is one name with about 4x ADV to buy. The rest...

Travis Lundy

MV Global Defense Industry Index Rebalance: 4 Adds; 5.8% Turnover; US$850m Trade

There are 4 adds for the index in Dec. Estimated one-way turnover is 5.8% resulting in a round-trip trade of US$846m. The adds have run up a lot...

Brian Freitas

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

​Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

IPO Boutique

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

​FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

​Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...

IPO Boutique

Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...