APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033:1" rel="noopener">Mandi (MANDI HK)</a> is looking to raise at least US$200m in its upcoming Hong Kong IPO.</li>
<li>It operates as a leading specialized consumer pharmaceuticals company in China.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Mandi (MANDI HK) is looking to raise at least US$200m in its upcoming Hong Kong IPO.
It operates as a leading specialized consumer pharmaceuticals company in China.
In this note, we look at the firm's past performance.


Aequitas: Mandi Pre-IPO - Spinoff from 3SBio, Strong Growth Profile

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033:1" rel="noopener">Mandi (MANDI HK)</a> is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Huatai.</li>
<li>Mandi is a leading specialized consumer pharmaceuticals company in China, primarily focused on skin health (including hair health) and weight management.</li>
<li>The company was spun off from 3SBio (1530.HK) to operate as a distinct entity. </li>
</ul>



Mandi (MANDI HK) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
Mandi is a leading specialized consumer pharmaceuticals company in China, primarily focused on skin health (including hair health) and weight management.
The company was spun off from 3SBio (1530.HK) to operate as a distinct entity. 


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain. </li>
<li>The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.</li>
<li>An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.</li>
</ul>


Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain. 
The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.
An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.


Pre-IPO Mandi Inc. - The Business Model, the Concerns and the Valuation

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Mandi has filed for a Hongkong IPO. The company which at present operates as a subsidiary of 3SBio Inc will be spun off and separately listed.</li>
<li>Mandi intends to use the IPO proceeds for funding product expansion, enhance early-stage R&amp;D capabilities, invest in sales and marketing initiatives and, for working capital and general corporate purposes.</li>
<li>Minoxidil will be the main growth catalyst for now cashing on its leadership position while accelerating the development and commercialization of the pipeline assets will be key for future growth.</li>
</ul>


Mandi has filed for a Hongkong IPO. The company which at present operates as a subsidiary of 3SBio Inc will be spun off and separately listed.
Mandi intends to use the IPO proceeds for funding product expansion, enhance early-stage R&amp;D capabilities, invest in sales and marketing initiatives and, for working capital and general corporate purposes.
Minoxidil will be the main growth catalyst for now cashing on its leadership position while accelerating the development and commercialization of the pipeline assets will be key for future growth.


Mandi Inc Pre IPO: Hair Will Help Carry Weight to Future Growth, Pipeline Key

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, after a stellar listing for Montage, other listings during the week didn't do much.</li>
<li>On the placement front, we had a look at a few of the upcomng lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, after a stellar listing for Montage, other listings during the week didn't do much.
On the placement front, we had a look at a few of the upcomng lockup expiries.


Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

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Mandi (MANDI HK)

Aequitas: Mandi Pre-IPO - Spinoff from 3SBio, Strong Growth Profile

Mandi is looking to raise at least US$200m in its upcoming Hong Kong IPO. It is a leading consumer pharmaceutical minoxidil company. In this note,...

Nicholas Tan

Mandi Pre-IPO Tearsheet

Mandi, a specialized consumer pharmaceuticals company in China, plans to raise up to US$200m in its Hong Kong IPO with Huatai.

Nicholas Tan

Pre-IPO Mandi Inc. - The Business Model, the Concerns and the Valuation

Mandi's short-term success hinges on Minoxidil, but uncertainty looms with Winlevi and semaglutide. Growth may slow due to VBP and competition. A...

Xinyao (Criss) Wang

Mandi Inc Pre IPO: Hair Will Help Carry Weight to Future Growth, Pipeline Key

Mandi filed for Hong Kong IPO to fund product expansion and R&D, focusing on minoxidil at present and harping on semaglutide for future growth....

Tina Banerjee

Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Mandi Pre-IPO - Spinoff from 3SBio, Strong Growth Profile

Mandi is looking to raise at least US$200m in its upcoming Hong Kong IPO. It is a leading consumer pharmaceutical minoxidil company. In this note,...

Nicholas Tan

Mandi Pre-IPO Tearsheet

​Mandi, a specialized consumer pharmaceuticals company in China, plans to raise up to US$200m in its Hong Kong IPO with Huatai.

Nicholas Tan

Pre-IPO Mandi Inc. - The Business Model, the Concerns and the Valuation

​Mandi's short-term success hinges on Minoxidil, but uncertainty looms with Winlevi and semaglutide. Growth may slow due to VBP and competition. A...

Xinyao (Criss) Wang

Mandi Inc Pre IPO: Hair Will Help Carry Weight to Future Growth, Pipeline Key

​Mandi filed for Hong Kong IPO to fund product expansion and R&D, focusing on minoxidil at present and harping on semaglutide for future growth....

Tina Banerjee

Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Mandi, a specialized consumer pharmaceuticals company in China, plans to raise up to US$200m in its Hong Kong IPO with Huatai.

Mandi's short-term success hinges on Minoxidil, but uncertainty looms with Winlevi and semaglutide. Growth may slow due to VBP and competition. A...

Mandi filed for Hong Kong IPO to fund product expansion and R&D, focusing on minoxidil at present and harping on semaglutide for future growth....