Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The stock price plunged by 34% last week and negative news has not been fully priced in.</li>
<li>However, revenue growth rate, gross margin, and market share are encouraging.</li>
<li>We believe there will be buying opportunities after Anthropic and OpenAI go public.</li>
</ul>


The stock price plunged by 34% last week and negative news has not been fully priced in.
However, revenue growth rate, gross margin, and market share are encouraging.
We believe there will be buying opportunities after Anthropic and OpenAI go public.


MiniMax (100 HK): Wait Until Competitors' and Its Own Shares Are Tradable

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma. We're back after a brief one-issue hiatus.</li>
<li>In this cut, we revisit memory's grip on the record-breaking KOSPI, count down to the record-setting <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> IPO, and unpack cooling iron ore prices.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma. We're back after a brief one-issue hiatus.
In this cut, we revisit memory's grip on the record-breaking KOSPI, count down to the record-setting SpaceX (SPCX US) IPO, and unpack cooling iron ore prices.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

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

Parabilis Medicines / Equity Capital Markets

<ul>
<li>Parabilis Medicines filed its IPO on May 19, updated offering terms on June 4, and is set to debut on June 10 as it transitions into a public biotech company. </li>
<li>The company plans to offer 25 million shares in a $17–$19 price range, implying an estimated $1.9 billion to $2.1 billion market capitalization at pricing.</li>
<li>The offering provides exposure to its Helicon™ platform targeting historically undruggable proteins, highlighted by early clinical validation in oncology indications.</li>
</ul>


Parabilis Medicines filed its IPO on May 19, updated offering terms on June 4, and is set to debut on June 10 as it transitions into a public biotech company. 
The company plans to offer 25 million shares in a $17–$19 price range, implying an estimated $1.9 billion to $2.1 billion market capitalization at pricing.
The offering provides exposure to its Helicon™ platform targeting historically undruggable proteins, highlighted by early clinical validation in oncology indications.


Parabilis Medicines, Inc. (PBLS): Peeking at the IPO Prospectus of a Peptide Therapeutic Company

<ul>
<li>ERock targets AI-driven power demand with modular distributed generation systems, a $1.28 billion backlog, and significant exposure to Texas and California growth markets.</li>
<li>Revenue grew 42.5% in 2025 while backlog expanded nearly 8x year-over-year, providing substantial visibility into future deployment and service revenues.</li>
<li>IPO valuation of $4.4-$5.0 billion offers investors exposure to power infrastructure demand, though attention may be shared with the anticipated SpaceX listing.</li>
</ul>


ERock targets AI-driven power demand with modular distributed generation systems, a $1.28 billion backlog, and significant exposure to Texas and California growth markets.
Revenue grew 42.5% in 2025 while backlog expanded nearly 8x year-over-year, providing substantial visibility into future deployment and service revenues.
IPO valuation of $4.4-$5.0 billion offers investors exposure to power infrastructure demand, though attention may be shared with the anticipated SpaceX listing.


ERock Inc (EROC): Another AI Power Play Sets Terms for IPO

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, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> is set to hog the limelight this week with pricing set to be announced on the 4th of June</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming 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, SpaceX (SPCX US) is set to hog the limelight this week with pricing set to be announced on the 4th of June
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

United States

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

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SpaceX (SPCX US)

MiniMax (100 HK): Wait Until Competitors' and Its Own Shares Are Tradable

The stock price plunged by 34% last week and negative news has not been fully priced in. However, financials are strong. There will be buying...

Ming Lu

Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Pranav Rao

Parabilis Medicines, Inc. (PBLS): Peeking at the IPO Prospectus of a Peptide Therapeutic Company

Parabilis Medicines set to debut as public biotech company on June 10 with IPO offering 25 million shares in $17-$19 price range, focusing on...

IPO Boutique

ERock Inc (EROC): Another AI Power Play Sets Terms for IPO

ERock capitalizes on AI-driven power demand with $1.28 billion backlog, strong growth in Texas and California markets, and IPO valuation of $4.4...

IPO Boutique

Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

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)

MiniMax (100 HK): Wait Until Competitors' and Its Own Shares Are Tradable

The stock price plunged by 34% last week and negative news has not been fully priced in. However, financials are strong. There will be buying...

Ming Lu

Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

​Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Pranav Rao

Parabilis Medicines, Inc. (PBLS): Peeking at the IPO Prospectus of a Peptide Therapeutic Company

​Parabilis Medicines set to debut as public biotech company on June 10 with IPO offering 25 million shares in $17-$19 price range, focusing on...

IPO Boutique

ERock Inc (EROC): Another AI Power Play Sets Terms for IPO

​ERock capitalizes on AI-driven power demand with $1.28 billion backlog, strong growth in Texas and California markets, and IPO valuation of $4.4...

IPO Boutique

Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

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

Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Parabilis Medicines set to debut as public biotech company on June 10 with IPO offering 25 million shares in $17-$19 price range, focusing on...

ERock capitalizes on AI-driven power demand with $1.28 billion backlog, strong growth in Texas and California markets, and IPO valuation of $4.4...