ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy
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.
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JD Industrials IPO Trading - Decent Pricing but Weakish Demand
JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point. Demand overall was weakish.
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Foshan Haitian Flavouring A/H IPO Lockup - US$500m Cornerstone Release
Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup...
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Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked
Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.
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Suzhou Novosense A/H Trading - Weakest Demand but Highest Concentration
Suzhou Novosense Microelectron (688052 CH), an analog chips producer, raised around US$285m in its H-share listing. In this note, we talk about the...
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