This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Aequitas 2026 Asia IPO Pipeline – Hong Kong
- In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
2. Wuxi Biologics Placement: Recent Deals Haven’t Done as Well
- WuXi Biologics Holdings is looking to raise US$460m from a partial selldown of its stake in Wuxi Biologics (2269 HK).
- WuXi Biologics Holdings had been continuously selling down its stake over the last few years.
- In this note, we will talk about the placement and run the deal through our ECM framework.
3. Initial Thoughts on the HD Hyundai Robotics IPO
- HD Hyundai Robotics is getting ready to complete its IPO in Korea in 2026. HD Hyundai Robotics is expected to be one of the largest IPOs in Korea this year.
- The market currently estimates the value of HD Hyundai Robotics to be about 6-7 trillion won, up from a recent private market valuation of 1.8 trillion won in October 2025.
- If HD Hyundai Robotics is valued at 7 trillion won, an 80% stake held by HD Hyundai would be worth 5.6 trillion won (31% of HD Hyundai’s market cap).
4. Montage Technology H Share Listing: The Investment Case
- Montage Technology (688008 CH), the world’s largest memory interconnect chip supplier, has filed its PHIP for an H Share listing to raise US$1 billion.
- In 2024, Montage was the largest supplier of memory interconnect chips, with 36.8% market share.
- The investment case rests on an industry-leading position, a robust core business, an improving margin profile, cash generation, and a reasonable valuation.
5. Pharmaron Beijing Placement: Shares Had a Good Start This Year
- Pharmaron Beijing (300759 CH) is looking to raise US$175m in its primary offering.
- The company plans to use the proceeds for project development, repayment of bank loans and as working capital.
- In this note, we will talk about the placement and run the deal through our ECM framework.
6. Sunway Healthcare Pre-IPO: Favorable Industry Positioning and Expansion Plan to Drive Growth
- Sunway Healthcare plans to offer up to 1,974M shares for its upcoming Malaysian IPO, comprising of up to 1,399M existing shares to be offered for sale and 575M new shares.
- Sunway intends to utilize IPO proceeds for greenfield and brownfield Capex and redemption of debt. The company aims to double its bed capacity by 2032.
- As one of the major hospital groups in Malaysia, Sunway is well-positioned to capitalize on industry’s growth opportunity and further solidify its presence in the private healthcare services industry.
7. IPO Rating: BitGo Holdings, Inc.
- BitGo IPO has launched and will trade on the New York Stock Exchange with a size of roughly 11.82 million shares priced with a range of $15 to $17 per share, targeting proceeds of around $189 million if priced at the mid-point.
- As a longstanding digital asset custody and infrastructure provider — serving thousands of institutional clients, managing tens of billions in assets, and operating one of the industry’s deepest custody platforms — BitGo sits at the intersection of crypto technology and institutional finance.
- The company has seen strong topline growth, with reported revenue surging as digital assets expanded in adoption, yet it also faces persistent margin pressure and industry cyclicality.
8. K Bank IPO Preview (Third Try Is a Charm?)
- K Bank is getting ready to complete its IPO on the KOSPI exchange in February 2026. This is the company’s third attempt at an IPO in the past several years.
- The IPO price range is from 8,300 won to 9,500 won, resulting in an offering value of approximately 498 billion to 570 billion won.
- The expected market caps range from 3.4 trillion won to 3.9 trillion won which are lower than the previous market cap range of 4.0 trillion won to 5.0 trillion won.
9. BitGo Files for NYSE IPO as Institutional Crypto Infrastructure Moves Into the Spotlight
- BitGo Holdings, Inc. has filed publicly for an initial public offering, positioning itself as one of the most established institutional crypto infrastructure providers to access the public markets in early 2026.
- The company plans to list its Class A common stock on the New York Stock Exchange under the ticker BTGO , offering 11.82 million shares at an expected price range of $15.00 to $17.00 per share .
- At the midpoint price of $16.00, the offering implies a gross deal size of approximately $189 million, excluding any overallotment.
10. Aequitas 2026 Asia IPO Pipeline – Japan & South Korea
- In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at HK and India, we talk about Japan and South Korea pipeline.
- This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
- The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.
