This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
Receive this weekly newsletter keeping 45k+ investors in the loop
1. [Japan ECM] TEPCO Selling Tokyo Enesys (1945 JP) Shares – Shouldn’t Be Surprising
- Yesterday after the close, Tokyo Electric Power Co (9501 JP) and Tokyo Energy & Systems (1945 JP) announced TEPCO would offer up to 3.1mm shares (including greenshoe) in Enesys.
- This is not enormous. It is about 9% of shares out. TEPCO will no longer treat it as an equity affiliate and it somewhat frees up the register.
- This was better done as a tender offer buyback. Tokyo Enesys is cheap as a capital construct but its equity is tied up where it shouldn’t be.
2. 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.
- 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.
3. Aequitas: Nexchip Semiconductor A/H Listing – Recently Listed A-Shares, Now Raising Again
- Nexchip Semiconductor (688249 CH), aims to raise up to US$550m in its H-share listing.
- It is a pure-play 12-inch wafer foundry providing comprehensive wafer fabrication services across mainstream technology nodes ranging from 150nm to 40nm, while steadily advancing 28nm platforms.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
4. Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth
- By establishing a multi-engine BD model of “M&A+licensing cooperation+CSO”, WinHealth’s ability to identify and acquire innovative drugs and other high-quality assets with significant commercial potential is effectively enhanced.
- Based on our forecast, high growth in 2025 is driven by the Kyowa Kyrin China Acquisition.In 2026-2027, Kapruvia is expected to drive the growth of WinHealth.However, revenue growth gradually declined.
- Valuation should be lower than pure innovative drug companies (e.g. Innovent, Akeso, Kelun Bio, etc.), and CMS who has similar business model but more mature system and higher profit margin.
5. Aequitas: Fractal Analytics IPO Trading – Lacklustre Demand
- Fractal Analytics Ltd (2453623D IN) raised US$315m in its India IPO.
- Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
6. Aequitas: Shiprocket Pre-IPO- Business Expansion Through Targeted Acquisitions
- Shiprocket (1087190D IN) is looking to raise about US$253m in its upcoming India IPO. It is a technology platform helping small-medium businesses and large retailers in India carry e-commerce transactions.
- It supports merchants by simplifying key processes such as logistics, checkout, payments, order fulfilment, and cross-border trade, allowing them to sell both online and offline efficiently and at scale.
- In this note, we talk about the company’s historical performance.
7. Aequitas: Contact Energy Placement – Large Deal to Digest but Guidance Has Been Increased
- Contact Energy (CEN NZ) is looking to raise US$272 in its primary offering.
- The company plans to use the proceeds for further investments into renewable energy and advance the Contact31+ strategy.
- In this note, we will talk about the placement and run the deal through our ECM framework.
8. Aequitas: MeiG Smart Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- MeiG Smart Technology Co Ltd (002881 CH), a provider of wireless communication modules and solutions, aims to raise around US$150m in its H-share listing.
- MeiG is a provider of wireless communication modules and solutions, with a product portfolio consisting of (1) smart modules and (2) data transmission modules.
- In this note, we talk about the recent updates on the company’s past performances, and likely A/H premium.
9. Aequitas: Marri Retail Limited Pre IPO Tearsheet
- Marri Retail Limited (1489143D IN) plans to raise US$221m via a mix of fresh issue & OFS in upcoming India IPO. The deal is run by IIFL, Nuvama, Motilal Oswal.
- MRL is an apparel and jewellery retailer offering products across premium, mid-premium, and value segments. It operates 34 stores spanning 26 districts across Telangana, Andhra Pradesh, Karnataka, and Maharashtra.
- MRL operates its stores under The Chennai Shopping Mall, JC Mall, J.C. Brothers, and Jeans Corner brands in apparel category, and The Chennai Shopping Mall Jewellers in jewellery category.
10. PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech
- PayPay Corporation filed for a U.S. IPO on February 12, targeting a potential March debut, backed by SoftBank and a top-tier global underwriting syndicate.
- With 72 million registered users and ¥15.39 trillion in FY2025 GMV, PayPay leads Japan’s cashless market with over 20% sustained annual transaction growth.
- Expansion into banking and securities, improving profitability, and strong eKYC penetration position PayPay as a scaled, integrated digital finance ecosystem amid accelerating cashless adoption.
