In today’s briefing:
- Shein IPO Preview
- SHEIN (希音) Pre-IPO: Peer Comparison
- Life Insurance Corporation of India Placement – Damned If You, Damned If You Don’t Upsize
- Mynt (GCash) IPO: The Investment Case
- Latigo Biotherapeutics (LTGO) Eyes $272 Million IPO to Advance Non-Opioid Pain Medicines
- Bob’s Discount Furniture (BOBS): Six Months Later: Bob’s Journey Has Been Anything But Discounted
- Amos Food (阿麦斯食品) Pre-IPO: Early Thoughts
- Eikon Therapeutics (EIKN): Six Months Later: Priced for Perfection, Punished by Reality
- Attovia Therapeutics (ATTO) Targets $200 Million IPO to Advance Next-Generation Biologics
- IPO Rating: Latigo Biotherapeutics
Shein IPO Preview
- Shein is actively preparing for an IPO on the Hong Kong Stock Exchange, tentatively scheduled for the second half of 2026.
- The company is targeting a listing valuation of US$40 billion to US$50 billion, representing a significant haircut from its historical peak valuations.
- I think the company is likely to face tough challenges in in reaching valuation at even lower end of its target valuation range.
SHEIN (希音) Pre-IPO: Peer Comparison
- SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS and JPM are joint sponsors.
- In our previous note, we briefly looked at the company’s business, financials and investor backing.
- In this note, we compare the company with listed peers from financial, operating and valuation perspectives.
Life Insurance Corporation of India Placement – Damned If You, Damned If You Don’t Upsize
- The Government of India (GOI) is looking to raise at least US$1.3bn via selling a 2.2% stake in Life Insurance of India (LICI IN).
- There is a further upsize option for ~4% of the stock to bring overall deal size to around US$3.3bn.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Mynt (GCash) IPO: The Investment Case
- GCash (1490676D PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion.
- GCash is the Philippines’ dominant e-wallet and digital financial services platform. Beyond payments, Mynt has built GCash into a broader financial ecosystem covering lending and wealth management.
- The investment case is based on strong market position, a dominant Payment solutions business, a rapidly growing Digital Financial services business and margin expansion.
Latigo Biotherapeutics (LTGO) Eyes $272 Million IPO to Advance Non-Opioid Pain Medicines
- Thousand Oaks, California-based Latigo Biotherapeutics has filed for a Nasdaq IPO seeking to raise approximately $272 million through the sale of 16.0 million shares priced between $16.00 and $18.00 each.
- At the midpoint of the proposed range, the company would have an implied market capitalization of approximately $1.02 billion.
- Latigo intends to trade on the Nasdaq Global Select Market under the ticker LTGO, with the offering being led by Goldman Sachs, Jefferies, Leerink Partners, and Guggenheim Securities.
Bob’s Discount Furniture (BOBS): Six Months Later: Bob’s Journey Has Been Anything But Discounted
- Volatile aftermarket. Shares rallied early before falling more than 40%, but have recovered to within striking distance of the IPO price.
- Execution improving. Better-than-expected adjusted earnings and reaffirmed full-year guidance restored investor confidence following a difficult spring.
- Sponsor overhang remains. Bain Capital’s significant ownership could create future follow-on offering opportunities as it monetizes its investment.
Amos Food (阿麦斯食品) Pre-IPO: Early Thoughts
- Amos Food, a Chinese sugar confectionery maker, has filed its prospectus with the HKEX. BOA, CMS, and JPM are the joint sponsors.
- We look at the company’s core segments: Amos, Biobor and third-party brands.
- We think the deal is not interesting. Revenue growth and margin expansion prospects are outweighed by large concentration risk, geopolitical risk and weak consumer-sector sentiment.
Eikon Therapeutics (EIKN): Six Months Later: Priced for Perfection, Punished by Reality
- Upsized, high-end pricing proved too aggressive, with shares never reclaiming the $18.00 IPO price.
- Stock declined nearly 50% over six months, making Eikon one of 2026’s weakest biotech IPO performers.
- Operational execution remained solid, but valuation reset dramatically as biotech investors became increasingly selective.
Attovia Therapeutics (ATTO) Targets $200 Million IPO to Advance Next-Generation Biologics
- Attovia Therapeutics (NASDAQ: ATTO) has filed to raise approximately $200 million through an initial public offering of 12.5 million shares priced between $15.00 and $17.00 per share, implying a midpoint offering size of $200 million and a fully diluted market capitalization of approximately $616 million at the midpoint.
- The offering is being led by Morgan Stanley, Leerink Partners, Citigroup, RBC Capital Markets, and LifeSci Capital.
- Attovia is a clinical-stage biotechnology company developing next-generation biologics for immune-mediated diseases using its proprietary ATTOBODY platform.
IPO Rating: Latigo Biotherapeutics
- Latigo Biotherapeutics is expected to list on the Nasdaq under the ticker LTGO, offering 16.0 million shares at a price range of $16.00 to $18.00 per share and targeting approximately $272 million in gross proceeds.
- The company is developing a portfolio of non-opioid pain therapies targeting the Nav1.8 sodium channel, with its lead candidate, LTG-001, advancing toward Phase 3 development for acute pain.
- The platform addresses one of the largest unmet needs in medicine as healthcare providers continue seeking effective alternatives to opioid-based pain management.
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