In today’s briefing:
- YMTC (长江存储) Pre-IPO: Tearsheet
- Aequitas: ClubMed Pre-IPO Tearsheet
- Big Wave Robotics: Updated IPO Valuation Analysis
- Rentomojo IPO: Enough Mojo Present For Investors, But Not On Rent For Sure
- Aequitas: Hosin Global Electronics Pre-IPO – Current Strong Earnings Growth Might Not Last
- Holtec Nuclear Corp (HNUC): Nuclear Power Generation Company Sets Terms for IPO
- Karamtara Engineering: Unique and Defensive Play on Global Renewable Capacity Growth
- Pre-IPO Shenzhen Forms Syntron Information (PHIP Updates) – Some Points Worth the Attention
YMTC (长江存储) Pre-IPO: Tearsheet
- YMTC, a 3D NAND flash memory IDM, has filed its prospectus with the Shanghai Stock Exchange for a STAR Market listing. CITIC and CSC are the joint sponsors.
- We look at the company’s core segments: NAND Flash products and other products and services.
- We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.
Aequitas: ClubMed Pre-IPO Tearsheet
- ClubMed Lifestyle Group (CLBMD HK) is looking to raise up to US$700m in its upcoming Hong Kong IPO. The deal will be run by BNP, HSBC and JPM.
- ClubMed Lifestyle Group is a global premium vacation lifestyle group.
- The firm focuses on delivering comprehensive, high-quality premium all-inclusive resort operations and asset-light vacation scenario services.
Big Wave Robotics: Updated IPO Valuation Analysis
- Big Wave Robotics IPO is expected to start trading on 29 September. The company has lowered the IPO price range to 15,000 won to 18,000 won per share.
- To satisfy market expectations and regulators, Bigwave Robotics lowered its target offering price band and reduced the total number of shares offered.
- My updated valuation analysis suggests a target price of 27,575 won per share, which is 53% higher than the recently lowered high end of the IPO price range.
Rentomojo IPO: Enough Mojo Present For Investors, But Not On Rent For Sure
- Rentomojo is launching India IPO to raise nearly INR 12.6B. They operate a technology-driven, full-stack direct-to-consumer (D2C) online rental and subscription platform for furniture and appliances in India.
- Rentomojo intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for payment of lease rental/ license fee for their warehouses, experience stores and for general corporate purposes.
- Rentomojo operates in a market with changing consumer preferences. Operational capabilities, diversified product offerings, strong market presence, coupled with positive demand outlook does make this issue fundamentally worth for investors.
Aequitas: Hosin Global Electronics Pre-IPO – Current Strong Earnings Growth Might Not Last
- Hosin Global Electronics (HGE) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
- HOSIN Global Electronics is a leading independent memory product enterprise, ranking as the world’s fifth largest and China’s second largest by revenue in 2025, according to Frost & Sullivan (F&S).
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Holtec Nuclear Corp (HNUC): Nuclear Power Generation Company Sets Terms for IPO
- Holtec is bringing a large-scale nuclear-focused IPO to market, offering 50 million shares at $15–$18 for an implied $8.5 billion–$10.2 billion valuation.
- The company combines established nuclear businesses with significant SMR-300 growth ambitions, supported by dominant U.S. spent-fuel market share and the Palisades restart project.
- Demand and valuation remain key questions, particularly following weak performance from 2026 energy IPOs, making investor appetite and peer trading levels critical to the September 19 debut.
Karamtara Engineering: Unique and Defensive Play on Global Renewable Capacity Growth
- KEL is the largest supplier of integrated solar mounting structures in terms of capacity. It has also diverisified into ancillary products related to transmission towers and wind energy.
- With a strong presence in India and the US, KEL now looks to expand aggressively in Europe (Italy) and the middle east through its upcoming unit in KSA
- Its 875cr IPO opens today, seeking a valuation of 8,300cr. The company is structurally positioned to deliver ~15/20% revenue/earnings growth, with optionality around Battery and other products in the pipeline
Pre-IPO Shenzhen Forms Syntron Information (PHIP Updates) – Some Points Worth the Attention
- The “reduction in revenue but increase in profit” occurred because Forms Syntron actively withdrew from low-profit projects rather than being driven by internal growth. However, this model has shown “cracks”
- For technology service providers like Forms Syntron, although the sandbox verification has been completed, order conversion still depends on the capital expenditure rhythm of licensed institutions and selection of suppliers.
- P/E of the fintech/software services sector in HK market is usually within the range of 15-40x.Considering the risk discount for concentrated customer base, neutral scenario could be P/E of 25-35x
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