Daily Brief ECM: Aequitas: Genscript Biotech Placement – Earnings-Led Inflection; Re-Rating May Limit Upside and more

• GenScript Biotech (1548 HK) is looking to raise up to US$300m from a primary placement. Proceeds are to be used for capacity expansion and platform infrastructure purposes.
• Genscript Biotech is a global life-science platform spanning research tools and services, biologics CDMO (ProBio) and industrial synthetic biology, with additional exposure to cell therapy through Legend Biotech.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• National Stock Exchange (NSEIN IN), India’s largest stock exchange, is seeking to raise about US$2.6 billion. 
• The IPO comprises a fully secondary share offering. Subscription is expected to open the week of 14 September at a rumoured revised price band of Rs1,700–1,785.
• The investment case is bearish as NSE is a dominant, high-margin franchise carrying real regulatory-driven revenue and competitive risk concentrated in options, its core revenue line.

• Evolution Metals & Technologies Corp. is a Delaware-incorporated company building an integrated supply chain for critical materials, rare earth elements, and advanced magnet technologies. Its mission is to establish a.
• Evolution Metals & Technologies became a publicly traded company on January 5, 2026, and issued convertible debentures up to $100,000,000 on May 7, 2026.
• For the six months ended June 30, 2026, total revenue was $1,000, with a net loss of $(1,000) and net cash used in operating activities of $(1,000).

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• CDT Equity Inc. is a data-driven biotech development company focused on identifying, enhancing, and advancing high-potential therapeutic assets through scientific innovation and strategic partnerships.
• The company successfully extended the patent life of certain drugs by up to 20 years.
• The company reported a net loss of $(8,704) for the six months ended June 30, 2026.

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• Holtec is a U.S.-headquartered multinational technology company specializing in nuclear power generation and expanding into clean energy solutions and long-duration energy storage. It leads in nuclear energy, providing SSCs and.
• Holtec operates three advanced U.S. manufacturing plants with over one million square feet capacity and holds 203 granted patents worldwide.
• Total assets were $6,479,453 as of June 30, 2026, and $6,075,636 as of December 31, 2025.

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• Insurance is testing the IPO waters: Orion180’s offering provides an important read-through on investor appetite for specialty insurance following a summer IPO lull.
• Demand will be closely watched: Led by RBC Capital Markets, the $300–$340 million offering could help determine whether improving IPO momentum extends into insurance.
• Strong growth and profitability: Gross premiums written surged 79.4% to $354.4 million, while adjusted EBITDA more than quintupled year over year to $25.4 million.

• Taihe’s three businesses form a complete commercial loop of “IP content → amplification of artist performances → monetization of the ticketing platform → feeding back to the IP ecosystem”
• Taihe’s advantage lies in its all-round layout covering the entire industrial chain. However, its weakness is compared with platform-type enterprises, Taihe lacks a super entry point directly reaching end consumers
• Based on the analysis, we think a conservative scenario could be P/E of 15-20x. A neutral scenario could be 20-25x. An optimistic scenario could be 25-30x.

• Holtec combines an established nuclear-services platform, significant technical and regulatory barriers to entry, a premier underwriting syndicate and exposure to one of the strongest themes in the capital markets.
• Its relatively limited public float and the quiet recent IPO calendar could support favorable demand during the roadshow.
• The principal constraints are the aggressive valuation, complicated financial presentation, concentrated voting control and substantial execution risk associated with Palisades and commercial deployment of the SMR-300.

• Orion180 combines rapid premium growth, improving profitability, an attractive specialty insurance market and a differentiated technology-enabled operating model.
• The manageable offering size and absence of secondary shares provide support for the IPO structure.
• The principal constraints are the premium valuation, elevated combined ratio, catastrophe exposure, concentrated founder voting control and the effective use of IPO proceeds to refinance debt associated with substantial pre-offering shareholder distributions.

• Southport Acquisition Corp. II is a blank check company formed to effect a business combination, focusing on the artificial intelligence sector.
• The company focuses on the artificial intelligence sector, targeting high-quality companies with meaningful revenue and enterprise values between $400 million and $1.5 billion.
• Cash was $25,000 as of July 15, 2026, with a working capital deficit of $22,540. Substantial doubt exists about its ability to continue as a going concern.

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