Daily Brief ECM: Ligent Technologies (9856 HK) IPO: Valuation Insights and more

• Ligent Technologies (9856 HK) is an optical communication and connectivity products provider. It is seeking to raise US$723 million at HK$32.96 per share.
• I previously discussed the IPO in Ligent Technologies IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.

• India’s exchange monopoly is being sold at ₹1,785 when its own unlisted shares cleared ₹1,985 last week — and the state sellers trimmed their lines because they know it.
• Only 5.1% of NSE floats until 22 March 2027. Then 2.35bn shares, held at a median cost under ₹5, become saleable at forty times earnings.
• The state has throttled NSE’s options franchise five times in 22 months. Cash turnover never flinched. We initiate BULLISH, 12-month Fair Value ₹2,000.

• In this insight, we discuss the important takeaways from 25+ media interactions by the National Stock Exchange (NSEIN IN) MD – Ashish Kumar Chauhan.
• This discusses about his thoughts on regulation, growth, diversification and technology.
• Finally, we share our overall view based on these interviews.

• ClubMed Lifestyle Group (CLBMD HK) aims to raise up to US$700m in its Hong Kong listing.
• It operates a leading global premium vacation lifestyle group with a strong global footprint.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Electra is developing precision immunotherapies designed to selectively eliminate disease-driving immune cells while preserving normal immune function.
• Ipsoprubart has generated encouraging early data in malignancy-associated HLH, including 100% overall survival and overall response in 12 frontline patients.
• Sector momentum and current demand are constructive, with all four August biotech IPOs trading above issue prices and Electra’s book reportedly oversubscribed.

• RoboTechnik’s fundamentals are currently in a stage of “strong story but weak profits”. The SiPh equipment sector has sufficient market appeal, but the profit scale is still small
• Based on 26H1 explosive growth of optoelectronics business, significant jump in profitability in 26Q2, and the 2.452bn yuan in-hand orders for optoelectronics, the forecast needs to be systematically revised upwards
• Considering the growth potential of RoboTechnik (with a projected CAGR of 100+% in net profits from 2026 to 2028), 35-45x P/E based on 2027 forecast could be a comfortable range

• Bamboo is an AI and technology-enabled, underwriting-first and capital-light homeowners insurance MGU, built for the $189 billion homeowners insurance market. It leverages AI and technology to deliver value, focusing on.
• Managed Premium grew by 34% for the six months ended June 30, 2026. Loss ratios outperformed the industry by 32 percentage points over the last five fiscal years.
• Total revenue was $173,398 and net income was $13,756 for the six months ended June 30, 2026. Long-term debt was $531,064 as of June 30, 2026.

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• Electra Therapeutics is a late clinical-stage biopharmaceutical company pioneering precision medicines for immune-mediated diseases and cancer, targeting SIRP to deplete disease-driving cells.
• Ipsoprubart received Breakthrough Therapy designation from FDA and PRIority MEdicine from EMA for sHLH, with ELA822 Phase 1 initiated.
• The independent auditor’s report included a ‘going concern’ explanatory paragraph, and no revenue has been generated to date.

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• Veri Medtech Holdings, Inc. is a healthcare technology company providing access to alternative medicine for sensitive health issues via discreet online care. It operates as a holding company for Veriheal.
• Veriheal processed over 350,000 patient approvals, generated over $100 million in revenue, and acquired MarijuanaDoctors.com for $3,000,000 in 2022.
• Revenues decreased by 35% to $10.8 million in FY2025, and substantial doubt exists about the Company’s ability to continue as a going concern.

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• Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing.
• Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
• We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.