This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Mynt (GCash) IPO: 2Q and Valuation Update
- GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.
- I discussed the IPO in Mynt (GCash) IPO: The Investment Case. I have updated my view and forecasts for the 2Q results.
- My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation.
2. Kioxia’s (285A JP) $10bn US ADR: The Leak Is Unconfirmed, but the Logic Is Sound
- Bloomberg’s $10bn Kioxia US ADR report is anonymously sourced with no filing or term sheet — a placed leak. The underlying transaction is real, CFO-guided, and realistically prices Q2 CY2027.
- Primary issuance dilutes 5.7%; a secondary clears c.28% of the register at no cost. Treasury stock covers only $5.3bn. Structure decides the trade, not size.
- BULLISH maintained, fair value ¥72,000 pre-split / ¥24,000 post-split on 12x FY2027E EPS ¥6,000; ¥90,000 ADR scenario at 15x requires confirmation, non-dilutive structure and index entry.
3. Ligent Technologies (9856 HK) IPO: Valuation Insights
- 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.
4. Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation
- Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
5. Ligent Technologies (9856 HK) IPO: Low Expectations
- Ligent Technologies (9856 HK)‘ IPO looks to raise HK$5.4bn at HK$32.96/share. This optical communication and connectivity product provider, however, does not stand out.
- It will benefit from the current AI investment trend, driving a 3-year EPS CAGR of 59.7%. With Hisense Group being its controlling shareholder, it can leverage on this relationship.
- Its 1H26 gross margin is low, hence difficult to justify a premium. Optimistically, it can trade on par with CIG Shanghai (6166 HK)‘s 10.7x FY27 PER, equalling HK$36.06.
6. Aequitas: Kanzhun Placement – Second Selldown in the Year by Tencent, Previous One Did Not Go Well
- Tencent (700 HK) (via Image Frame Investment) aims to raise around US$287m via selling a part of its stake in Kanzhun (2076 HK).
- Kanzhun is a Nasdaq and Hong Kong-listed Chinese job listing portal. Kanzhun runs BOSS Zhipin APP.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
7. NSE IPO – New SEBI Consultation Paper on CAS – Why It Eases the Worries a Bit
- Insight on SEBI’s new consultation paper on review of Certain Aspects of the Closing Auction Session(CAS) , Market Timings and Settlement Methodology for Derivatives Contracts.
- We discuss the various aspects of the paper presented by SEBI.
- Finally, we discuss how the impacts the NSE IPO which is opening this week.
8. HONG KONG IPO WATCH: Ligent Technologies – Connecting AI Globally
- Ligent Technologies (9856 HK), a leading optical transceiver and chip maker serving the data center market, will IPO on September 22nd. The company will raise HK$5.67 billion.
- The optical transceiver market is projected to grow at a 40.6% revenue CAGR from 2025–2030, driven by adoption of 800G/1.6T modules in AI data centers.
- Although the US is reportedly considering a ban on imports of new models of Chinese optical transceivers, expanding capacity for US-based transceiver companies would take years and significant capital.
9. Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI
- 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, Shenzhen Longsys Electronics (9976 HK) didn’t do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
- On the placement front, the week wasn’t as busy but we did look at a few deals and upcoming lockups.
10. Aequitas: NSE IPO – Digestible Valuation, Given Its Dominance
- National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
- NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
- We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.
