In today’s briefing:
- Aequitas: Robotechnik A/H Listing – Only Cheap on Y+2 P/E
- RoboTechnik (罗博特科) A+H IPO: Analysis of Deal Terms
- Ligent (纳真科技) IPO Trading
- Kinwong (景旺电子) A+H IPO: Analysis of Deal Terms
- Aequitas: Shenzhen Kinwong A/H Listing – At a Premium to AI-PCB HK Peers, Southbound Support
- Oura (OURA US): Oura Steps Into the IPO Spotlight, Sets Terms With $14B+ Valuation Target
- RoboTechnik Intelligent Technologies IPO: Slowly Getting Into The Photonic Groove
- Shenzhen Kinwong (3228 HK) IPO: Marginally Attractive
- Bamboo Insurance Services (BMB) Seeks $665 Million IPO as Profitable Homeowners Insurance Platform H
- Aequitas: Ligent A/H IPO Trading – Cheap Shares but Not Much Demand
Aequitas: Robotechnik A/H Listing – Only Cheap on Y+2 P/E
- RoboTechnik Intelligent Technology (RBTK HK) is looking to raise up to US$662m in its upcoming Hong Kong IPO.
- It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
RoboTechnik (罗博特科) A+H IPO: Analysis of Deal Terms
- RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, launched its IPO to raise USD 660m through an A+H listing. Huatai, Citi, and Orient Capital are the deal sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.
Ligent (纳真科技) IPO Trading
- Ligent, a China-based manufacturer of optical transceivers and optical network terminals, raised HKD 5,445m (USD 694m) from its global offering and will list on HKEX on Tuesday, September 22, 2026.
- In our previous note, we looked at the deal terms and the company’s valuation.
- In this note, we provide an update for the IPO before its trading debut.
Kinwong (景旺电子) A+H IPO: Analysis of Deal Terms
- Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.
Aequitas: Shenzhen Kinwong A/H Listing – At a Premium to AI-PCB HK Peers, Southbound Support
- Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise up to US$650m in its upcoming Hong Kong IPO.
- Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Oura (OURA US): Oura Steps Into the IPO Spotlight, Sets Terms With $14B+ Valuation Target
- Oura brings a compelling mix of 74% revenue growth, 5.0 million paid members, strong retention and recurring subscription revenue to the IPO market.
- Cornerstone interest from Eli Lilly and Dragoneer adds another notable dimension to an offering targeting a valuation above $14 billion.
- With Oura serving as the first major technology IPO test after Labor Day, investor demand and pricing will be closely watched.
RoboTechnik Intelligent Technologies IPO: Slowly Getting Into The Photonic Groove
- RoboTechnik Intelligent Technologies launched Hongkong IPO to raise HK$ 5.2B. They are a global provider of manufacturing equipment and systems for photovoltaic (PV) industry and silicon photonics (SiPh) industry.
- RoboTechnik Intelligent Technologies intends to use the proceeds for R&D, innovation, expanding production capacity, business promotion, strategic investments and/or acquisition and for general corporate purpose.
- RoboTechnik’s strong R&D capabilities and enhanced focus on intelligent SiPh manufacturing equipment, coupled with strong demand outlook make this issue worth for investors, especially those with a long-term focus.
Shenzhen Kinwong (3228 HK) IPO: Marginally Attractive
- Shenzhen Kinwong Electronic (3228 HK)‘s IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap.
- The key strengths lie in its comprehensive product portfolio, strong market reputation, and strategic partnerships with global customers.
- We value it at 32.7x PER for FY26, in line with the global peer average, meaning a price of HK$80.15. But this is not without risks, given potential earnings disappointment.
Bamboo Insurance Services (BMB) Seeks $665 Million IPO as Profitable Homeowners Insurance Platform H
- Bamboo Insurance Services, Inc. (BMB) is preparing to offer 35.0 million shares of Class A common stock on the New York Stock Exchange at an expected price of $18.00 to $20.00 per share.
- At the $19.00 midpoint, the selling stockholders would receive approximately $665.0 million, while the company would command an implied market capitalization of approximately $2.97 billion.
- Bamboo will not receive any proceeds from the offering.
Aequitas: Ligent A/H IPO Trading – Cheap Shares but Not Much Demand
- Ligent Technologies (9856 HK) raised US$723m in its upcoming Hong Kong IPO.
- Ligent Technologies develops, manufactures and sells optical transceivers, optical chips and optical network terminals across the full optical communication value chain.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
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