Daily Brief ECM: Aequtias: NSE IPO Trading – Weakish Demand Probably Flattish Debut and more

• National Stock Exchange (NSEIN IN) raised about US$2.4bn in its 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 and valuations in our previous note. In this note, we will talk about the trading dynamics.

• RoboTechnik Intelligent Technology (RBTK HK) makes manufacturing equipment for the PV and silicon photonics (SiPh) industries. It is seeking to raise up to US$663 million at HK$436.00 per share.
• Its legacy PV business is collapsing, while SiPh assembly and testing equipment, acquired through ficonTEC in 2025, generated 80% of 1H26 revenue.
• The investment case is cautious: RoboTechnik leads a fast-growing SiPh niche, but is barely profitable, leveraged and goodwill-heavy, with a weak governance record.

• GCash (Mynt) (GCASH PM) is looking to raise US$840m in its upcoming Philippines IPO.
• GCash, designed, developed and operated by Mynt, is a finance super app, providing a comprehensive suite of payment solutions and digital financial services in Philippines.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• ESWIN Computing, a RISC-V chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors.
• We look at the company’s core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.
• We look at the company’s core products: Nscale Infrastructure and Nscale Cloud.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Accelevation Holdings is a vertically integrated infrastructure platform designing, manufacturing, and installing power distribution and white space products for mission-critical environments.
• Accelevation Holdings reported 147% year-over-year revenue growth from 2024 to 2025 and a backlog of approximately $1.1 billion as of June 30, 2026.
• Accelevation Holdings reported FY2025 net income of $21,747 thousand and gross profit of $144,697 thousand, but net cash was used in operating activities for FY2025.

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• Shenzhen Kinwong Electronic (3228 HK) is a global printed circuit board (PCB) manufacturer, seeking to raise up to US$653 million at a maximum offer price of HK$69.88 per share.
• I discussed the H Share listing in Kinwong Electronic H Share Listing (3228 HK): The Investment Case. 
• In this note, I present my forecasts and valuation. The AH discount is light compared to peer multiples. Given my concerns about fundamentals, I would avoid the listing. 

• Oura Inc. (OURA) plans to offer 50.0 million shares on the Nasdaq Global Select Market at $40 to $44 per share, a $2.1 billion offering at the midpoint.
• Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies lead the underwriting group.
• The company’s growth makes this one of the more closely watched consumer IPOs, but it also invites a familiar question: Is Oura becoming a lasting part of people’s lives, or is the smart ring having its moment?

• NewHydrogen, Inc. develops clean energy technologies, focusing on thermochemical green hydrogen production to reduce costs and lead the green hydrogen economy.
• The company is developing thermochemical green hydrogen technology to lower production costs, targeting a green hydrogen economy valued at $12 trillion.
• The company reported a net loss of $(1,740,818) and an accumulated deficit of $(182,530,308), with substantial doubt about its going concern ability.

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• Boxlight Corporation is a technology company designing, producing, and distributing interactive displays, software, and communication solutions, primarily for the global education market.
• The company has sold solutions into over 70 countries and 1.5 million classrooms, launching the award-winning FrontRow Symphony platform in January 2026.
• The company regained Nasdaq compliance and received $5.5 million in proceeds, but its auditor expressed substantial doubt about its going concern ability.

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