ECM Daily Briefs | Smartkarma

In today’s briefing:

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)
Okuma Corp Placement: Strong Financial Performance in Recent Period
ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount
Meesho Ltd IPO Trading – Robust Overall Demand
Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast
AVATR Tech Pre-IPO Tearsheet
Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release
Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion
CiDi Pre-IPO – PHIP Updates – 1H25 Highlighting The Need for Fresh Capital
Pre-IPO Hangzhou Sciwind Biosciences – Thoughts About the Industry and The GLP-1 Pipeline

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

By Travis Lundy

Okuma Corp (6103 JP) today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders.
That takes out about a third of them and not quite a quarter of the crossholders. There’s more to go. And the register remains “blocked”.
It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.

Okuma Corp Placement: Strong Financial Performance in Recent Period

Sumitomo Mitsui Trust Bank, MUFG and others are looking to sell around US$104m of Okuma Corp (6103 JP) stock.
This is a slightly large deal to digest, representing 13.2 days of three month ADV and 6.4% of outstanding stock.
In this note, we will talk about the placement and run the deal through our ECM framework.

ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount

ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

Meesho Ltd IPO Trading – Robust Overall Demand

Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast

Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

AVATR Tech Pre-IPO Tearsheet

AVATR Technology (1913753D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.
AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
AVATR has launched four mass-produced models which offer both pure electric (BEV) and range-extended powertrain (REEV) options. These models span a wide price range between RMB200,000 and RMB700,000.

Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release

Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
In this note, we will talk about the lockup dynamics and possible placement.

Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion

Nephrocare Health IPO will open for subscription on December 10, 2025 and close on December 12, 2025. The IPO price band has been set at INR 438–460 per share.
The issue consists of fresh issue aggregating INR3,534M and offer for sale of up to 11.25M equity shares. At the upper price band, the company aims to raise INR8,710M (~$97M).
The company will use IPO proceeds for funding capex for opening 167 new dialysis clinics in India over FY26–28 and pre-payment, or scheduled repayment, of certain borrowings.

CiDi Pre-IPO – PHIP Updates – 1H25 Highlighting The Need for Fresh Capital

CiDi Inc (CIDI HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the updates from its recent filing.

Pre-IPO Hangzhou Sciwind Biosciences – Thoughts About the Industry and The GLP-1 Pipeline

Competition in the entire GLP-1 market is constantly intensifying and evolving, which is expected to shift from the current focus solely on BMI indicators to a comprehensive patient-centered management model.
XW003 faces the challenge of head-to-head trials with competing drugs. There could be uncertainties in future clinical trials of XW004, XW014. Commercialization is a tough task for Sciwind’s GLP-1 pipeline.
The total peak sales of XW003, XW004 and XW014 could be RMB5-7 billion. Valuation of Sciwind could be lower than peers such as Innovent Biologics (1801 HK), Innogen (2591 HK).

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Dec 09

Daily Brief ECM: HashKey Holdings Pre-IPO: Volatile Crypto Space and more

In today’s briefing:

HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials
2026 (“Year of the Horse”) Major IPOs Pipeline in Asia
Andersen Group Inc. (ANDG):Tax & Financial Solutions Provider Sets Terms for End of Year IPO
Wealthfront Corporation (WLTH): Growth and Retention Highlight Bull Case for Financial Platform IPO
Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise
Corona Remedies IPO Review: Rolling up Growth
Lumexa Imaging Holdings, Inc. (LMRI): Imaging Service Valuation, Metrics Attractive Vs. Peers
InxMed (应世生物) Pre-IPO Quick Comment: Overstated Market Potential and Leadership
Cardinal Infrastructure Group Inc. (CDNL): Wet-Utility Leader Eyes Strategic Growth in Upcoming IPO
Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials

HashKey Digital Asset Group Lt (2365361D HK) is looking to raise at least US$200m in its upcoming Hong Kong IPO.
It operates the largest licensed crypto exchange in Hong Kong.
In this note, we look at the firm’s past performance.

2026 (“Year of the Horse”) Major IPOs Pipeline in Asia

By Douglas Kim

In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).
This report is meant to serve as a comprehensive, REFERENCE GUIDE to help clients get a broad view of the major IPOs that could get completed next year in Asia.
Some of the most prominent potential IPOs in Asia next year include Reliance Jio, Kunlunxin, Shein, Flipkart, and Canva.

Andersen Group Inc. (ANDG):Tax & Financial Solutions Provider Sets Terms for End of Year IPO

Andersen Group launches a $14–$16 IPO, offering 11 million shares with an estimated $1.55–$1.75 billion valuation.
IPO proceeds primarily fund AT Umbrella LLC and support technology, infrastructure, and potential strategic acquisitions.
Strong long-term growth and a controlled company structure shape the offering amid uncertain late-year IPO market conditions.

Wealthfront Corporation (WLTH): Growth and Retention Highlight Bull Case for Financial Platform IPO

Wealthfront IPO multiple-times oversubscribed, supported by $150M anchor orders from BlackRock and Wellington, reflecting strong long-term investor confidence.
Product-Led growth drives 95% client retention, 120%+ net revenue retention, and low marketing costs, fueling scalable, sustainable expansion.
Attractive valuation at ~6.3x EV/EBITDA versus peers, with $88B AUM and robust profitability, positions Wealthfront for strong post-IPO performance.

Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise

Medline targets up to $5.4B in its IPO, the largest potential cash-raise since Rivian in 2021.
Strong anchor and cornerstone commitments signal deep institutional support ahead of one of the year’s most anticipated offerings.
Medline’s resilient, high-margin med-surg platform delivers consistent organic growth, reinforcing its profile as a mature, scaled issuer.

Corona Remedies IPO Review: Rolling up Growth

By Himanshu Dugar

CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women’s healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands from ~1-2cr to 50+ crores
We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x

Lumexa Imaging Holdings, Inc. (LMRI): Imaging Service Valuation, Metrics Attractive Vs. Peers

Lumexa Imaging (LMRI US) targets fragmented $140B diagnostic imaging market, leveraging 184 centers and 20 acquisitions since 2018 for disciplined growth.
$1.003B revenue, $220.7M adjusted EBITDA (22% margin), outperforming peer RadNet on revenue per center and EBITDA margin.
IPO is sponsor-backed, well-oversubscribed with long-only investor interest; valuation attractive at 11.5x 2026 EBITDA, though cautious outlook maintained pre-debut.

InxMed (应世生物) Pre-IPO Quick Comment: Overstated Market Potential and Leadership

By Ke Yan, CFA, FRM

InxMed, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and CCBI are the joint book runners.
In this note, we look at the company’s core product, ifebemtinib, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.

Cardinal Infrastructure Group Inc. (CDNL): Wet-Utility Leader Eyes Strategic Growth in Upcoming IPO

Cardinal Infrastructure targets long-term growth with diversified infrastructure services, anchored by wet utility work and integrated project delivery.
Strong repeat business and disciplined acquisition strategy drive consistent revenue and EBITDA expansion, with modest leverage post-IPO.
IPO likely to attract patient, long-horizon investors; short-term momentum is uncertain despite oversubscription and solid fundamentals.

Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.

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Dec 08

Daily Brief ECM: ECM Weekly (8 December 2025) – SBI Shinsei and more

In today’s briefing:

ECM Weekly (8 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy
Pre-IPO JD Industrials – Thoughts on Valuation, IPO Pricing, and the Outlook
Suzhou Novosense A/H Trading – Weakest Demand but Highest Concentration
52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair
Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth

ECM Weekly (8 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

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, busy season remains in full swing going into the year end.
On the placements front, there were a few large deals and looked at some of the upcoming likely deals.

Pre-IPO JD Industrials – Thoughts on Valuation, IPO Pricing, and the Outlook

Based on 2025 revenue forecast of RMB24.1bn and the IPO price range, P/S is about 1.28-1.56x, higher than ZKH but lower than Ww Grainger. This is a reasonable valuation range.
The median IPO price range (HK$14.1/share) is a more likely/relatively safe outcome.This not only acknowledges JD Industrials’ leading position/growth story, but also partly reflects the market’s perception of its challenges.
The IPO pricing is the result of seeking a balance between the “premium of industry leaders” and “its shortcomings”.However, future valuation depends on whether JD Industrials can solve fundamental issues.

Suzhou Novosense A/H Trading – Weakest Demand but Highest Concentration

Suzhou Novosense Microelectron (688052 CH), an analog chips producer, raised around US$285m in its H-share listing.
According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

By Andrei Zakharov

52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.
In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.
52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets.

Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth

Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.
The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.
Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.

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Dec 07

Daily Brief ECM: Wakefit Innovations Ltd IPO- Forensic Analysis and more

In today’s briefing:

Wakefit Innovations Ltd IPO- Forensic Analysis
A Review of Our IPO Calls in 2025
Weekly Deals Digest (07 Dec) – SBI Shinsei, JD Industrials, ANE, Fast Fitness, Tsuruha, Predictive
TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong?

Wakefit Innovations Ltd IPO- Forensic Analysis

By Nitin Mangal

Wakefit Innovations (1684049D IN) ‘s INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.
Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.
Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention

A Review of Our IPO Calls in 2025

By Douglas Kim

In this insight, we review our IPO calls in 2025. The accuracy rate of our calls on the IPOs this year was 64%.
The overall sentiment on IPOs in Korea have improved in the second half of this year, paying the way for some completions of major IPOs in Korea in 2026.
LG CNS and Seoul Guarantee Insurance were two of the largest IPOs in Korea in 2025. Some of the best performing IPOs in Korea in 2025 include Nota and AimedBio.

Weekly Deals Digest (07 Dec) – SBI Shinsei, JD Industrials, ANE, Fast Fitness, Tsuruha, Predictive

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: SBI Shinsei Bank (8303 JP), NS Group (471A JP), JD Industrials (7618 HK) IPOs.
Event-Driven developments: Predictive Discovery (PDI AU), ANE Cayman Inc (9956 HK), Fast Fitness Japan Inc (7092 JP), Tsuruha Holdings (3391 JP), Spindex Industries (SPE SP).

TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong?

By Andrei Zakharov

TOP TOY is expected to IPO in 2026. The company has completed a ~$60M Series A round that was led by Temasek at a ~$1.3B post-money valuation in July.
In my insight, I discuss IPO valuation, update relative valuation table and examine competitive landscape among domestic and international toymakers.
TOP TOY revenue growth accelerated in 2025 coupled with improving profitability and growing free cash flows. TOP TOY was a major growth engine for MINISO’s business in 3Q.

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Dec 06

Daily Brief ECM: 2026 (“Year of the Horse”) Major IPOs Pipeline in Korea and more

In today’s briefing:

2026 (“Year of the Horse”) Major IPOs Pipeline in Korea
Milestone Gears Ltd Pre-IPO Tearsheet
Sedemac Mechatronics Ltd Pre-IPO Tearsheet

2026 (“Year of the Horse”) Major IPOs Pipeline in Korea

By Douglas Kim

This is our 11th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.
This insight features 40 of the biggest potential IPOs in Korea in 2026.
Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.

Milestone Gears Ltd Pre-IPO Tearsheet

Milestone Gears Ltd (1049966D IN) (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.
MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.
According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.

Sedemac Mechatronics Ltd Pre-IPO Tearsheet

Sedemac Mechatronics Ltd (1560389D IN) (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.
SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.
SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.

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Dec 05

Daily Brief ECM: [Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty and more

In today’s briefing:

[Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh
Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately
Meesho Ltd IPO – Value-Led Play, Moderately Priced
Meesho Ltd IPO- Watch Out for Impairment Allowance
Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments
Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

[Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh

By Travis Lundy

The SBI Shinsei Bank (8303 JP) IPO is due to be priced on 8 December and start trading on 17 December 2025.
I have been reluctant to write because of my general lack of excitement regarding the IPO and its after-market prospects. It is, as a friend says, “neither here nor there.”
But as the bank was my High Conviction Long trade for 2021, 2022, and 2023 and I wrote about the events in the interim, I thought I should opine.

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Meesho Ltd IPO – Value-Led Play, Moderately Priced

Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.

Meesho Ltd IPO- Watch Out for Impairment Allowance

By Nitin Mangal

Meesho (1546271D IN)‘s INR 52.4 bn IPO is currently open for subscription. It consists of fresh issue worth INR 42.5 bn and OFS component worth INR 11.7 bn
The company is India’s largest E-Com platforms in terms of placed orders and user base, and make its mark in the value segment, offering mostly unbranded and regional branded products.
While KPIs signal growth and operational efficiencies, Meesho is still a loss maker. It has high litigation risk and seeing rapid increase in impairments and write offs with receivables

Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments

By Sreemant Dudhoria,CFA

In this insight, we highlight why Meesho (1546271D IN) is a data science workhorse masquerading as an E-Commerce Platform
We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.
Finally, we discuss our view on future prospects and valuation of the company.

Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

Guangdong Tianyu Semiconductor (2223725D CH) raised around US$224m in its HK IPO.
It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.
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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Dec 04

Daily Brief ECM: JD Industrials IPO – Valuation Cut Means Its Priced to Go and more

In today’s briefing:

JD Industrials IPO – Valuation Cut Means Its Priced to Go
Swiggy Possible Placement – US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked
JD Industrials IPO (7618 HK): Valuation Insights
Chubb Insurance Pre-IPO Tearsheet
Mandi Pre-IPO Tearsheet
JD Industrials (7618 HK) IPO: Only Attractive if Priced Cheaply
JD Industrial IPO: Structural Efficiency, Asset Light Model, Upscaling Paves Way for Growth
3SBio Inc (1530 HK) Placement – The Placing Price Indicates Decent Upside Potential in Valuation
CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

JD Industrials IPO – Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.

Swiggy Possible Placement – US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.

JD Industrials IPO (7618 HK): Valuation Insights

JD Industrials (7618 HK) is a leading industrial supply chain technology and service provider in China. It has launched an HKEx IPO to raise up to US$420 million.
I previously discussed the IPO in Jingdong Industrials (JDI) IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.

Chubb Insurance Pre-IPO Tearsheet

Chubb Insurance (1071557D MK) is looking to raise at least US$300m in its upcoming Malaysian IPO. The deal will be run by Maybank.
It is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance.
Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010.

Mandi Pre-IPO Tearsheet

Mandi (MANDI HK) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
Mandi is a leading specialized consumer pharmaceuticals company in China, primarily focused on skin health (including hair health) and weight management.
The company was spun off from 3SBio (1530.HK) to operate as a distinct entity.

JD Industrials (7618 HK) IPO: Only Attractive if Priced Cheaply

By Osbert Tang, CFA

Although JD Industrials (7618 HK) is China’s largest MRO player, its maximum IPO price of HK$15.5 implies a rich FY26 PER of 28.2x.
The stock’s highest justified valuation is a 20% premium to the sector average FY26F PER, implying only 8% upside from the IPO price, providing a limited safety margin.
We think it will only be attractive to price below the mid-point of the IPO range, that is, HK$14.10.

JD Industrial IPO: Structural Efficiency, Asset Light Model, Upscaling Paves Way for Growth

JD Industrial launched its Hongkong IPO aiming to raise up to HK$3.3B. The company plans to sell 211.2M shares at a price band of HK$ 12.7-HK$ 15.5 per share.
Proceeds to be used to enhance industrial supply chain capabilities, for business expansion across geographies, for potential strategic investments or acquisitions and for general corporate purposes and working capital needs.
Topline growth momentum expected to remain strong in the near term alongside strengthening margins. We feel JD Industrial issue is fairly priced and investors can surely subscribe to the offer.

3SBio Inc (1530 HK) Placement – The Placing Price Indicates Decent Upside Potential in Valuation

Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is “good asset but not core asset” within 3SBio system, so it’s difficult to drive up overall valuation.
Innovative drug R&D will be the main driver for future valuation growth in “post-Mandi era”. The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .
3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.

CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

By Andrei Zakharov

CiDi Inc., China’s leading provider of AD technology for commercial vehicles, plans to go public in Hong Kong in December or January at the latest.
The AD company may seek to raise up to $US200M for development of its CiDiTruck, R&D, improvement of commercialization capabilities, and enhancing the international footprint, among others.
The IPO looks promising after Pony AI and WeRide jointly raised ~US$1.2B in their public share offerings in Hong Kong this year.

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Dec 03

Daily Brief ECM: UltraGreen.ai IPO Trading: Attractive Pricing and more

In today’s briefing:

UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds
UACJ Placement: Lacklustre Financial Performance in Recent Period
3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive
Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation
Meesho – Potential Play on Value E-Commerce
Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors
Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation
Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect
Pre-IPO Mandi Inc. – The Business Model, the Concerns and the Valuation

UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

UACJ Placement: Lacklustre Financial Performance in Recent Period

Furukawa Electric is looking to sell around US$128m of Uacj Corp (5741 JP.
The deal is a big one, representing 23.3 days of three months ADV and 5% of outstanding stock.
In this note, we will talk about the placement and run the deal through our ECM framework.

3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive

3SBio Inc (1530 HK) announced the placement of 105.2M shares for subscription at HK$29.62 per share.
The company intends to use 80% of the net proceeds for R&D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.
The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.

Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.

Meesho – Potential Play on Value E-Commerce

By Himanshu Dugar

Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).

Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
In this note, we will talk about the lockup dynamics and possible placement.

Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation

Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.
The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.
The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.

Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect

Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.
The company intends to use the IPO proceeds for R&D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.
Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.

Pre-IPO Mandi Inc. – The Business Model, the Concerns and the Valuation

Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain.
The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.
An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.

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Dec 02

Daily Brief ECM: 3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal and more

In today’s briefing:

3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal
SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive
SBI Shinsei Bank IPO – Stronger Support, Decent Valuation
Suzhou Novosense A/H Listing – Strong Growth but Lacks Margin Stability
Superbank IPO: Superb Story, Decent Entry Point
Meesho Ltd Pre-IPO – Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce
NS Group IPO – Deal Downsized; Pricing Looks Digestible Now
Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth
Cardinal Infrastructure Group Inc. (CDNL): Infrastructure Play Sets Terms for IPO
Pre-IPO TOP TOY International Group – The Industry, the Business and the Valuation Outlook

3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive

SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights.
The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.

SBI Shinsei Bank IPO – Stronger Support, Decent Valuation

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.

Suzhou Novosense A/H Listing – Strong Growth but Lacks Margin Stability

Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$285m in its H-share listing.
According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Superbank IPO: Superb Story, Decent Entry Point

Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
In our previous note, we looked at its past performance. In this note, we will talk about valuations.

Meesho Ltd Pre-IPO – Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we talk about the company’s historical performance.

NS Group IPO – Deal Downsized; Pricing Looks Digestible Now

NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.

Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth

Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed between INR105 and INR111 per share.
Meesho’s IPO will open for subscription on Wednesday, December 3 and close on Friday, December 5. The IPO is scheduled to list on the stock exchanges on Wednesday, December 10.
Meesho intends to utilize IPO proceeds for investment for cloud infrastructure, paying salaries of technology team, marketing and brand building initiative, and acquisition. The IPO is suitable for risk-seeking investors.

Cardinal Infrastructure Group Inc. (CDNL): Infrastructure Play Sets Terms for IPO

Cardinal Infrastructure sets terms for its IPO and could raise up to $253 million if priced at the high end of the range.
Cardinal Infrastructure offers full-service, in-house wet utility and site work solutions in fast-growing Southeastern markets, benefiting from strong demand, population growth, and reduced outsourcing needs.
A proven acquisition-led expansion strategy, deep customer relationships, and high repeat revenue underpin robust growth, a strong backlog, and successful market penetration in new geographies.

Pre-IPO TOP TOY International Group – The Industry, the Business and the Valuation Outlook

Relying on MINISO’s mature retail system, TOP TOY has achieved scale accumulation rapidly.Real challenge lies in whether it can continuously create “blockbuster proprietary IPs” and reduce reliance on licensing model.
Due to smaller revenue proportion of proprietary IPs/overseas revenue and lower profit margin, valuation of TOP TOY should be lower than Pop Mart, but would be higher than MINISO.
If based on 2025 forecast, valuation is RMB9.3-11.2 billion. So, post-money valuation of US$1.3 billion after Series A financing is not cheap. Valuation premium space after IPO may be lower-than-expected.

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Dec 01

Daily Brief ECM: Weekly Deals Digest (30 Nov) – SBI Shinsei and more

In today’s briefing:

Weekly Deals Digest (30 Nov) – SBI Shinsei, JDI, ANE, Canon Electronics, Digital, Mandom, NSR, Qube
ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank
Mandi Inc Pre IPO: Hair Will Help Carry Weight to Future Growth, Pipeline Key
Pre-IPO JD Industrials (PHIP Updates) – Business Model, Peer Comparison, Forecast and Valuation
Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service

Weekly Deals Digest (30 Nov) – SBI Shinsei, JDI, ANE, Canon Electronics, Digital, Mandom, NSR, Qube

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: SBI Shinsei Bank (8303 JP), NS Group (471A JP), JD Industrial Technology (2231713D CH) IPOs, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering.
Event-Driven developments: ANE Cayman Inc (9956 HK), Canon Electronics (7739 JP), Digital Holdings Inc (2389 JP), Mandom Corp (4917 JP), National Storage REIT (NSR AU), Qube Holdings (QUB AU).

ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

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, busy season remains on in full swing going into the year end.
On the placements front, there were a few large deals across the region.

Mandi Inc Pre IPO: Hair Will Help Carry Weight to Future Growth, Pipeline Key

Mandi has filed for a Hongkong IPO. The company which at present operates as a subsidiary of 3SBio Inc will be spun off and separately listed.
Mandi intends to use the IPO proceeds for funding product expansion, enhance early-stage R&D capabilities, invest in sales and marketing initiatives and, for working capital and general corporate purposes.
Minoxidil will be the main growth catalyst for now cashing on its leadership position while accelerating the development and commercialization of the pipeline assets will be key for future growth.

Pre-IPO JD Industrials (PHIP Updates) – Business Model, Peer Comparison, Forecast and Valuation

JD Industrials’ business model integrates the advantageous resources of JD Group and follows “self-operated heavy asset” route.The operation model is to rely on JD Logistics network to achieve efficient performance.
The platform’s openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.
P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than Ww Grainger.

Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service