ECM Daily Briefs | Smartkarma

In today’s briefing:

Top 12 Korean Companies – Key Beneficiaries of the SpaceX IPO in 2026
ECM Weekly (15 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy
Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021’s Rivian Brings End of Year Opportunity
Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins
BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive
Pre-IPO Yeeper Nutrition Technology (Qingdao) Group – Concerns About the Business and the Outlook
Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

Top 12 Korean Companies – Key Beneficiaries of the SpaceX IPO in 2026

In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.
Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).
SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.

ECM Weekly (15 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, 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, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.

Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021’s Rivian Brings End of Year Opportunity

Medline’s IPO is poised to be 2025’s largest, with a potential $5.4bn raise, positioning it as a key bridge deal into the 2026 IPO pipeline.
Strong anchor demand and an oversubscribed book highlight investor appetite for scaled, mature healthcare platforms with durable cash flows.`
Proceeds will materially reduce leverage, supporting a more balanced capital structure and reinforcing Medline’s long-term investment appeal.

Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins

Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.

BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

BenQ BM launched its Hongkong IPO aiming to raise up to HK$783M. The company plans to sell 67M shares at a price band of HK$ 9.34-HK$ 11.68 per share.
Proceeds to be used for expansion and upgradation of existing hospitals, for mergers and acquisitions opportunities and for general corporate purposes and working capital needs.
Amid sluggish sales and margin pressure, we think that the BenQ BM issue is overvalued and investors can comfortably avoid subscribing to the offer.

Pre-IPO Yeeper Nutrition Technology (Qingdao) Group – Concerns About the Business and the Outlook

Many companies enter the goat/sheep milk powder market due to higher gross margin than cow milk powder, but after years of development, this market has been in a shrinking trend.
With a closed-loop capability in full internal control, production and supply of core ingredients of demineralized goat and sheep whey, Yeeper has supply chain advantage, thus with higher pricing power.
Yeeper’ has shown the characteristics of “slowing revenue growth, and increasing pressure on net profit margin” due to intensified competition. Valuation could be lower than Yili but higher than China Feihe.

Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

Wakefit Innovations (1684049D IN) raised US$144m in its 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 and valuations in our previous notes. In this note, we will talk about the trading dynamics.

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Dec 14

Daily Brief ECM: 2026 IPOs Pipeline (USA and Europe) and more

In today’s briefing:

2026 IPOs Pipeline (USA and Europe)
Wealthfront Corporation (WLTH): Financial Platform Falls Flat Despite Heavy Pre-IPO Interest

2026 IPOs Pipeline (USA and Europe)

In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.
Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.
Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.

Wealthfront Corporation (WLTH): Financial Platform Falls Flat Despite Heavy Pre-IPO Interest

Wealthfront priced 34.6mm shares at $14.00, top of range, and opened flat before closing up 1.4% after a volatile first session.
The deal was reportedly double-digit times oversubscribed, with concentrated allocations and anchor support from BlackRock and Wellington.
Despite the muted debut, Wealthfront’s strong profitability and discounted valuation versus peers support potential aftermarket upside.

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Dec 13

Daily Brief ECM: LivsMed IPO Book Building Results Analysis and more

In today’s briefing:

LivsMed IPO Book Building Results Analysis
Lung Fung Group Holdings Ltd Pre-IPO Tearsheet
CiDi IPO – Peer Comp and Thoughts on Valuation
ICICI Prudential AMC – Reasonably Priced for the Longer Term.
Shadowfax Technologies Pre-IPO: Strong Revenue Growth, but Margins Remain Depressed

LivsMed IPO Book Building Results Analysis

Livsmed confirmed its IPO price at 55,000 won, which is at the top end of the IPO price range. Demand ratio was 232 to 1.
A 98.8% of the IPO shares applied thought that the company’s value is 55,000 won or more.
Our base case valuation of Livsmed is implied market cap of 2.3 trillion won or target price of 88,294 won per share, representing a 61% upside from the IPO price.

Lung Fung Group Holdings Ltd Pre-IPO Tearsheet

Lung Fung Group (LFG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.
LFG is a Hong Kong-based department store chain retailing a wide variety of pharmaceutical products, health products, beauty products and other consumer goods.
According to Frost & Sullivan in 2024, LFG was the largest pharmaceutical product retailer by retail sales value in Hong Kong, with a 5.2% market share.

CiDi IPO – Peer Comp and Thoughts on Valuation

CiDi Inc (CIDI HK) is looking to raise about US$183m 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 IPO valuations.

ICICI Prudential AMC – Reasonably Priced for the Longer Term.

By Himanshu Dugar

Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.

Shadowfax Technologies Pre-IPO: Strong Revenue Growth, but Margins Remain Depressed

Shadowfax Technologies (1310315D IN) is looking to raise US$225m in its upcoming India IPO.
Shadowfax Technologies third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India.
In this note, we look at the company’s past performance.

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Dec 12

Daily Brief ECM: Analogues Over Anecdotes: Calibrating Wealthfront’s Trading Path and more

In today’s briefing:

Analogues Over Anecdotes: Calibrating Wealthfront’s Trading Path
Ming Yu Pharmaceutical (明宇制药) Pre-IPO Quick Comment: Meaningful Improvement to Incumbents
Luxvisions Innovation Technology Pre-IPO Tearsheet
Citius TransNet Investment Trust Pre-IPO Tearsheet
Shenzhen SDMC Pre-IPO Tearsheet
From Algorithms to Exchanges: Wealthfront Makes Its Move to Nasdaq
Lumexa Imaging Holdings, Inc. (LMRI): Steady IPO Debut for Imaging Company
ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring
CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Analogues Over Anecdotes: Calibrating Wealthfront’s Trading Path

Wealthfront is expected to begin trading on Friday, December 12, 2025, under the ticker WLTH on the Nasdaq Global Select Market.
The IPO comprises 34.6 million shares—approximately 21.5 million new shares issued by Wealthfront and 13.1 million shares offered by existing shareholders—at a price range of $12.00 to $14.00 per share.
As is our practice, we start by establishing context using analogues—past offerings that share structural, economic, or behavioral similarities with the new issue.

Ming Yu Pharmaceutical (明宇制药) Pre-IPO Quick Comment: Meaningful Improvement to Incumbents

By Ke Yan, CFA, FRM

Ming Yu, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. MS, BOA, and CITIC are the joint book runners.
In this note, we look at the company’s core products, MHB018A and MHB036C, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.

Luxvisions Innovation Technology Pre-IPO Tearsheet

Luxvisions Innovation Technology (1853852D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CICC.
It is a globally leading provider of precision optical solutions, focusing on the mid- to high-end optical module and system integration markets for global brand manufacturers across multiple sectors.
Its products and solutions primarily serve the consumer electronics, automotive electronics, smart office applications and other emerging sectors.

Citius TransNet Investment Trust Pre-IPO Tearsheet

Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).

Shenzhen SDMC Pre-IPO Tearsheet

Shenzhen SDMC (1385919D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CSI.
It is a specialized provider of smart home solutions for enterprise customers, dedicated to advancing the application of AI technologies in home settings.
The Company’s business model involves developing and selling primarily hardware products.

From Algorithms to Exchanges: Wealthfront Makes Its Move to Nasdaq

Wealthfront Corporation, the Palo Alto automated investing and digital banking platform, has filed to go public on Nasdaq under the ticker “WLTH.”
The company plans to offer 34.6 million shares of common stock at an estimated range of $12.00–$14.00, with cornerstone commitments from BlackRock and Wellington, who may purchase up to $150 million of shares at the IPO price.
Based on the fully diluted share count disclosed in the S-1, Wealthfront’s initial public offering implies a fully diluted company market value of approximately $2.4 billion at the midpoint.

Lumexa Imaging Holdings, Inc. (LMRI): Steady IPO Debut for Imaging Company

Lumexa priced 25mm shares at $18.50 and delivered a stable debut, reflecting disciplined valuation despite broad 2025 weakness in PE-backed IPOs.
Strong oversubscription from long-only and healthcare-dedicated investors supported a solid open, with first-day trading remaining orderly and tightly ranged.
Lumexa’s scaled outpatient imaging platform, strong payer mix, and superior margins position it favorably within a fragmented $140B market with substantial consolidation runway.

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

By Sreemant Dudhoria,CFA

A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
In this insight, we also present reasons why the near term listing gains may not be so attractive.
Business and industry insights, valuation comparison and our view on this IPO are presented in this insight

CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

By Andrei Zakharov

CiDi Inc., a Changsha-based developer of autonomous driving systems for commercial vehicles, is expected to IPO next week. CICC, China Securities and Ping An Securities are leading the offering.
The company’s technology powers driverless mining trucks in open-pit mines and other mining processes, segments seen as more commercially ready than urban passenger robotaxis.
The fixed IPO offer price of HK$263.00 implies a market cap of ~HK$11.5B or ~US$1.5B. Cornerstone investors collectively agreed to acquire ~HK$550m worth of CiDi shares in this IPO.

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Dec 11

Daily Brief ECM: Medline Aims for a $5 Billion IPO as America’s Largest Privately Held Medical Supplier and more

In today’s briefing:

Medline Aims for a $5 Billion IPO as America’s Largest Privately Held Medical Supplier
Wall Street Takes a Hard Look at Andersen’s Next Act
HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive
JD Industrials IPO Trading – Decent Pricing but Weakish Demand
Cardinal Infrastructure Group (CDNL): CDNL Lays a Solid Foundation as IPO Opens Above Expectations
Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively
Pre-IPO Chando Global Holding – Low Growth and Profitability Are Pain Points

Medline Aims for a $5 Billion IPO as America’s Largest Privately Held Medical Supplier

Medline Inc., the Northfield, Illinois–based medical products manufacturer and distributor, is advancing toward one of 2025’s largest IPOs.
The company plans to raise $5.0 billion by offering 179 million Class A shares at a price range of $26–$30, with an expected listing on the Nasdaq Global Select Market under the ticker MDLN.
At the midpoint valuation of $28, Medline would command a fully diluted market capitalization of approximately $37.3 billion, positioning it among the year’s most significant offerings.

Wall Street Takes a Hard Look at Andersen’s Next Act

Andersen Group Inc., a San Francisco–based tax and advisory firm, has set terms to raise approximately $165 million in its upcoming NYSE IPO by offering 11 million Class A shares priced in a range of $14–$16 per share.
At the midpoint, the deal implies a market capitalization of roughly $1.64 billion based on 109.3 million total shares outstanding after the offering.
The company will trade under the ticker ANDG, with Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities, Truist, Wells Fargo, Baird, and William Blair leading the underwriting syndicate.

HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive

HashKey (3887 HK) is looking to raise up to US$215m in its upcoming Hong Kong IPO.
It operates the largest licensed crypto exchange in Hong Kong.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

JD Industrials IPO Trading – Decent Pricing but Weakish Demand

JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.
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 the trading dynamics.

Cardinal Infrastructure Group (CDNL): CDNL Lays a Solid Foundation as IPO Opens Above Expectations

Cardinal Infrastructure debuted with a disciplined, well-supported IPO, opening 9.5% above pricing and finishing the session up nearly 12%.
Strong demand—multiple-times oversubscribed with no price sensitivity—validated the company despite limited sector momentum.
Cardinal’s diversified, margin-expanding infrastructure platform and conservative leverage profile underpin long-term scalability and investor confidence.

Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively

By Osbert Tang, CFA

At the top end of the price range (HK$6.95), HashKey (3887 HK)‘s IPO equals a FY26F P/S of 14.9x, and this is not a particularly appealing level.
While it is the industry leader in the region and Hong Kong, it is expected to stay in the red for FY25-27, making a PER comparison meaningless.
Tiny public shareholder base, cryptocurrency volatilities, and the increasingly competitive environment heightened risks. Only a low-end IPO price, or 12.7x FY26F P/S, is attractive.

Pre-IPO Chando Global Holding – Low Growth and Profitability Are Pain Points

Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.
Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity
Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as Giant Biogene, Mao Geping, Chicmax in Hong Kong market.

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Dec 10

Daily Brief ECM: [Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103) and more

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

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

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

By Arun George

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

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