ECM Daily Briefs | Smartkarma

In today’s briefing:

Bukwang Pharm Announces A Capital Raise of 100 Billion Won
CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session
SmartStop Self Storage (SMA): CEO Confident in Bottoming Self-Storage Market Ahead of IPO

Bukwang Pharm Announces A Capital Raise of 100 Billion Won

On 28 March, Bukwang Pharmaceutical (003000 KS) announced a capital raise of 100 billion won. Its share price fell by 13.3% today.
The company plans to issue 30.2 million new shares (44% of outstanding shares). Expected rights offering price is 3,310 won (15.1% lower than current price).
We are negative on Bukwang Pharm mainly due to excessive shareholding dilution from this rights offering as well as lack of valuation merits.

CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade
According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.
This IPO in particular was a difficult deal to value for IPO investors based upon being a “first mover” in the AI space.

SmartStop Self Storage (SMA): CEO Confident in Bottoming Self-Storage Market Ahead of IPO

The company is primarily a “growth by acquisition” story but does have a bullish outlook based upon strong occupancy and improving metrics.
The underwriters have reserved up to 10% of the shares in this offering through a directed share program.
This IPO “may” be more attractive for investors that “covet yield” versus traditional IPO players.

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Mar 28

Daily Brief ECM: NIO HK Placement – Lots of Reasons to Avoid and Only One to Invest and more

In today’s briefing:

NIO HK Placement – Lots of Reasons to Avoid and Only One to Invest
The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue
A/H Premiums and past A/H Listings Performance Data – Mixed Results but Size Matters
Eco-Shop Marketing Pre-IPO – Deserving a Premium Valuation
CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed
D’Alba Global IPO Valuation Analysis

NIO HK Placement – Lots of Reasons to Avoid and Only One to Invest

NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong.
The shares haven’t done much this year or ever since they were listed.
In this note, we will talk about the placement and run the deal through our ECM framework.

The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue

By Sanghyun Park

Hanwha Corp’s chances of raising 1T KRW without a capital call are slim, likely channeling Hanwha Energy’s 1.3T KRW into Hanwha Corp intead of Hanwha Aero.
A shareholder-allotted rights issue from Hanwha Corp looks likely, and with short-selling resumption, it sets up a clean arbitrage play with low risk before the official announcement.
Timing is key—Hanwha’s using debt for now, but likely won’t delay long. Expect Hanwha Corp’s rights issue to follow Hanwha Aero’s, probably between June and July.

A/H Premiums and past A/H Listings Performance Data – Mixed Results but Size Matters

Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.
We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.
Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.

Eco-Shop Marketing Pre-IPO – Deserving a Premium Valuation

Eco-Shop Marketing (ECO MY) is looking to raise about US$226m in its upcoming Malaysia IPO.
It is the largest dollar chain in Malaysia, as per the number of stores it operates, as of 31 October 2024.
We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.

CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed

According to sources, the deal is being reworked with significant share size reduction and a downwardly-revised price.
Ultimately, a smaller size transaction with a more attractive valuation will make this IPO easier to digest.
We lack conviction in this IPO at this time and believe that investors looking to have a long-term position in the company may be better suited as an aftermarket participant.

D’Alba Global IPO Valuation Analysis

Our base case valuation is based on a P/E of 21.9x (40% premium to the comps) our estimated net profit of 58.9 billion won in 2025.
We believe d’Alba Global should trade at a premium valuation to the comps due to higher sales and operating profit growth, higher ROE and operating margins than the comps.
Our base case valuation of d’Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation range.

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Mar 27

Daily Brief ECM: Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won and more

In today’s briefing:

Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won
Gigabyte GDR Early Look – Benefitting from the AI Server Wave, Further Scale-Up Underway
DN Solutions IPO: Valuation Insights
EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform
Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks

Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won

EcoPro Materials announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its current outstanding shares (69.74 million).
This capital raise is in the form of redeemable convertible preferred shares (RCPS). Conversion price of this RCPS is 75,974 won which is 9.9% higher than current price.
Ecopro Materials’ share price is down 27% from 27 February 2025. We continue to remain negative on Ecopro Materials.

Gigabyte GDR Early Look – Benefitting from the AI Server Wave, Further Scale-Up Underway

Gigabyte Technology (2376 TT) is looking to raise up to US$395m in its upcoming global depository receipts (GDRs) offering.
On 14th Mar 2025, Gigabyte announced that it received its board’s approval to sell upto 50m common shares via a GDR offering. The proceeds will be used for business development.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

DN Solutions IPO: Valuation Insights

By Arun George

DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.
We previously discussed the IPO in DN Solutions IPO: The Bull Case and DN Solutions IPO: The Bear Case.
I examine the syndicate’s valuation methodology. My analysis suggests that DN Solutions is palatable in the low end of the IPO price range.

EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

As of December 31, 2024, they had approximately 3.5 million Funded Accounts across their global footprint of 75 countries.
As of December 31, 2024, the Company had $113 million of cryptoassets presented as current assets, and $5,775 million cryptoassets held on behalf of its users in custody.
In 2024, eToro generated $12.6bn of revenue, of which $12.1bn was attributable to crypto assets and the remainder from equities, commodities and currencies.

Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks

By Rosita Fernandes

Veeda Clinical Research Ltd (3340714Z IN) (VCRL) is planning to raise about US$115m in its upcoming India IPO.
VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.
The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.

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Mar 26

Daily Brief ECM: Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion and more

In today’s briefing:

Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion
D’Alba Global IPO Preview
StubHub Holdings (STUB): Scalable Secondary Ticket Marketplace Company Files for IPO
Maynilad Water Services Pre-IPO Tearsheet
Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products
DN Solutions IPO – Thoughts on Valuations – Probably Needs a Price Cut
SmartStop Self Storage REIT, Inc. (SMA): Long-Awaited REIT to Make April Debut
Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion

Frasers Centrepoint Trust (FCT SP) aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing.
This will complement the company’s operations of the Northpoint City North Wing and consolidate the entire Northpoint City under its ownership.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

D’Alba Global IPO Preview

D’Alba Global is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 54,500 won to 66,300 won per share.
According to the bankers’ valuation, the expected market cap of the company will be 692 billion won to 842 billion won post IPO.
D’Alba Global has one of the best growth rates for sales and operating profits among Korean cosmetic companies in the past four years.

StubHub Holdings (STUB): Scalable Secondary Ticket Marketplace Company Files for IPO

Operator of one of the largest global secondary ticketing marketplace for live event, StubHub Holdings, filed for an IPO on Friday, March 21st.
Their revenue was $1,770.6 million, $1,367.7 million and $1,036.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
GMS increased from $6.85b –> $8.67b from 2023 to 2024 representing a 26.5% increase

Maynilad Water Services Pre-IPO Tearsheet

By Troy Wong

Maynilad Water Services, Inc. (MWS) is looking to raise at least US$633mn in its upcoming Philippines IPO. The deal will be run by BPI Capital, HSBC, MS, and UBS.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
MWS is majority owned by Maynilad Water Holding Company, Inc. (MWHCI), enjoying the support of conglomerates like Metro Pacific Investments Corporation (MPIC), DMCI Holdings, Inc. (DMCI), and Marubeni Corporation (Marubeni).

Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

By Ke Yan, CFA, FRM

Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We looked at the latest prospectus and noted it toned down the language and strengthened its team.
We also compare the clinical readings of its core products with benchmark products.

DN Solutions IPO – Thoughts on Valuations – Probably Needs a Price Cut

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
We have looked at its past performance in our earlier notes. In this note, we will talk about valuations.

SmartStop Self Storage REIT, Inc. (SMA): Long-Awaited REIT to Make April Debut

A REIT which had been in the pipeline since March 2022 has finally set terms for a potential April debut.
Total self storage related revenues for the years ended December 31, 2024 and 2023 were approximately $219.0 million and $215.3 million, respectively.
The company intends to pay monthly distributions. The IPO is scheduled to debut on April 2nd.

Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.
We anticipate this company to set terms (share size, price range) and debut in the second half of April.
Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering.

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Mar 25

Daily Brief ECM: Xiaomi US$5.3bn Placement – Relatively Small and more

In today’s briefing:

Xiaomi US$5.3bn Placement – Relatively Small, Strong Momentum but Is Expensive
Revisiting Korea’s Local Rights Issue Arb Setup
LG Electronics India IPO: It’s A Big Deal. Potential Pricing and Valuation Preview
Lotte Global Logistics IPO Preview
Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak
DN Solutions Pre-IPO – Peer Comparison
LXJ International Holdings Pre-IPO – Further Revenue & Margin Pressures Ahead
DN Solutions IPO: The Bear Case
Pre-IPO Duality Biotherapeutics (PHIP Updates) – Some Points Worth the Attention
Jiangsu Zenergy Battery Technologies Pre-IPO- The Negatives – Margin Pressures & Concentration Risks

Xiaomi US$5.3bn Placement – Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares.
The shares have done exceedingly well this year and are now trading at their all time highs.
In this note, we will talk about the placement and run the deal through our ECM framework.

Revisiting Korea’s Local Rights Issue Arb Setup

By Sanghyun Park

Korea’s rights issues offer a clean arb setup—track stock rights vs. spot price, with first price as a cap, and lock in predictable entry vs. exit costs.
Aggressive locals skip hedging, betting the discount holds between final pricing and listing. History backs it, but it’s a case-by-case call—not a blanket recommendation.
Samsung SDI and Hanwha Aerospace’s KRW 5.5T raise is massive, likely flooding stock rights into the market—prime setup for arb plays.

LG Electronics India IPO: It’s A Big Deal. Potential Pricing and Valuation Preview

By Devi Subhakesan

LG Electronics India has secured regulatory approval for its IPO, expected to raise between USD 1 to 1.5 billion.
However, it remains unclear whether the company will delay the launch until market sentiment shows further improvement.
LG Electronics India (123D IN) IPO is a 100% offer for sale by parent and hence the entire proceeds from the IPO will accrue to LG Electronics (066570 KS).

Lotte Global Logistics IPO Preview

Lotte Global Logistics is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 11,500 won and 13,500 won.
At the high end of the IPO price range, the expected public offering amount is 202 billion won.
According to the bankers’ valuation, the expected market cap after the IPO is 479 billion won to 562 billion won.

Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak

Nanshan Aluminium International Holdings (NAI HK) , raised around US$302m in its Hong Kong IPO.
It is a leading high-quality alumina manufacturer in Southeast Asia.
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.

DN Solutions Pre-IPO – Peer Comparison

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.

LXJ International Holdings Pre-IPO – Further Revenue & Margin Pressures Ahead

By Troy Wong

LXJ International Holdings Limited (LXJIH) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
As a market leader in the Chinese-style QSR market in China, LXJIH was focused on its self-operated restaurant model for expansion but has recently ramped up its franchise business.
Post-COVID, LXJIH’s margins have bounced but if LXJIH continues to expand its franchise business while converting self-operated restaurants, there might be pressure on revenue growth and margins going forward.

DN Solutions IPO: The Bear Case

By Arun George

DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.
In DN Solutions IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on tepid growth due to volume declines, early indications of margin pressure, rising cash conversion cycle, and mid-tier FCF margin.

Pre-IPO Duality Biotherapeutics (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Since DB-1303 has no advantage in clinical data in front of competing products, the commercialization outlook is gloomy. The priority for DB-1311 is to verify the druggability of this target.
Considering that the current capital market has become more and more rational toward innovative drug/biotech companies, the absence of commercialized products of Duality will obviously affect valuation expectations.
The post-money valuation after Series B+ financing is about US$270 million (or about RMB2 billion), which is not expensive, and there is a chance to obtain valuation premium after IPO.

Jiangsu Zenergy Battery Technologies Pre-IPO- The Negatives – Margin Pressures & Concentration Risks

Jiangsu Zenergy Battery Technologies (JSZENERGY CH) is looking to raise up to US$300m in its upcoming HK IPO.
Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
In this note, we talk about the not-so-positive aspects of the deal.

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Mar 24

Daily Brief ECM: Didi Global Q424 Results: Another Set of Solid Numbers from China’s Ride Hailing Giant and more

In today’s briefing:

Didi Global Q424 Results: Another Set of Solid Numbers from China’s Ride Hailing Giant
Jiangsu Zenergy Battery Technologies Pre- IPO – The Positives – Brisk Volume-Led Growth
ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Didi Global Q424 Results: Another Set of Solid Numbers from China’s Ride Hailing Giant

By Daniel Hellberg

Most key P&L items and revenue drivers improved Y/Y and sequentially vs Q324
Although GTV per transaction dipped slightly, estimated “take rate” improved in Q424
Strong OpCF obviates need for quick FY25 IPO — but it could still happen this year

Jiangsu Zenergy Battery Technologies Pre- IPO – The Positives – Brisk Volume-Led Growth

Jiangsu Zenergy Battery Technologies (JSZENERGY CH) (Zenergy) is looking to raise up to US$300m in its upcoming HK IPO.
Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
In this note, we talk about the positive aspects of the deal.

ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

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, JX Advanced Metals (5016 JP) managed to hold on to its deal price, riding on the copper price resurgance.
On the placements front, Judo Capital (JDO AU) was the only largish deal over the past week.

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Mar 23

Daily Brief ECM: DN Solutions IPO: The Bull Case and more

In today’s briefing:

DN Solutions IPO: The Bull Case

DN Solutions IPO: The Bull Case

By Arun George

DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.
DN Automotive (007340 KS) is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.
The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.

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Mar 22

Daily Brief ECM: CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers and more

In today’s briefing:

CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers

CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers

The valuation of the company in our opinion is “fair” and not “stretching the limit” for investors who believe in AI industry trends.
A channel check of this offering revealed that the deal is considered well-oversubscribed with early 1-on-1 conversions and a strong shadow book.
The company is a growth story through and through. They have grown from $16m in revenue in 2022 to $1.9bn in 2024 – the year-over-year growth in 2024 was 737%.

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Mar 21

Daily Brief ECM: Hanwha Aerospace’s Monster Raise: Checking Key Angles and more

In today’s briefing:

Hanwha Aerospace’s Monster Raise: Checking Key Angles
Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)
CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO
EAAA India Pre-IPO – Quality Management Fee Stream but Future AUM Raising Could Be Difficult

Hanwha Aerospace’s Monster Raise: Checking Key Angles

By Sanghyun Park

Market sees this as an M&A play, not just de-leveraging. Sentiment’s split, and despite a tight discount, uncertainty on take-up could spark major dislocations in stock and rights.
Hanwha’s ₩3.6T raise drops just a week after Samsung SDI’s ₩2T—₩5.5T back-to-back. Absorption looks brutal, setting up serious volatility and prime trading opps if liquidity tightens.
The FSC fast-tracked this, flagging it instantly but also hinting approval. With regulator risk off, any cash market snapback tomorrow should stay in check.

Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)

Hanwha Aerospace (012450 KS) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.
We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.
It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector.

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported.
Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.
The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile.

EAAA India Pre-IPO – Quality Management Fee Stream but Future AUM Raising Could Be Difficult

EAAA India Alternatives Ltd (1619210D IN) is planning to raise about US$177m through its upcoming India IPO.
It is one of the leading alternatives platforms in India, with AUM of INR 572.62bn (US$6.63bn), as of 9M24, amassing 15 years of experience.
In this note, we look at the firm’s past performance.

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Mar 20

Daily Brief ECM: Judo Capital Placement – Clean up but past Deal Didn’t Do Well and more

In today’s briefing:

Judo Capital Placement – Clean up but past Deal Didn’t Do Well
Anthem Biosciences Pre-IPO – The Negatives- Margins Aren’t There Yet
DN Solutions Pre-IPO – The Negatives – Stagnant Volumes

Judo Capital Placement – Clean up but past Deal Didn’t Do Well

Bain and GIC looking to raise US$130m by selling their remaining stake in Judo Capital (JDO AU).
The deal will be a large one to digest at 30.8 days of the stock’s three month ADV, representing 9.2% of its shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Anthem Biosciences Pre-IPO – The Negatives- Margins Aren’t There Yet

Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.

DN Solutions Pre-IPO – The Negatives – Stagnant Volumes