ECM Daily Briefs | Page 12 of 160

In today’s briefing:

Daiichi Sankyo Placement – US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well
Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance
Wanguo Gold Group Placement – Industry Momentum Strong, Stock Run-Up Quite a Bit, but Deal Is Small
Ascletis Pharma (1672 HK): Placement Bleak; Commercialization To Take Time; Lack Formidable Pipeline
Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots
Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist
StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

Daiichi Sankyo Placement – US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) .
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind, the last deal in the stock didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.

Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance

Hansoh Pharmaceutical Group (3692 HK) is placing 108M shares at the price of HK$36.30 per share. 65% of the proceeds will be used for the R&D of new innovative drugs.
Hansoh’s late-stage pipeline seems to be interesting, as its key focus areas being oncology and metabolic diseases, which are among the fast-growing therapeutic areas, with huge addressable patient population.
Hansoh has announced better-than-expected 1H25 result, with both revenue and net profit beating consensus. Innovative drugs revenue increased 22% YoY to RMB6B, contributing 82.7% of total revenue.

Wanguo Gold Group Placement – Industry Momentum Strong, Stock Run-Up Quite a Bit, but Deal Is Small

Wanguo International Mining (3939 HK) is looking to raise upto US$96m via a 2.1% stake sale, while Prominent Investment Holding is looking to pare down another 0.7%, to raise US$32m.
The company intends to use the proceeds towards funding the expansion of its Gold Ridge Mine in the Solomon Islands, along with other business development purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.

Ascletis Pharma (1672 HK): Placement Bleak; Commercialization To Take Time; Lack Formidable Pipeline

Ascletis Pharma Inc (1672 HK) announced the placement of 52.4M shares for subscription at HK$16.45 per share.
The company intends to use 90% of proceeds for further R&D of its drug candidates with respect to both subcutaneously injected peptides and oral peptides, into clinical trials for obesity.
The company will take time to cash in fully from the commercialization efforts in near future, given the limited opportunity it has in terms of the drug pipeline basket.

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.

Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist

Megatronix Inc. (1888582D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
MI is an innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
In this note, we look at the company’s past performance.

StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

By Andrei Zakharov

StubHub Holdings, a category-leading marketplace for secondary tickets, seeks to raise up to $1B in US IPO. J.P. Morgan and Goldman Sachs are leading the offering.
The company was backed by Madrone Capital Partners, Bessemer Venture Partners, WestCap Management, and PointState Capital, among others.
I view StubHub Holdings as a great company and a category winner that is addressing a large and growing TAM with room for growth for years.

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Aug 20

Daily Brief ECM: Hansoh Pharma Placement – Somewhat Expected but Still Opportunistic and more

In today’s briefing:

Hansoh Pharma Placement – Somewhat Expected but Still Opportunistic
Aux Electric Pre-IPO: Competitive Niche
SICC A/H Trading – Strong Retail, Lukewarm Insti Demand
Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade
Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations
Aux Electric IPO: The Investment Case
Pre-IPO Aux Electric Co (PHIP Updates) – Concerns About Business Model and Valuation Outlook
Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

Hansoh Pharma Placement – Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement.
The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Aux Electric Pre-IPO: Competitive Niche

Aux Electric Co Ltd (0917839D HK) is looking to raise up to US$600m in its upcoming Hong Kong IPO.
It is one of the global top five air conditioner providers, with capabilities covering the design, R&D, production, sales and related services of household and central air conditioners.
In this note, we look at the firm’s past performance.

SICC A/H Trading – Strong Retail, Lukewarm Insti Demand

SICC (688234 CH), a manufacturer of high-quality SiC substrates, raised around US$260m in its H-share listing.
In terms of market share, as per Frost & Sullivan, based on 2024 sales, its market share was at 16.7%.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade

Shuangdeng Group Co Ltd (JISHUZ CH) is looking to raise around US$109m in its upcoming Hong Kong IPO.
It’s a global leader in energy storage business for big-data and telecommunication industries with a diverse customer base comprising telecom base station operations, data centers, power stations and power grids.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar (0490158D IN) is looking to raise about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.

Aux Electric IPO: The Investment Case

By Arun George

Aux Electric Co Ltd (0917839D HK) is the fifth-largest air conditioner provider globally as measured by volume. It is seeking to raise US$600 million.
Aux is known for its aggressive low pricing, which has helped it establish itself as an affordable option to larger peers.
The investment case is bullish due to strong growth, increasing contract liabilities, encouraging margin profile despite the low-price strategy/higher ODM mix and cash generation.

Pre-IPO Aux Electric Co (PHIP Updates) – Concerns About Business Model and Valuation Outlook

By Xinyao (Criss) Wang

AUX mainly relies on low-price strategy to compete in the industry and has maintained robust growth in revenue/net profit.However, there’s already a significant gap in scale compared with leading peers
Due to higher growth, AUX’s valuation could be higher than that of Midea and Gree. However, due to risks such as high debt and weak R&D, valuation premium is limited.
A high valuation (e.g. P/E >15x) can be justified only if the transition to a technology-driven value model can be completed before the cash flow of low-price model dries up.

Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.
In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.
Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.

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Aug 19

Daily Brief ECM: [Japan ECM/Index] Japan Business Systems (5036) Offering Triggers Move to TOPIX and more

In today’s briefing:

[Japan ECM/Index] Japan Business Systems (5036) Offering Triggers Move to TOPIX
IFAST Placement – Great Track Record but the Stock Is Toppish
Guzman IPO Lockup – Last of the Lockups for a US$750m+ Release
Bluestone Jewellery IPO Trading – Tepid Demand

[Japan ECM/Index] Japan Business Systems (5036) Offering Triggers Move to TOPIX

By Travis Lundy

Japan Business Systems (5036 JP) today announced a couple of interesting things. First, admission to TOPIX (contingent on a successful secondary offering of shares, also announced today).
Then a ¥5/share special commemorative dividend (0.4%) and a “gift” of 4% of the company to a J-ESOP Trust for employees, where the company gifts the shares.
The latter looks aggressive/generous, but the modalities here are interesting.

IFAST Placement – Great Track Record but the Stock Is Toppish

Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP).
The stock has done exceptionally well over the past few years, however, it is now trading at its all time highs.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Guzman IPO Lockup – Last of the Lockups for a US$750m+ Release

Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we will talk about the lockup dynamics and possible placement.

Bluestone Jewellery IPO Trading – Tepid Demand

Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

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Aug 18

Daily Brief ECM: ECM Weekly (18 August 2025)- Eve Energy and more

In today’s briefing:

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware
Knowledge Realty Trust IPO Trading – Decent Demand; Leads Past REIT Listings

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

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, a number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.
On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.

Knowledge Realty Trust IPO Trading – Decent Demand; Leads Past REIT Listings

Knowledge Realty Trust (258259D IN) raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In this note, we will talk about the trading dynamics.

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Aug 15

Daily Brief ECM: Innogen (银诺医药) IPO Trading Update and more

In today’s briefing:

Innogen (银诺医药) IPO Trading Update
JSW Cement IPO Trading – Overall Demand Lags Recent Listings
SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach
Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator

Innogen (银诺医药) IPO Trading Update

By Ke Yan, CFA, FRM

Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.

JSW Cement IPO Trading – Overall Demand Lags Recent Listings

JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
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.

SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.
Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.
The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.

Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator

Miami International Holdings (MIAX US) priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.

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Aug 14

Daily Brief ECM: Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops and more

In today’s briefing:

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops
Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound
Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
ARCIL Pre-IPO Tearsheet
CNGR A/H Listing: Supplier for Tesla Looking to Expand Production
OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.

Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

. The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025.

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

By Xinyao (Criss) Wang

In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP) is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance.
Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.

ARCIL Pre-IPO Tearsheet

ARCIL (588250Z IN) is looking to raise at least US$344m in its upcoming India IPO. The deal will be run by IDBL Capital, IIFL Capital and JM Financial.
Asset Reconstruction Company (India) Limited (ARCIL) is one of India’s leading asset reconstruction companies that acquires stressed assets, like non-performing assets, from banks and financial institutions.
The business is spread across three key verticals: Corporate loans, SME and Retail loans. Corporate loans have historically been the largest contributor to ARCIL’s AUM (75.48% in FY25).

CNGR A/H Listing: Supplier for Tesla Looking to Expand Production

CNGR Advanced Material (300919 CH) , a Chinese battery-component producer, aims to raise around US$500m in its H-share listing.
CNGR is a Chinese battery-component producer, and labels itself as a new energy materials company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering

Omnivision (Will Semiconductor 603501 CH) (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Aug 13

Daily Brief ECM: 52Toys Development Pre-IPO: Steady Expansion But in a Highly Fragmented Market and more

In today’s briefing:

52Toys Development Pre-IPO: Steady Expansion But in a Highly Fragmented Market
Eve Energy A/H Listing – One of the Leaders but Growth Has Been Slowing
Silver Consumer Electricals Limited Pre-IPO Tearsheet
Tata Capital IPO: The Investment Case
Kasumigaseki Hotel REIT IPO: Books Well Covered; Modest Upside from Here
Varmora Granito Pre-IPO Tearsheet
Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide
Pre-IPO Eastenova (Chengdu) Biotechnology- The Commercialization of XH301 May Be Lower than Expected
Tata Capital Pre-IPO Tearsheet
Jingze Biopharm (景泽生物) Pre-IPO: A Thin Pipeline of Biosimilars

52Toys Development Pre-IPO: Steady Expansion But in a Highly Fragmented Market

52TOYS Development (TOY HK) is looking to raise up to US$200m in its upcoming HK IPO.
52Toys Development is one of the leading IP toy companies in China, with a portfolio of over 100 proprietary and licensed intellectual properties (IPs) as of Dec 2024.
In this note, we look at the company’s past performance.

Eve Energy A/H Listing – One of the Leaders but Growth Has Been Slowing

EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Silver Consumer Electricals Limited Pre-IPO Tearsheet

Silver Consumer Electricals (2301263D IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by Motilal Oswal Investment Advisors, ICICI, JM Financial, Choice Capital Advisors.
Silver Consumer Electricals Limited (SCEL) is one of India’s leading manufacturers of electrical consumer durables and agricultural equipment, operating through own-branded sales (“Silver” and “Bediya”) and OEM supply
The company operates India’s largest single-location, vertically integrated ECD and agri-equipment plant in Rajkot, Gujarat.

Tata Capital IPO: The Investment Case

By Arun George

Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion.
On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.
The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE.

Kasumigaseki Hotel REIT IPO: Books Well Covered; Modest Upside from Here

Kasumigaseki Hotel REIT (401A JP) raised US$193m in its upcoming Japan IPO.
Kasumigaseki Hotel REIT Investment is a REIT with hotel assets. It is an investment corporation sponsored by affiliated developer, Kasumigaseki Capital.
In this note, we examine the IPO dynamics, and look at the firm’s valuation

Varmora Granito Pre-IPO Tearsheet

Varmora Granito Limited (6590052Z IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Goldman Sachs, JM Financial and SBI Capital.
Varmora Granito Limited (VGL) is a leading Indian manufacturer and trader of varied types of tiles. As of FY25, its portfolio comprised over 3,500 SKUs.
VGL generates 78.69% of its revenue from India, selling its products through both B2C and B2B channels. Its domestic revenue is primarily driven by its B2C channel.

Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide

Titan America priced 24 million shares at $16.00 per share and saw an opening print of $16.20.
TTAM began a slow descent, bottoming at $10.80 in early April—a near 33% loss from its IPO price.
Value investors found favor in the secular tailwinds of US infrastructure following the IPO roadshow but that support faded as the months wore on.

Pre-IPO Eastenova (Chengdu) Biotechnology- The Commercialization of XH301 May Be Lower than Expected

By Xinyao (Criss) Wang

Eastenova is in the initial stage of commercialization. The revenue proportion of non-core assets is too high, with negative gross margin. These are “inefficient assets” and dragged down overall ROA.
XH301 is lagging behind its competing products in term of development progress and may face the risk of market share squeeze. There’re uncertainties in terms of the commercialization of XH301.
Our forecast at this stage is that future sales of XH301 could reach about RMB300-500 million, considering the fierce competition. Valuation of Eastenova could be lower than that of Sihuan.

Tata Capital Pre-IPO Tearsheet

Tata Capital Limited (TATACAP IN) is looking to raise upto US$2bn in its India IPO, which will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,SBI and HDFC.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
It is categorized as an Upper Layer NBFC by RBI and caters to salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates.

Jingze Biopharm (景泽生物) Pre-IPO: A Thin Pipeline of Biosimilars

By Ke Yan, CFA, FRM

Jingze Biopharm, a China-based clinical-stage biopharmaceutical company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and Guoyuan International are the joint sponsors.
In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
Our initial view is that the company’s core products, which are made of two biosimilars, are too thin for a listing, given the level of competition in respective market segments.

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Aug 12

Daily Brief ECM: SICC A/H Listing – Needs a Very Deep Discount and more

In today’s briefing:

SICC A/H Listing – Needs a Very Deep Discount
Bluestone Jewellery IPO – Moving from Online to Offline. Thoughts on Valuation
Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency
Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck
Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO
SKC: Plans to Issue EB Worth 125 Billion Won
Infinity Natural Resources (INR) Six Month Summary: Energy Sector Weakness Weighs on Stock Post-IPO
Hexaware Technologies IPO Lockup Expiry – US$2.89bn Lockup Release with Carlyle in the Money

SICC A/H Listing – Needs a Very Deep Discount

SICC (688234 CH) , a manufacturer of high-quality SiC substrates, aims to raise up to US$260m in its H-share listing.
In terms of market share, as per Frost & Sullivan, based on 2024 sales, its market share was at 16.7%.
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.

Bluestone Jewellery IPO – Moving from Online to Offline. Thoughts on Valuation

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.

Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency

Tuas Ltd (TUA AU) is looking to raise around US$239m in its fully underwritten Australian placement.
The company will use the proceeds to partially fund the acquisition of Singaporean digital network operator M1.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.

Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO

Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.
As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.

SKC: Plans to Issue EB Worth 125 Billion Won

By Douglas Kim

On 11 August, SKC Co Ltd (011790 KS) announced that it will issue exchangeable bonds (EB) worth 125 billion won.
The exchange price is 114,714 won, which is a 14% premium to the reference stock price calculated based on the market price.
We are Negative on SKC’s EB issue of 125 billion won which is likely to put a negative sentiment on its share price.

Infinity Natural Resources (INR) Six Month Summary: Energy Sector Weakness Weighs on Stock Post-IPO

Infinity Natural Resources (INR US) came to market on January 31st pricing 13.25 million shares at $20.00 and opening at $22.16 for an 11.3% first-trade gain.
After peaking early in its first week, INR has experienced steady downward pressure. July was particularly brutal, with the stock declining 18%—its worst monthly performance since listing.
Infinity Natural Resources managed weakness from a broken IPO from its sector, Venture Global (VG). Six months later the sector winds have not calmed down.

Hexaware Technologies IPO Lockup Expiry – US$2.89bn Lockup Release with Carlyle in the Money

Hexaware Technologies (HEXW IN) raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we will talk about the lockup dynamics and possible placement.

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Aug 11

Daily Brief ECM: ECM Weekly (11 August 2025)-Bharti and more

In today’s briefing:

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock
Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold
Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

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, Inida ECM flows continued unabated with more deals being launched.
On the placements front as well, India saw over US$2bn worth of deals during the week.

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

By Sreemant Dudhoria,CFA

Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is an omni-channel jewellery brand in India.
Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.
Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.

Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.
Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.
The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.

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Aug 09

Daily Brief ECM: T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap) and more

In today’s briefing:

T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
Nephrocare Health Services Pre-IPO Tearsheet
BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive
HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)

By Douglas Kim

On 7 August, T’Way Air (091810 KS) announced a large scale capital raise plan worth 200 billion won, representing 49% of its current market cap (409 billion won).
This capital raise plan will include a third-party allocation worth 110 billion won based on the market price without discount. It will also issue CB/BW worth 90 billion won
We maintain Negative on T’Way Air. The capital raise of 200 billion won is likely to be dilutive to existing shareholders and its valuations remain high relative to its peers.

JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

Nephrocare Health Services Pre-IPO Tearsheet

Nephrocare Health Services Limited (0542669D IN) is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.
Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal.
NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services along with critical care treatments such as plasmapheresis and hemodiafiltration.

BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive

Shandong BoAn Biotechnology (6955 HK) is placing 48M shares, representing 7.7% of the total number of issued shares post placement. Placement price is HK$16.42, 9% discount to last undisturbed price.
The expected net proceeds of ~HK$780M will be used for funding R&D of innovative product candidates and commercialization of marketed and upcoming products.
This is the second placement of the company this year. In June, Boan Biotech raised ~HK$396M through placing 26.7M shares. The company is not expected to raise fund anytime soon.

HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand