ECM Daily Briefs | Page 13 of 160

In today’s briefing:

PayTM Block – US$434m Clean-Up by Antfin
Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ
SICC A/H Listing – PHIP Updates and Thoughts on A/H Premium
Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation
WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest
Miami International Holdings (MIAX): Financial Exchange Operator Sets Terms Seeking $1.7b Valuation
Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO
HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case
National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop
HKEx Consultation Paper (Conclusion) – What Matters for ECM Investors

PayTM Block – US$434m Clean-Up by Antfin

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

By Douglas Kim

There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks.
All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.
The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.

SICC A/H Listing – PHIP Updates and Thoughts on A/H Premium

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m 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%.
In this note, we look at the PHIP updates and talk about the likely A/H premium.

Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation

Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13).
BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering.
A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand.

WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
Insiders are buying in this offering which adds to the bullish thesis.
They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025.

Miami International Holdings (MIAX): Financial Exchange Operator Sets Terms Seeking $1.7b Valuation

Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
Wellington has indicated an interest in purchasing up to $40 million in shares of common stock in this offering at the initial public offering price.
Miami International is scheduled to price on August 13th for a Thursday, August 14th debut.

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
According to our sources, the deal is being classified as multiple-times oversubscribed.
FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive.

HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case

HeartFlow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion.
According to guidance the deal is being classified as oversubscribed with early long-only and healthcare dedicated conversions.
Combine durable revenues, strong underwriting and backers with a tailwind from a healthcare segment with a touch of AI, it is our opinion that this IPO will be well-received.

National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop

National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.

HKEx Consultation Paper (Conclusion) – What Matters for ECM Investors

The SEHk recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.
In this note, we summarize the conclusion by HKEx and the rules to be implemented.
We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.

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Aug 04

Daily Brief ECM: Curator’s Cut: China Healthcare Rally and more

In today’s briefing:

Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing
ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork
Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook
Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor
Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork

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, India deal flow remains strong, with HK A/H listing starting to flow in again.
On the placements front, WuXi AppTec (2359 HK) undertook a mega raising, while Prosus NV (PRX NA) has begun to pare its stake in Meituan (3690 HK).

Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook

HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.

Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor

Aditya Infotech Ltd (6596564Z IN) raised about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
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.

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at changes to the company’s PHIP prospectus.
While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.

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Aug 03

Daily Brief ECM: China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair and more

In today’s briefing:

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.
Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.
Considering Li Ge’s rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.

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Aug 02

Daily Brief ECM: Samyang Comtech IPO Book Building Results Analysis and more

In today’s briefing:

Samyang Comtech IPO Book Building Results Analysis
Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples
HeartFlow Inc. (HTFL): Coronary Artery Disease Company Sets Terms Seeking up to $1.3b Valuation
WeWork India Pre-IPO – Lease Mismatch and Structural Strains

Samyang Comtech IPO Book Building Results Analysis

By Douglas Kim

Samyang Comtech completed solid book building results. The IPO price has been finalized at 7,700 won per share, which was at the high end of the IPO price range.
A 48.4% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is a bullish signal.
Our valuation analysis suggests target price of 13,187 won, which represents a 71% upside from IPO price. Given the excellent upside, we have a Positive view of this IPO.

Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples

By Andrei Zakharov

Figma Inc., a product design leader with strong financial profile, priced its IPO at $33.00/share and raised ~$1.2B.
The company raised the price range to $30.00-$32.00. The stock opened at $85.00 and closed on Thursday at $115.50, up ~250% vs. IPO offer price.
The offering was priced above the marketed range. Figma had a ~$67B market cap at the close, implying a ~62x EV/2025E sky-high multiple on my 2025 revenue estimate of $1056M.

HeartFlow Inc. (HTFL): Coronary Artery Disease Company Sets Terms Seeking up to $1.3b Valuation

Heartflow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion.
They expect revenue for the three months ended June 30, 2025 to be approximately $42.9 million to $43.4 million, as compared to $31.1 million for the same period in 2024.
Heartflow is scheduled to debut on Friday, August 8th. We anticipate the offering to be “well-received”.

WeWork India Pre-IPO – Lease Mismatch and Structural Strains

WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.

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Aug 01

Daily Brief ECM: GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle and more

In today’s briefing:

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle
NH Investment & Securities – Capital Raise of 650 Billion Won
WeWork India Pre-IPO – Enterprise-Led, Promising Metrics
Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue
Shoulder Innovations, Inc. (SI): MedTech Implant Company Priced Well-Below Range, Opens 4% Higher
Pre-IPO Sichuan Neautus Traditional Chinese Medicine – The Outlook Is Not Optimistic

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

NH Investment & Securities – Capital Raise of 650 Billion Won

By Douglas Kim

NH Investment & Securities Co (005940 KS) announced that it plans to raise 650 billion won through a third party paid-in capital allocation.
Expected price of the capital raise is 20,150 won. Nonghyup Financial Group is expected to fund this capital raise.
We believe there is likely to be some net selling of the Korean securities companies in the next several months due to disappointing new tax policies (especially for dividends).

WeWork India Pre-IPO – Enterprise-Led, Promising Metrics

WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the positive aspects of the deal.

Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.
Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.
The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.

Shoulder Innovations, Inc. (SI): MedTech Implant Company Priced Well-Below Range, Opens 4% Higher

The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60.
According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.
We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.

Pre-IPO Sichuan Neautus Traditional Chinese Medicine – The Outlook Is Not Optimistic

Neautus is facing performance headwinds. Revenue growth rate is declining and profit margin is in downward trend. Net profit growth is lower than the revenue growth, indicating the weak profitability
VBP, increasing competition and raw materials cost are the challenges. Because of financial fraud, Neautus once failed its A-share IPO. So, there is corporate governance issue in the Company.
We’re conservative about the outlook of Neautus. It is already good for valuation to reach the industry average.Our forecast in 2025 is revenue to reach RMB1.4-1.5 billion (up 12-15% YoY).

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Jul 31

Daily Brief ECM: Wuxi AppTec Placement – Momentum Is Very Strong and more

In today’s briefing:

Wuxi AppTec Placement – Momentum Is Very Strong, Though It Is a Bit Opportunistic
NSDL – New Management, Revised Strategy — The Battle for Market Share Continues
Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials
Daehan Shipbuilding Pre-IPO: Decent Subscription Rates
Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
Executive Centre India Ltd Pre-IPO Tearsheet
Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open
Pre-IPO Ab&B Bio-Tech (PHIP Updates) – Some Points Worth the Attention

Wuxi AppTec Placement – Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
In this note, we will talk about the placement and run the deal through our ECM framework.

NSDL – New Management, Revised Strategy — The Battle for Market Share Continues

By Sreemant Dudhoria,CFA

This insight describes about NSDL (NSDL IN) ‘s complete overhaul in top management team over the last 12 months.
The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
The IPO provides investors a front-row seat opportunity to witness this turnaround.

Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials

Eastenova, a China-based regenerative medicine specialist, is looking to raise at least US$100 million via a Hong Kong listing. The sole bookrunner is CCBI.
In this note, we take a look at the company’s core product, XH301.
Our research suggests that recalibration of the company’s potential is necessary given the intense competition and market deceleration.

Daehan Shipbuilding Pre-IPO: Decent Subscription Rates

By Nicholas Tan

Daehan Shipbuilding (439260 KS) raised US$370m in its upcoming Korean IPO.
It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Milky Mist Dairy Food Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Milky Mist Dairy Food Ltd (1023949D IN) (MMDFL) is looking to raise about US$237m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin and IIFL.
MMDFL is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
MMDFL is the fastest-growing packaged food firm in India among those with revenue above INR15,000m, having achieved a revenue CAGR of 29.82% from FY23-25, as per 1Lattice Report.

Executive Centre India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$300m in its upcoming India IPO. The bookrunners for the deal are Kotak and ICICI.
ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
As per Kantar Brand Study, it was recognised for offering high-end services in the premium flexible workspace segment across India, Singapore, the Middle East, and Asia in FY25.

Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

Ambiq Micro priced 4.0 million shares at $24.00. The share count was upsized 17.6% and the pricing was at the upper-half of the range.
The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance.
A conservative valuation and a small deal size assisted in this IPO being wildly successful.

Pre-IPO Ab&B Bio-Tech (PHIP Updates) – Some Points Worth the Attention

Quadrivalent subunit influenza vaccine has been approved for market launch, but performance deteriorated due to product returns and provision for impairment of inventories.Fierce competition has intensified the pressure on profits.
Core founding shareholders have no background in vaccine R&D.Ab&B lags behind in terms of R&D capabilities/forward-looking vision, leading to insufficient depth of pipeline layout and a decline in future competitiveness.
After Series B financing, post-money valuation reached RMB4.2 billion. We think Ab&B Bio-Tech (ABB HK)’s valuation should be lower than CanSino, but would be higher than AIM Vaccine (6660 HK).

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Jul 30

Daily Brief ECM: National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation and more

In today’s briefing:

National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation
Kasumigaseki Hotel REIT IPO: Lags in Size but Priced at a Discount
Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk
WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus
Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying

National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we undertake a peer comparison and talk about valuations.

Kasumigaseki Hotel REIT IPO: Lags in Size but Priced at a Discount

By Nicholas Tan

Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$192m in its upcoming Japan IPO.
It is a REIT with hotel assets sponsored by affiliated developer, Kasumigaseki Capital (3498 JP).
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

By Himanshu Dugar

Company operates home grown CCTV brand ‘CP PLUS’. Also the sole distributor for Zhejiang Dahua Technology A (002236 CH) in India. Dahua is also its primary components supplier.
Expect 15-25% revenue growth vs 16% for industry with operating margins gradually improving to 10% translating to FY26E earnings range of 20-24.
Company is raising 1,300cr (500cr fresh and 800cr OFS) at implied multiple of ~30x in line with valuation paid by Dixon Technologies India Ltd (DIXON IN) for its 6.5% stake.

WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus

WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.
They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of 28.7% to 42.3%, respectively.

Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying

China-Based vaccine biopharmaceutical company Ab&B is looking to raise at least US$100 million via a Hong Kong listing. The joint book runners are CITIC and CMBI.
In our previous insight, we looked at the story that the company is trying to sell and the influenza vaccine market.
In this insight, we look at the latest updates in its PHIP filing.

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Jul 29

Daily Brief ECM: Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out and more

In today’s briefing:

Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation
National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing
Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO
Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business
Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest
Eastroc Beverage Group – High Growth in 25H1 Continues but Concerns Begin to Emerge
Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator
Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company

Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

They will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
The company’s principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
Revenue in Q2 is up more around 140% versus the same period in 2024 but the company’s net losses continue to mount.

National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the updates from its RHP filing.

Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO

Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares and is scheduled to debut on July 31st.
One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size.
The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.

Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China.
While order flow has come in steady for this IPO, some of our sources are taking a ‘wait-and-see’ approach.
The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.

Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest

For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.
Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.
We like the risk-reward profile of this deal and see solid upside in this deal at this time.

Eastroc Beverage Group – High Growth in 25H1 Continues but Concerns Begin to Emerge

Both revenue and net profit of Eastroc maintain a high-speed growth trend in 25H1, which is impressive against the backdrop of the overall stabilization of the food and beverage industry.
The mid-term dividend payout ratio is high, which is relatively rare among growth-oriented food and beverage companies. Valuation of Eastroc should be higher than Nongfu Spring, China Resources Beverage.
However, inflation may drive up raw material prices. Eastroc’s profit may face pressure once products sales fail to grow as fast as expected.We updated our forecast for next three years

Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator

The company that describes itself as a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies filed for its on July 18th.
They maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures.
Their revenues less cost of revenues were $275.6 million, $232.5 million and $195.6 million for 2024, 2023 and 2022.

Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation

Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company

Heartflow seeks to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease.
As of March 31, 2025, their Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone.
They had revenue of $87.2 million and $125.9 million and net loss of $95.7 million and $96.4 million in 2023 and 2024, respectively.

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Jul 28

Daily Brief ECM: ECM Weekly (28 July 2025) – MMC and more

In today’s briefing:

ECM Weekly (28 July 2025) – MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI
Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile

ECM Weekly (28 July 2025) – MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

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, we had a look at a number of deals that are in the pipeline.
On the placements front, it was a relatively quiet week with a few primary raisings.

Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile

By Andrei Zakharov

Shoulder Innovations Inc., a pure-play shoulder arthroplasty device company, is expected to IPO soon.
The company’s amended S-1 puts the initial price range per share at $19.00 to $21.00, implying a market cap of ~$450M at midpoint on a fully-diluted basis.
I have a positive view of Shoulder Innovations IPO and see upside vs. IPO price due to the company’s superior growth profile, industry-leading gross margins and capital efficient technology.

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Jul 27

Daily Brief ECM: China Healthcare Weekly (Jul.27)-The Turning Point of Tigermed and CRO and more

In today’s briefing:

China Healthcare Weekly (Jul.27)-The Turning Point of Tigermed and CRO, Everest Medicines’ Placement

China Healthcare Weekly (Jul.27)-The Turning Point of Tigermed and CRO, Everest Medicines’ Placement