ECM Daily Briefs | Page 14 of 160

In today’s briefing:

Innogen (银诺医药) Pre-IPO Update: New Data Points
Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns
McGraw Hill IPO: Legacy Publisher to an EdTech Play. Key Facts, Financials and Valuation
Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained
Veritas Finance Pre-IPO: Fast Growing Lender to the Un/Under-Banked

Innogen (银诺医药) Pre-IPO Update: New Data Points

By Ke Yan, CFA, FRM

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 refiled application proof.
We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures Ltd (1831338D IN) is looking to raise about US$317m in its upcoming India IPO.
Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
In this note, we talk about the company’s historical performance.

McGraw Hill IPO: Legacy Publisher to an EdTech Play. Key Facts, Financials and Valuation

By Devi Subhakesan

McGraw Hill (MH US) , a leading name in educational publishing, is offering 24.39 mn shares to raise up to USD537 mn targeting an equity valuation of USD4.2 billion.
McGraw Hill is a global provider of educational content and digital learning solutions, serving the K-12, higher education, and professional learning markets. Digital segment accounted for 65% of its revenues.
McGraw Hill’s transition from print to predominantly digital positions the company to benefit from several structural shifts in the education sector.

Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the not-so-positive aspects of the deal.

Veritas Finance Pre-IPO: Fast Growing Lender to the Un/Under-Banked

Veritas Finance Ltd (1392490D IN) is looking to raise up to US$323m in its upcoming Indian IPO.
It was established in 2015, and is a non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI), classified as an ‘NBFC-Middle Layer’.
In this note, we look at the firm’s past performance.

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Jul 22

Daily Brief ECM: DH (Daehan) Shipbuilding IPO Book Building Results Analysis and more

In today’s briefing:

DH (Daehan) Shipbuilding IPO Book Building Results Analysis
Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week
Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO
Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO
McGraw Hill, Inc. (MH): Caution Needed for Upcoming PE-Backed Legacy Education IPO
Pre-IPO Shanghai Jin Jiang International Hotels – The Pain Points and the Outlook
Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range
NIQ Global Intelligence Plc (NIQ): Advent-Backed IPO to Provide Litmus Test for Market
Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain
MMC Ports Pre-IPO – Monetization Event for Promoters

DH (Daehan) Shipbuilding IPO Book Building Results Analysis

By Douglas Kim

DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO price range).
At the IPO price of 50,000 won, the expected market cap will be 1.9 trillion won. DH Shipbuilding will start trading on 1 August.
Our base case valuation of DH Shipbuilding is target price of 67,576 won per share, which represents a 35% upside to the IPO price.

Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.

Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO

Ambiq Micro is offering 3.4mm shares at $22.00-$25.00 equating to a market cap of $375m-$426m and is scheduled to debut on July 30th.
The company is currently undergoing a “shift” from a customer base that relies heavily on mainland China to other parts of the world.
The updated prospectus further outlines the ownership percentages and lists Kleiner Perkins and EDB Investments Ptd Ltd as owners of 14.8% and 6.0% prior to this offering.

Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

According to our sources, the deal is double-digits oversubscribed with “meaningful mutual fund conversions”.
Exchange written premiums were $3.1b in 2024 and the company is projecting premiums of $2.0b-$2.1b in the 1H 2025 alone.
From a valuation standpoint, the company is targeting a near 20x multiple of EV-to-Ebitda and mid-teens multiple based on 2026 Ebitda which is considered aggressive.

McGraw Hill, Inc. (MH): Caution Needed for Upcoming PE-Backed Legacy Education IPO

McGraw Hill (MH US) , is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
We were pleasantly “surprised” to hear that the deal’s channel checks came in strong. According to guidance, the deal is multiple-times oversubscribed with continued long-only conversions.
Bringing the IPO at a valuation that is a down-round is a “positive”, however the sector in which this company operates in “may” prove to be a difficult sell.

Pre-IPO Shanghai Jin Jiang International Hotels – The Pain Points and the Outlook

In 25Q1, Jin Jiang did not show a turning point in performance.There’s uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.
The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.
Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

By Andrei Zakharov

Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.

NIQ Global Intelligence Plc (NIQ): Advent-Backed IPO to Provide Litmus Test for Market

The company that describes itself as a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers is to debut on Wednesday, July 23rd.
According to guidance, that the deal is multiple-times oversubscribed with long-only, 1-on-1 conversions including anchor indications.
The company showed solid growth in 2024 of nearly 19% and followed that up with solid flash numbers of +7.5% growth in Q2.

Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

By Tina Banerjee

Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.

MMC Ports Pre-IPO – Monetization Event for Promoters

MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
In this note, we talk about the not-so-positive aspects of the deal.

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Jul 21

Daily Brief ECM: Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind and more

In today’s briefing:

Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind
MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary
ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage
Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind

For IP toy, the ability to provide a variety of categories is valuable,which means brands have access to diverse/creative designs/production based on IP characteristics, highlighting/interpreting the core of each IP.
Driven by top-tier licensed IPs, 52TOYS achieved solid growth, but its revenue scale/profit margin are inferior to peers. Due to intense competition, 52TOYS’s market share may be further squeezed.
The post-money valuation after Series C+ Financing is RMB4.27 billion. Based on the analysis, we think valuation of 52TOYS should be lower than Pop Mart (9992 HK), Bloks (325 HK).

MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary

MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
In this note, we talk about the positive aspects of the deal.

ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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, filings and listings have cooled off going into the general summer lull.
On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

By Andrei Zakharov

Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.

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Jul 20

Daily Brief ECM: NSDL Vs CDSL: A Bottom-Up Comparison and more

In today’s briefing:

NSDL Vs CDSL: A Bottom-Up Comparison
China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement
Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company
WhiteFiber, Inc. (WYFI): Peeking at the IPO Prospectus of an AI Infrastructure Solutions Company

NSDL Vs CDSL: A Bottom-Up Comparison

By Himanshu Dugar

NSDL has been gearing up for its IPO and is very likely to hit the markets shortly within the SEBI stipulated deadline of 31st July.
NSDL historically had the upper hand over CDSL as institutional clients led to strong outperformance. But the booming retail investment landscape since 2021 has turned the tables on the leader.
Given that the trend of retail participation inching is expected to continue, NSDL needs to rejuvenate its approach to plough back market share. Payments banking business cant offset the impact.

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.
Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.
United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.

Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company

Their operational launch vehicle, Alpha, is the first and only U.S.-based orbital rocket in the 1,000 kilograms class to successfully reach orbit, with four launches completed successfully.
They had revenue of $55.23 million and $60.79 million and net loss of $135.46 million and $231.13 million in 2023 and 2024, respectively.
The company is targeting a potential IPO in the second half of July or early August with peers and the sector outperforming in the short term.

WhiteFiber, Inc. (WYFI): Peeking at the IPO Prospectus of an AI Infrastructure Solutions Company

Bit Digital’s division of high performance computing (HPCs) is going public with B. Riley and Needham leading the IPO.
They had revenue of $8.17 million and $16.77 million and net income of $826.5 thousand and $1.43 million in the first quarter or 2024 and 2025, respectively.
A comp to this IPO, CoreWeave (CRWV US), saw its company highly scrutinized in the pre-IPO process only to see the stock outperform once going public.

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Jul 19

Daily Brief ECM: Anthem Biosciences IPO Trading – Robust Insti Coverage Drives Overall Demand and more

In today’s briefing:

Anthem Biosciences IPO Trading – Robust Insti Coverage Drives Overall Demand
Shoulder Innovations, Inc. (SI): Peeking at the Prospectus of Another MedTech IPO

Anthem Biosciences IPO Trading – Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (1234D IN) raised about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.

Shoulder Innovations, Inc. (SI): Peeking at the Prospectus of Another MedTech IPO

They are a commercial stage medical technology company that currently offers advanced implant systems for shoulder arthroplasty.
They generated net revenue of $31.6 million for the year ended December 31, 2024, compared to net revenue of $19.3 million for the year ended December 31, 2023 (64% growth).
This IPO could set terms as early as next week for a late July or early August debut.

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Jul 18

Daily Brief ECM: Leads Biolabs (维立志生物) IPO: A Duality Repeat? and more

In today’s briefing:

Leads Biolabs (维立志生物) IPO: A Duality Repeat?
United Lab Placement – Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit
Safex Chemicals India Ltd Pre-IPO Tearsheet
Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity
Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long

Leads Biolabs (维立志生物) IPO: A Duality Repeat?

By Ke Yan, CFA, FRM

Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.
We look at the deal dynamics and compare the listing with the Duality listing.
The deal values the companies fairly but we see strong sentiment towards quality biotech names.

United Lab Placement – Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

The United Laboratories International Holdings Limited (3933 HK) is looking to raise up to US$262m from a primary placement.
The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&D purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.

Safex Chemicals India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Safex Chemicals (India) Limited (1414700D IN) (SCIL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin, SBI.
SCIL is a specialty chemicals company in agrochemicals, operating across branded formulation, specialty chemicals, and CDMO segments, serving both farmers and global agrochemical firms.
According to the Frost & Sullivan Report, SCIL was among the fastest-growing players in the Indian agrochemical industry in terms of revenue growth between FY2023-25.

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

By Tina Banerjee

Ascentage Pharma Group Corp (6855 HK) announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.
The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.
The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.

Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long

By Tina Banerjee

Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.
Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.
Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.

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Jul 17

Daily Brief ECM: SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret and more

In today’s briefing:

SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret
Will A Saudi Arabian Investment Company Save Kum Yang From Delisting?
Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company
ICICI Pru AMC Pre-IPO Tearsheet
Pre-IPO Guangzhou Xiao Noodles Catering Management – Pain Points in Operation Mode and Profit Margin
Unisplendour Corp A/H Listing – Growth Slowing, Margins Dropping

SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret

State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.
Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.

Will A Saudi Arabian Investment Company Save Kum Yang From Delisting?

By Douglas Kim

In this insight, we discuss whether a Saudi Arabian investment company (SKAEEB) could save Kum Yang (001570 KS) from delisting.
There are several aspects of this deal with SKAEEB that are a bit fishy.
1) A 50% Market Premium is Not Justified; 2) Does SKAEEB have enough money? 3) Control does not change

Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company

The company describes itself as a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute.
For the three months ended March 31, 2025 and 2024, they generated net sales of $15.7 million and $15.2 million, respectively.
The sector in which this company operates is one that is in favor. Powering the AI trade is one that investors are highly engaged in at the moment.

ICICI Pru AMC Pre-IPO Tearsheet

ICICI Prudential AMC (570643Z IN) (IPru AMC) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by a consortium of banks.
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.
The IPO is entirely an offer for sale by one of the promoters, Prudential Corporation Holdings Limited.

Pre-IPO Guangzhou Xiao Noodles Catering Management – Pain Points in Operation Mode and Profit Margin

Although the revenue is growing, net profit margin is low, which is due to Xiao Noodles’ operational model, high costs, products and brand positioning. Key performance indicators declined in 2024.
If competition becomes increasingly fierce and Xiao Noodles’ price reduction strategy continues, the investment return period would be longer, which will affect the Company’s future expansion plans and performance growth.
Based on our forecast, pre-IPO valuation of RMB3 billion is expensive. If Xiao Noodles is unable to reverse the trend of declining performance, it will face valuation discounts after IPO.

Unisplendour Corp A/H Listing – Growth Slowing, Margins Dropping

Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.
UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Jul 16

Daily Brief ECM: SM Investments Placement: Large Deal to Digest and more

In today’s briefing:

SM Investments Placement: Large Deal to Digest
Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO
Ascentage Pharma (6855.HK) Placement – Thoughts on The Placing Price and the Outlook
Carlsmed, Inc. (CARL): MedTech Targeting the Spine Sets Terms for IPO
Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility
Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet

SM Investments Placement: Large Deal to Digest

An undisclosed seller is looking to raise US$142m via selling some/all of their stake in SM Investments (SM PM).
The deal is a large one to digest, representing 33.1 days of the stock’s three month ADV, and 0.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO

Accelerant Holdings is offering 28.947mm shares at $18.00-$20.00 equating to a market cap of $4.0b-$4.4b and is scheduled to debut on July 24th.
As of June 30, 2025 they have 248 Members as compared to 186 Members as of June 30, 2024 (and 232 Members as of March 31, 2025).
Given the positive tailwind from recent insurance-related IPOs as well as the strong metrics released in the company’s “flash numbers”, we believe this company could potentially be “well-received”.

Ascentage Pharma (6855.HK) Placement – Thoughts on The Placing Price and the Outlook

Our forecast is sales of olverembatinib in 2025 could reach RMB500mn. APG-2575 is better than Sonrotoclax in ORR/safety profile, but global commercialization success is not simply determined by clinical data.
Placing price of HK$68.6/share has priced in the successful licensing deal of APG-2575 to some extent, which however is not a done deal. US$1.5-2.375bn is a more reasonable valuation range.
The big rally in biotech sector is not based on fundamental inflection point. The driving mentality behind the valuation bubble this time has a more obvious nature of “short-term gambling”.

Carlsmed, Inc. (CARL): MedTech Targeting the Spine Sets Terms for IPO

Carlsmed is offering 6.7mm shares at $14.00-$16.00 equating to a market cap of $371m-$424m and is scheduled to debut on July 23rd
B Capital Group and U.S. Venture Partners have indicated an interest in purchasing up to approximately $20 million and $11 million, respectively.
MedTech companies like CarlsMed are easy to digest for IPO investors as the company typically sees sales in a strong trajectory going into the IPO.

Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, IIFL, Jefferies, Kotak.
EPPL is an integrated solar PV module and cell manufacturer offering advanced technologies like TOPCon and Mono PERC.
According to the CRISIL Report, as on Mar 25, EPPL was the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturer in India by production capacity.

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Jul 15

Daily Brief ECM: Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well and more

In today’s briefing:

Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong
Travel Food Services IPO Trading – Decent Anchor; Subdued Overall Demand
Anthem Biosciences IPO – Thoughts on Peer Comp and Valuation
Pre-IPO Busy Ming Group – Concerns Behind the High Growth
MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation
McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase
NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO
Kasumigaseki Hotel REIT Pre-IPO: Young Hotel Assets and Improving Economics

Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement.
The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Travel Food Services IPO Trading – Decent Anchor; Subdued Overall Demand

Travel Food Services Ltd (1450229D IN) raised about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
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.

Anthem Biosciences IPO – Thoughts on Peer Comp and Valuation

Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.

Pre-IPO Busy Ming Group – Concerns Behind the High Growth

BUSY MING operates under the franchise model, under which franchisees and BUSY MING form collaboration and a virtuous cycle, benefiting from the ecological logic of high turnover.
However, the potential risk is increasing homogeneous competition. Price wars and competitors’ rapid expansion would further squeeze the profit margin of BUSY MING and lead to market oversaturation.
The current high growth may not sustain.BUSY MING clearly hopes to successfully IPO during the current peak period of performance, but investors may face a decline in performance after IPO.

MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation

By Andrei Zakharov

MegaRobo Technologies, AI & robotics unicorn with focus on lab automation in life sciences and intelligent manufacturing, files to list IPO on Hong Kong Stock Exchange.
Founder led, AI native company was backed by Sinovation Ventures, Goldman Sachs, Asia Investment Capital, Robert Bosch Venture Capital, GGV Capital, and Joy Capital, among others.
The business is growing fast and increases the number of use cases across new verticals. However, negative free cash flows and operating losses are a headwind.

McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase

McGraw Hill is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
The company is backed by Platinum Equity, a private equity firm that acquired the company from Apollo Global Management for approximately $4.5 billion in August 2021.
Private Equity IPOs are to be a theme in the 2H of 2025 and McGraw Hill will be a test for the market based on the financial profile.

NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO

NIQ Global Intelligence plc is offering 50.0mm shares at $20.00-$24.00 equating to a market cap of $5.9b-$7.1b and is scheduled to debut on July 23rd.
If successful, this will be the third IPO to raise $1 billion in 2025.
NIQ Global Intelligence has a boat-load of debt, is private-equity backed but has a growth profile that is promising. We believe price sensitivity may play a role.

Kasumigaseki Hotel REIT Pre-IPO: Young Hotel Assets and Improving Economics

Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$195m in its upcoming Japan IPO.
It is a REIT with hotel assets, sponsored by Kasumigaseki Capital (3498 JP) .
In this note, we look at the firm’s past performance.

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Jul 14

Daily Brief ECM: NTT DC REIT IPO: Trading Debut and more

In today’s briefing:

NTT DC REIT IPO: Trading Debut
ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD
NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help
NSDL IPO: The Bear Case
Baige Online Digital Technology – The Business Model and the Risks Behind

NTT DC REIT IPO: Trading Debut

By Arun George

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.
I discussed the listing in NTT DC REIT IPO: The Investment Case and NTT DC REIT IPO: Valuation Insights.
NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers’ multiples and yields.

ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

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, the previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).

NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help

NTT DC REIT (NTTDCR SP), a data center REIT, raised around US$772m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
We have looked at the past performance in our earlier notes. In this note, we will talk about the trading dynamics.

NSDL IPO: The Bear Case

By Arun George

National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
In NSDL IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.

Baige Online Digital Technology – The Business Model and the Risks Behind