Category

ECM

Jul 15
0

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

By | Daily Briefs, ECM

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

By Sumeet Singh

  • 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

By Akshat Shah

  • 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

By Akshat Shah

  • 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

By Xinyao (Criss) Wang

  • 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

By IPO Boutique

  • 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

By IPO Boutique

  • 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

By Nicholas Tan

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Jul 14
0

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

By | Daily Briefs, ECM

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

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

By Sumeet Singh

  • 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

By Sumeet Singh

  • 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

By Xinyao (Criss) Wang

  • Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.
  • High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of “disintermediation” in the industry is becoming increasingly evident.
  • The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.

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Jul 13
0

Daily Brief ECM: IPO Review – Anthem Biosciences – Pioneering Pharma CRDMO with Advanced Capabilities – Fairly Priced and more

By | Daily Briefs, ECM

In today’s briefing:

  • IPO Review – Anthem Biosciences – Pioneering Pharma CRDMO with Advanced Capabilities – Fairly Priced
  • China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

IPO Review – Anthem Biosciences – Pioneering Pharma CRDMO with Advanced Capabilities – Fairly Priced

By Himanshu Dugar

  • Anthem is a CRDMO platform with 5 main modalities (RNAi, ADC, peptides, lipids and oligonucleotides) and 4 manufacturing capabilities (custom synthesis, flow chemistry, fermentation and biotransformation).
  • With its aggressive focus on emerging biotech; industry tailwinds, upcoming capacities in fermentation and CSM; they are positioned for 20+% revenue growth and industry leading operating margins of 35+%.
  • We estimate FY26 EPS of INR 9-11, implying IPO multiple of 50-62x earnings. Truenorth and Portsmouth holding 3.9% and 2.7% post-IPO creates a technical overhang.

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

By Xinyao (Criss) Wang

  • The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.
  • There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.
  • After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.

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Jul 12
0

Daily Brief ECM: Dowoo Insys IPO Book Building Results Analysis and more

By | Daily Briefs, ECM

In today’s briefing:

  • Dowoo Insys IPO Book Building Results Analysis
  • Anthem Biosciences IPO – D&M Vertical Continues to Drive CRDMO Business
  • Juniper Green Energy Ltd Pre-IPO Tearsheet
  • Yangtuo Technology Inc. Pre-IPO Tearsheet
  • Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing
  • Megatronix Inc. Pre-IPO Tearsheet
  • Reconova Technologies Co., Ltd. Pre-IPO Tearsheet

Dowoo Insys IPO Book Building Results Analysis

By Douglas Kim

  • Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.
  • The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.
  • Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won). 

Anthem Biosciences IPO – D&M Vertical Continues to Drive CRDMO Business

By Akshat Shah

  • 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 RHP updates.

Juniper Green Energy Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Juniper Green Energy Ltd (1831458D IN)  (JGEL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are ICICI, HSBC, JM Fin, Kotak.
  • JGEL is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
  • According to the CRISIL Report, JGEL ranked among the top 10 largest renewable IPPs in India by total capacity as of Dec 24.

Yangtuo Technology Inc. Pre-IPO Tearsheet

By Troy Wong

  • Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
  • The company is a leading commerce and service platform in China, specializing in family care and nutrition products.
  • YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost & Sullivan).

Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing

By Tina Banerjee

  • Anthem Biosciences has filed RHP to raise INR34B (~$395M) through its Indian IPO consisting of only an offer for sale of equity shares. The IPO will open on July 14.
  • The IPO has been priced at INR540–570 per share. Considering FY25 EPS of INR8.07, Anthem seeks P/E valuation of 66.9–70.6x, which is lower than most of the peers.
  • With niche and differentiated technical capabilities (ADC, biosimilars, innovative biologics etc), large clientele, exposure to commercialized molecules, and capacity expansion, Anthem is well-positioned for long-term growth.

Megatronix Inc. Pre-IPO Tearsheet

By Troy Wong

  • Megatronix Inc. (MI) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi, CICC, and DB.
  • MI is a leading, 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.
  • It derives revenue primarily from sales of integrated domain control solutions, calculated based on the number of integrated smart domain controllers embedded with its solutions that are delivered to OEMs.

Reconova Technologies Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

  • Reconova Technologies Co., Ltd. (RT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CCBI, Huatai, and ABCI.
  • RT is an AI company that provides visual AI technologies and products for enterprise clients.  
  • RT is one of the first companies in the industry dedicated to full-stack visual AI technologies of computer vision algorithm, optical imaging optimisation, and computing power optimisation.

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Jul 11
0

Daily Brief ECM: SK Square Placement: Clean up by Kakao and more

By | Daily Briefs, ECM

In today’s briefing:

  • SK Square Placement: Clean up by Kakao
  • SBI Possible US$3bn QIP – Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well
  • Tenneco Clean Air India Ltd Pre-IPO Tearsheet
  • Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet
  • CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?
  • S&SYS IPO Preview

SK Square Placement: Clean up by Kakao

By Nicholas Tan

  • Kakao Corp (035720 KS) is looking to raise US$316m from a clean-up sale in SK Square (402340 KS) .
  • The deal is a small one, representing 5.4 days of the stock’s three month ADV, and 1.7% of total shares outstanding.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

SBI Possible US$3bn QIP – Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

By Sumeet Singh

  • As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.
  • SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.
  • In this note, we will talk about the possible fund raising and other deal dynamics.

Tenneco Clean Air India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Tenneco Clean Air India Ltd (1880671D IN)  (TCAIL)  is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, Axis, HSBC.
  • TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
  • According to the CRISIL Report, TCAIL was the largest supplier of Clean Air Solutions to Indian commercial truck (CT) OEMs with a 60% market share in FY24.

Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet

By Troy Wong

  • Shanghai MediTrust Health Technology Group Co., Ltd. (SMHTG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, HSBC, and CICC.
  • SMHTG is the largest innovative healthcare payor platform in China, according to Frost & Sullivan (F&S).
  • SMHTG is transforming the healthcare payment system in China by addressing funding and payment challenges faced by patients, health insurers and pharmaceutical companies.

CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?

By Tina Banerjee

  • CStone Pharmaceuticals (2616 HK) announced the placement of 100M shares for subscription at HK$4.72 per share. Placing shares represent approximately 7.33% of existing issued shares capital of the company.
  • The company intends to use 90% of the net proceeds from the for further research and development relating to assets in the company’s “Pipeline 2.0”.
  • Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets augurs well, but concerns remain.

S&SYS IPO Preview

By Douglas Kim

  • S&SYS is getting ready to complete its IPO in KOSDAQ in August. S&SYS is a shipbuilding equipment integrated solution company. 
  • The company plans to offer 1.9 million shares in this public offering. The IPO price range is from 27,000 won to 30,000 won. 
  • To value S&SYS, the bankers used Sejin Heavy Industries Co Ltd (075580 KS), Halla IMS, HD Hyundai Marine Solution (443060 KS), and Ksp Co Ltd (073010 KS) as comps. 

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Jul 10
0

Daily Brief ECM: [Japan ECM] Kokusai Elec (6525) Offering – Expect It Very Well Bid and more

By | Daily Briefs, ECM

In today’s briefing:

  • [Japan ECM] Kokusai Elec (6525) Offering – Expect It Very Well Bid, and the Back End Squeezy
  • Kokusai Electric Placement – Well Flagged but past Deal Didn’t Do Well
  • MMC Port Holdings Berhad Pre-IPO Tearsheet
  • Zijin Gold Pre-IPO Tearsheet
  • Figma Inc (FIG): Peeking at the Prospectus of the Next Software IPO
  • Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook

[Japan ECM] Kokusai Elec (6525) Offering – Expect It Very Well Bid, and the Back End Squeezy

By Travis Lundy

  • After the close today, Kokusai Electric (6525 JP) announced that large holder (and original PE owner) KKR HKE Investment LP would sell down 30mm shares or 12.88% of shares out.
  • This is not expected, but also not unexpected – it’s exactly a year since the first selldown. There is a decent-sized short position, and it isn’t a huge offering.
  • This changes two aspects of the future supply/demand balance. Both are important for how this trades in coming months.

Kokusai Electric Placement – Well Flagged but past Deal Didn’t Do Well

By Sumeet Singh

  • KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)‘s (KE) stock.
  • KKR had sold in the IPO and undertaken an extended selldown in July 2024 as well. Hence, this deal is somewhat well flagged.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

MMC Port Holdings Berhad Pre-IPO Tearsheet

By Troy Wong

  • MMC Port Holdings Berhad (MMC) is looking to raise about US$1.5bn in its upcoming Malaysia IPO. The deal will be run by CIMB, Maybank, RHB, and UBS.
  • MMC is Malaysia’s largest container port operator and the country’s leading container hub for transshipment and gateway cargo, according to Drewry.
  • MMC operates five sea ports and a solid product jetty terminal and conducts ship-to-ship transfer (STS) services at an offshore port.

Zijin Gold Pre-IPO Tearsheet

By Nicholas Tan

  • Zijin Gold (2579355D HK)  is looking to raise up to US$2.0bn in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CITIC.
  • It is a leading gold mining company formed by combining all the gold mines of Zijin Mining,  located outside of China.
  • It held interests in eight gold mines located in gold-rich regions across South America, Oceania, Central Asia and Africa.

Figma Inc (FIG): Peeking at the Prospectus of the Next Software IPO

By IPO Boutique

  • Figma (FIG US) filed for an IPO on the NYSE on July 1st for a debut later this month. 
  • Their revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-over-year growth.
  • Adobe’s acquisition of Figma collapsed in December 2023 after regulatory hurdles paving the way for this IPO. 

Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook

By Xinyao (Criss) Wang

  • The big gap between the revenue proportion of the two business lines indicates that there’s little synergistic effect, thus further delaying the formation of the “medicine and makeup complementary ecosystem”.
  • The weakness in R&D has led to a low overlap in the demands of existing products among the customer groups,making it impossible to match the medical demand through self R&D.
  • The business model of Dermavon is sales-driven rather than R&D-driven. There are concerns on the Company’s pipeline quality. Dermavon has not proved its sustainable profitability. Valuation should be lower peers.

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Jul 09
0

Daily Brief ECM: Lens Technology A/H Trading – Decent Demand and more

By | Daily Briefs, ECM

In today’s briefing:

  • Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally
  • SICC A/H Listing – Past Growth Has Been Volatile
  • Lens Technology H Share Listing (6613 HK): Trading Debut
  • NSDL IPO: The Bull Case
  • McGraw Hill, Inc. (MH): Peeking at the IPO Prospectus of PE-Backed Education Company
  • Fortior Tech A/H Trading – Sluggish Demand
  • WeiMai Inc. Pre-IPO Tearsheet
  • Zhejiang Galaxis Pre-IPO Tearsheet
  • Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand
  • Rayzon Solar Ltd Pre-IPO Tearsheet

Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally

By Sumeet Singh

  • Lens Technology (300433 CH), a precision manufacturing solution provider, raised around US$700m in its H-share listing.
  • Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
  • 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.

SICC A/H Listing – Past Growth Has Been Volatile

By Sumeet Singh

  • SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.
  • As per Frost & Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

Lens Technology H Share Listing (6613 HK): Trading Debut

By Arun George

NSDL IPO: The Bull 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.     
  • The depository market in India is a duopoly with high barriers to entry as each of the current depositories is promoted by large institutions.
  • The bull case rests on outperforming its key peer on several metrics, the core business’s solid performance, signs of margin recovery, cash generation, and no debt.  

McGraw Hill, Inc. (MH): Peeking at the IPO Prospectus of PE-Backed Education Company

By IPO Boutique

  • McGraw Hill is backed by Platinum Equity and is looking to potentially debut in July. 
  • For the fiscal years ended March 31, 2025, 2024 and 2023, they generated revenue of $2,101.3 million $1,960.5 million and $1,947.8 million, respectively.
  • The education sector in which this company operates in is one that has “mixed feelings” amongst IPO investors.

Fortior Tech A/H Trading – Sluggish Demand

By Sumeet Singh

  • Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, raised around US$330m in its H-share listing.
  • Fortior Tech is an IC design company dedicated to the design and R&D of BLDC motor control ICs.
  • In our previous note, we have looked at the past performance and likely A/H premium. In this note, we talk about the trading dynamics.

WeiMai Inc. Pre-IPO Tearsheet

By Troy Wong

  • WeiMai Inc. (WM) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by DB and CMS.
  • WM is China’s top three whole-course healthcare management service provider and the largest patient-focused AI-empowered whole-course healthcare management service provider in China in terms of 2024 revenue.
  • As of the Latest Practicable Date, WM partnered with 157 hospitals, where it had dedicated healthcare management team and medical team onsite in WeiMai exclusive in-hospital healthcare management centers.

Zhejiang Galaxis Pre-IPO Tearsheet

By Nicholas Tan

  • Zhejiang Galaxis Technology Group Co Ltd (1803536D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai and CITIC.
  • It is an intelligent intralogistics robotics expert dedicated to redefining supply chain operations through cutting-edge embodied robotics technologies.
  • Its robotics portfolio covers the entire spectrum of intralogistics operations, addressing the core functions of storage, sorting and transport.

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

By Nicholas Tan

  • Geekplus Technology (2590 HK)  is looking to raise up to $300m in its upcoming Hong Kong IPO.
  • It is a leader in the global autonomous mobile robots (AMR) market.
  • We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Rayzon Solar Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Rayzon Solar Ltd (0127839D IN) (RSL)  is looking to raise about US$175m in its upcoming India IPO. The bookrunners for the deal are SBI, Ambit, IIFL.
  • RSL, established in 2017 as M/s Rayzon Green Energies, manufactures and sells Mono PERC, TOPCon, and bifacial solar PV modules for utility, C&I, and residential markets.
  • According to the CRISIL Report, RSL is among the top 10 solar photovoltaic (PV) module manufacturers in India, with an installed capacity of 6.00 GW as of Mar 25.

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Jul 08
0

Daily Brief ECM: KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs and more

By | Daily Briefs, ECM

In today’s briefing:

  • KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs
  • Marui Group Placement: Clean up by Toho; Improving Fundamentals
  • Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market
  • Travel Food Services: $250M OFS, Niche Travel QSR but Valuations Seem Full Amidst near Term Weakness
  • Xuanzhu Biopharm  (轩竹生物科技) Pre-IPO: Alarming Signs upon Further Checks
  • Carlsmed, Inc. (CARL): Peeking at the Prospectus of the Next Medical Tech IPO
  • Travel Food Services IPO – RHP Updates & Thoughts on Valuation
  • Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story
  • MegaRobo Pre-IPO Tearsheet
  • Genor Biopharma (6998 HK) – The Reverse Merger Will Unleash the Upside Potential of Valuation

KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs

By Sanghyun Park

  • KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.
  • Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.
  • SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.

Marui Group Placement: Clean up by Toho; Improving Fundamentals

By Nicholas Tan

  • A group of shareholders are looking to raise US$184m from selling their respective stakes in Marui Group (8252 JP) .
  • While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

By Andrei Zakharov

  • Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
  • The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
  • With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.

Travel Food Services: $250M OFS, Niche Travel QSR but Valuations Seem Full Amidst near Term Weakness

By Himanshu Dugar

  • TFS operates QSRs and lounge in airports. They are present in the top 14 airports in India accounting for 26% of Indian-airport QSR and ~45% of the Indian-airport Lounge revenues
  • FY26 performance is expected to be flattish as 1H results will lap impact of Adani operated airports being moved from TFS books to Joint venture with 25% stake.
  • FY27 onwards growth is estimated at 15+% with EBITDA margins of 34-37%. We estimate FY27 revenues of ~2,000cr with PAT of 450-500cr implying the deal is being priced at 30-33x

Xuanzhu Biopharm  (轩竹生物科技) Pre-IPO: Alarming Signs upon Further Checks

By Ke Yan, CFA, FRM

  • Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
  • In previous insight, we looked at the company’s core products and key products, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.
  • In this note, we look at the company’s latest filing and its previous attempt to list in the A-share market.

Carlsmed, Inc. (CARL): Peeking at the Prospectus of the Next Medical Tech IPO

By IPO Boutique

  • The company describes itself as a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions.
  • For the years ended December 31, 2024 and 2023, they recognized revenue of $27.2 million and $13.8 million, respectively, representing year-over-year growth of 97.2%.
  • The area in which this company operates in is one that is traditionally well-received by IPO investors.

Travel Food Services IPO – RHP Updates & Thoughts on Valuation

By Akshat Shah

  • Travel Food Services Ltd (1450229D IN) is looking to raise 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 in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

By Andrei Zakharov

  • Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it’s likely to exceed $1B.
  • I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
  • I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.

MegaRobo Pre-IPO Tearsheet

By Nicholas Tan

  • MegaRobo Technologies (MRT HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley, Huatai, Deutsche Bank, CCB International.
  • It is a leading provider of autonomous agents in robotic applications in China, dedicated to improving productivity and driving innovation for businesses across both laboratory and manufacturing settings.
  • It serves a diversified customer base with over 880 customers. Key account customers newly acquired in 2022, had a repurchase rate of 74%, and a revenue retention rate of 115%.

Genor Biopharma (6998 HK) – The Reverse Merger Will Unleash the Upside Potential of Valuation

By Xinyao (Criss) Wang

  • The merger is good for both parties. On the one hand, it helps boost Genor’s valuation. On the other hand, it finally makes Edding realize its desire to go public.
  • The outlook of Edding Genor Group depends on the pipeline quality. Core products Vancocin/Ceclor/FPN are facing different challenges. The pipeline strength/R&D capabilities of Genor hasn’t been recognized by the market.
  • Short-Term valuation is expected to reach RMB7.5 billion. Future valuation could be above RMB10 billion if pipeline R&D progress/clinical data and the commercialization performance of marketed products meet the expectation.

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Jul 07
0

Daily Brief ECM: FWD IPO Trading – Tepid Demand and more

By | Daily Briefs, ECM

In today’s briefing:

  • FWD IPO Trading – Tepid Demand
  • Curator’s Cut: CC Vs DD, Singapore’s IPO Momentum and Pair Trade Ideas Galore
  • ECM Weekly (7 July 2025) – IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH
  • Weekly Deals Digest (06 Jul) – Lens Tech, FWD, Geekplus, NTT DC REIT, Fengxiang, HKBN, Insignia
  • Daehan Shipbuilding Pre-IPO: Discount to Peers but Some Things to Take Note Of
  • Pre-IPO Three Squirrels – Pain Points of the Business Model and the Performance Outlook

FWD IPO Trading – Tepid Demand

By Sumeet Singh

  • FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.
  • FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
  • We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.

Curator’s Cut: CC Vs DD, Singapore’s IPO Momentum and Pair Trade Ideas Galore

By Pranav Rao

  • Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
  • In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma
  • Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

ECM Weekly (7 July 2025) – IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

By Sumeet Singh

  • 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, next week will see a large number of listings across the region.
  • On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.

Weekly Deals Digest (06 Jul) – Lens Tech, FWD, Geekplus, NTT DC REIT, Fengxiang, HKBN, Insignia

By Arun George

Daehan Shipbuilding Pre-IPO: Discount to Peers but Some Things to Take Note Of

By Nicholas Tan

  • Daehan Shipbuilding (439260 KS)  is looking to raise up to 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.

Pre-IPO Three Squirrels – Pain Points of the Business Model and the Performance Outlook

By Xinyao (Criss) Wang

  • As the traffic dividend of e-commerce fades, Three Squirrels is facing challenges.The offline predicament is essentially a conflict between the online traffic thinking mode and the logic of physical retail. 
  • Three Squirrels hasn’t built a true moat, and the high selling expenses would continue to erode the transformation space, leading to rely more on online channels and quick customer traffic.
  • We have concerns on the expansion outlook and growth sustainability. Our forecast is CAGR could be 15% in 2025-2027. Valuation may not meet expectations if growth continues to slow down.

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Jul 06
0

Daily Brief ECM: NTT DC REIT IPO: Valuation Insights and more

By | Daily Briefs, ECM

In today’s briefing:

  • NTT DC REIT IPO: Valuation Insights

NTT DC REIT IPO: Valuation Insights

By Arun George

  • NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
  • I previously discussed the listing in NTT DC REIT IPO: The Investment Case. 
  • In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers’ multiples and yields. 

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