ECM Daily Briefs | Page 19 of 160

In today’s briefing:

Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer
IFBH Ltd Pre- IPO – Growth Driven by Coconut Water Products Amid High Concentration Risks
Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)
Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance
Lens Technology H-Share Listing: First Look
Ategrity Specialty Holdings (ASIC): Specialty Insurer the Next to Debut, Sets Terms for IPO
Wuxi Lead Intelligent Equipment A/H Listing – Market Leader but Has Been Facing Industry Headwinds
Pre-IPO Muyuan Foods – The Hog King in China Has Greater Potential and Resilience

Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer

They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
The strong performance of peers could provide a potential tailwind for this IPO.

IFBH Ltd Pre- IPO – Growth Driven by Coconut Water Products Amid High Concentration Risks

IFBH (IFBH HK) is looking to raise at least US$100m in its upcoming HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In this note, we talk about the company’s historical performance.

Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

By Shifara Samsudeen, FCMA, CGMA

Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).
We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins.
Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown.

Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance

By Oshadhi Kumarasiri

Primo Global (367A JP) will debut on the Tokyo Stock Exchange’s Standard Market on June 24, offering 6.5m shares, with pricing set after the June 9–13 book-building period.
Despite decades in operation, Primo has shown slow domestic growth and limited international traction, raising doubts about its ability to scale meaningfully in the bridal jewelry market.
With net debt at 50% of assets and over half its balance sheet in goodwill and intangibles, Primo faces material financial risk, especially in a rising interest rate environment.

Lens Technology H-Share Listing: First Look

Shenzhen-Listed iPhone glass supplier Lens Technology (300433 CH) has filed for a listing on HKEx and plans to raise proceeds of around US$1-1.5bn.
The company is heavily reliant on smartphones (mainly iPhones) however has diversified into other verticals. While this has helped grow revenues, margins have continued to decline.
Though some exemptions have been given, the potential for further US reciprocal tariffs could increase costs and disrupt supply chains impacting Lens.

Ategrity Specialty Holdings (ASIC): Specialty Insurer the Next to Debut, Sets Terms for IPO

Ategrity Specialty Holdings will be offering 6.67 million shares at a $14-$16 range equating to a $659m-$753m valuation.
For the three months ended March 31, 2025, they wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3%.
The underwriters have reserved for sale, at the initial public offering price, up to 7% of the shares offered.

Wuxi Lead Intelligent Equipment A/H Listing – Market Leader but Has Been Facing Industry Headwinds

Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Pre-IPO Muyuan Foods – The Hog King in China Has Greater Potential and Resilience

With a “fully self-breeding, fully chain, intelligent” business model, the core competitiveness of MUYUAN is its leading cost control capability in the industry. So, MUYUAN’s profitability is higher than peers.
Hog prices may remain at RMB14-16/kg in 2025, and increase to RMB16-18/kg in 2026-2027. MUYUAN may sell 72 million/77 million/over 80 million heads of hogs in 2025, 2026, 2027, respectively.
MUYUAN is expected to be significantly affected by price fluctuations of hogs. Looking forward, the increase in hog prices is a major trend.Valuation of MUYUAN should be higher than peers.

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Jun 03

Daily Brief ECM: Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter and more

In today’s briefing:

Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer
Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing
Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook
Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO
Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO

Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter

Primo Global (367A JP) is looking to raise at least US$104m in its upcoming Japan IPO.
Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we look at the firm’s past performance.

Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer

The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
Revenue increased by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively.
After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.

Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook

2024 is a milestone year. The weighted average ROE set a new high. Due to cost dilution brought by economies of scale, net profit growth was higher than revenue growth.
The risk of relying on a single category hasn’t been eliminated. Traditional advantages of offline channels are becoming saturated. There is a gap between channel structure and new consumer forces
Eastroc’s valuation is expected to be higher than the industry average and peers due to its higher growth rate, but investors needs to consider the H/A premium

Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO

The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).

Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO

Voyager Technologies will be offering 11 million shares at a $26-$29 range equating to a $1.4b-$1.65b valuation.
The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
Janus Henderson Investors and Wellington Management have indicated an interest in purchasing up to an aggregate of $60 million in shares of Class A common stock.

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Jun 02

Daily Brief ECM: ECM Weekly (2 June 2025) -Indigo and more

In today’s briefing:

ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis
Aegis Vopak IPO: Anemic Demand
China Healthcare Weekly (Jun.1)-Akeso/Summit’s Disappointing Ph3 Readout,Valuation Outlook of Biokin
Schloss Bangalore IPO Trading – Decent Anchor; Muted Overall Demand
Pre-IPO Softcare – Strong Performance Growth Momentum Would Continue

ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

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, Foshan Haitian Flavouring & Food (603288 CH) might launch its A/H listing this week.
On the placements front, there were a number of large deals across the region, with notable ones in ITC Ltd (ITC IN) and InterGlobe Aviation Ltd (INDIGO IN).

Aegis Vopak IPO: Anemic Demand

Aegis Vopak Terminals Ltd (1902844D IN) raised about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.

China Healthcare Weekly (Jun.1)-Akeso/Summit’s Disappointing Ph3 Readout,Valuation Outlook of Biokin

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&As. China Resources+Tasly+KPC will be the core drivers of future performance.
Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.
The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.

Schloss Bangalore IPO Trading – Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SCHBL IN) raised about US$400m in its India IPO.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Pre-IPO Softcare – Strong Performance Growth Momentum Would Continue

Softcare has established its core competitiveness of “low price + localization”, and has achieved success in Africa. Softcare hopes to replicate its business model in Africa to other markets.
Emerging Markets have seen sustained growth in market penetration of baby/feminine hygiene products. We’re optimistic about Softcare’s future performance growth due to “demographic dividend + consumption upgrade” in Emerging Markets.
Softcare has strong fundamentals and promising outlook. We think valuation of Softcare should be higher than Hengan International Group (1044 HK) due to higher profit margin and future growth potential.

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May 31

Daily Brief ECM: Circle Internet Group (CRCL): Ark and more

In today’s briefing:

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO
Shanghai Zhida Technology Development Pre-IPO – Market Leader Faces Pricing Pressures
Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

Circle Internet locked down a pair of anchor orders ahead of next week’s IPO which is already oversubscribed.
Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m.
The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.

Shanghai Zhida Technology Development Pre-IPO – Market Leader Faces Pricing Pressures

By Troy Wong

Shanghai Zhida Technology Development (SZTD) is looking to raise about US$128m in its upcoming Hong Kong IPO.
SZTD presents a compelling leadership position in the EV home charging market, both in China and globally, underpinned by strong industry tailwinds and a diversified product-service offering.
However, recent declines in revenue and margins driven by pricing pressures and high customer concentration raise concerns about the sustainability of its growth and profitability.

Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

By Andrei Zakharov

Klarna Group, a founder-led BNPL giant and leading fintech company, will try to make another one IPO push in the second half of the year.
With the most recent F-1/A, the company reported worse-than-expected 1Q25 results, including total revenue of $701M (+9% YoY) and operating loss of $90M, up ~221% YoY.
Klarna Group 1Q net loss nearly tripled to ~$101M on mid-single-digit GMV growth, weaker-than-expected interest income and high SBC expense (~8% of revenues).

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May 30

Daily Brief ECM: [Japan ECM] Financial Crossholders Offering Isuzu (7202) – Big Buyback Covers Most Of The Back End and more

In today’s briefing:

[Japan ECM] Financial Crossholders Offering Isuzu (7202) – Big Buyback Covers Most Of The Back End
Isuzu Motors Placement – Relatively Small Deal Along with Buyback
Shein IPO: Hong Kong Yes, London No
Initial Thoughts on The Pinkfong Company IPO (Creator of the Baby Shark Brand)
Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims
Omada Health (OMDA): Second Virtual Healthcare Provider Ready to Test the IPO Market

[Japan ECM] Financial Crossholders Offering Isuzu (7202) – Big Buyback Covers Most Of The Back End

By Travis Lundy

In line with the trend of financial institutions led by non-life insurers selling out of their cross-holdings, today we get an offering of shares held in Isuzu Motors (7202 JP).
Today we got an announcement of 29.28mm shares being offered by a dozen financial institutions and a greenshoe for 15% more. At a 10% discount from here it’s ¥57bn/US$400mm.
It is 16 days of ADV, which is big, but the company also announced a ¥50bn buyback from Pricing+6 to end of March 2026. That should stabilise things.

Isuzu Motors Placement – Relatively Small Deal Along with Buyback

A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP).
Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.
In this note, we will talk about the placement and run the deal through our ECM framework.

Shein IPO: Hong Kong Yes, London No

Shein announced it is planning for an IPO in Hong Kong in 2025. Shein tried to go public in London, but its attempt has essentially failed.
Due to tariff war and ending de minimis for shipments from China and Hong Kong by the U.S. government, the valuation of Shein could decline to less than $50 billion.
Now, as long as the valuation is not excessive but reasonable, there could be a decent demand for this IPO of Shein in Hong Kong.

Initial Thoughts on The Pinkfong Company IPO (Creator of the Baby Shark Brand)

In this insight, we provide our initial thoughts on The Pinkfong Company IPO which is expected to be completed in KOSPI in 2H 2025.
The Pinkfong Company is the creator of the Baby Shark brand. Its original “Baby Shark Dance” is the most viewed Youtube video ever (15.9 billion views as of May 2025).
The Pinkfong Company’s valuation was more than 1 trillion won in 2021 (Series B investment round).

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims

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 this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.
While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.

Omada Health (OMDA): Second Virtual Healthcare Provider Ready to Test the IPO Market

After the success of Hinge Health, Omada Health is now testing the IPO waters.
Omada Health set terms with the SEC on Thursday morning for its IPO and will offer 7.9mm shares at $18-$20 with a debut date of Friday, June 6th.
The size of the transaction is manageable and the company is backed by major VC players in the industry.

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May 29

Daily Brief ECM: Capitaland Ascendas REIT Placement: DPU and NAV Accretive and more

In today’s briefing:

Capitaland Ascendas REIT Placement: DPU and NAV Accretive
52 Toys Development Co. Ltd Pre-IPO Tearsheet
EBOS Group Placement: Past Deals Have Done Well, but This Is a Second One This Year
Lens Technology A/H Listing – Diversifying but Is Tarrified for Now
Pre-IPO Vigonvita Life Sciences – The Challenges Behind the Pipeline and the Outlook

Capitaland Ascendas REIT Placement: DPU and NAV Accretive

CapitaLand Ascendas REIT (CLAR SP) is looking to raise at least S$500M in a private placement, to fund the acquisition of some valuable properties.
These acquisitions will expand the firm’s portfolio exposure to Singapore and data centers.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

52 Toys Development Co. Ltd Pre-IPO Tearsheet

By Rosita Fernandes

52TOYS Development (TOY HK) is planning to raise about US$200m through its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citi, Huatai International.
52Toys was established in 2015. The firm is one of the leading IP toy company in China.
According to CIC, the company was the second-largest multi-genre Chinese IP toy company in terms of China GMV in 2024.

EBOS Group Placement: Past Deals Have Done Well, but This Is a Second One This Year

Ebos Group Ltd (EBO NZ) aims to raise around US$564m in a secondary sell-down of shares conducted by the Zuelling family through Sybos Holdings.
This comes on the heels of the April primary placement, whereby EBOS conducted a primary offering to finance a bolt-on acquisition.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

Lens Technology A/H Listing – Diversifying but Is Tarrified for Now

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn 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.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Pre-IPO Vigonvita Life Sciences – The Challenges Behind the Pipeline and the Outlook

Due to fierce competition/VBP, generic drug business has little value, whose valuation should be zero. So, the future valuation performance of Vigonvita would be mainly based on innovative drug pipeline.
Since future demand of COVID-19 drug would decrease sharply, it’s recommended to calculate Vigonvita’s valuation by excluding COVID-19 projects. Vigonvita has to rely on other indication/candidates to support valuation outlook.
Post-Money valuation after Series C financing reached RMB4.45 billion.Short-term valuation is about RMB3-6 billion. If LV232 can be successfully developed, there will be greater room for growth in future valuation.

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May 28

Daily Brief ECM: ALS Placement: Potential Upside Despite Mixed Analyst Views and more

In today’s briefing:

ALS Placement: Potential Upside Despite Mixed Analyst Views
HK Strategy: Some Consumer IPO Pipelines and Their Proxies
Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings
Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO
Greaves Electric Mobility Ltd Pre-IPO – Battles Market Share Erosion and Reliance on Subsidies
Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company
Seres Group A/H Listing – Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away
Pre-IPO Newtrend Technology – Changes in Market Trends Make the Performance Recovery Uncertain

ALS Placement: Potential Upside Despite Mixed Analyst Views

ALS Ltd (ALQ AU) is looking to raise up to ~US$253m, with US$227m from a primary placement and remainder, via a non-underwritten share purchase plan (SPP) to raise up to A$40m.
The deal will be a large one to digest at 17.9 days of the stock’s three month ADV, representing 4.1% of its shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

HK Strategy: Some Consumer IPO Pipelines and Their Proxies

By Osbert Tang, CFA

Hong Kong’s IPO market has gathered momentum lately, especially with the overwhelming response to CATL (3750 HK). Consumer IPOs are the next ones to gather interest.
Foshan Haitian Flavouring & Food Co (FHF HK) is the most imminent one, potentially seeking up to US$1bn. Without significant peers in Hong Kong, it should attract good attention.
The other interesting ones include Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH), Three Squirrels (TRS HK), and Eastroc Beverage Group (EBG HK).

Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings

Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.
The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding.
The deal has a potential “floor” with companies reportedly interested in acquiring Circle Internet.

Greaves Electric Mobility Ltd Pre-IPO – Battles Market Share Erosion and Reliance on Subsidies

By Troy Wong

Greaves Electric Mobility Ltd (GEML) is looking to raise about US$120m in its upcoming India IPO.
GEML is a manufacturer of electric vehicles in India, specializing in E-2Ws and 3Ws to a lesser extent. It’s focusing on shifting towards higher ASP High Speed E-2Ws.
Historically, demand has been sensitive to whether government subsidies are available and had impacted margins before.

Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company

Their company was purpose-built to address issues at the forefront of defense, national security and space industries and they have organized their business to reflect this goal.
Since 2019, they have grown their revenue to $144.2 million in 2024 and $34.5 million for the three months ended March 31, 2025.
The company officially filed for its IPO on May 16th and is highly likely to debut in the month of June.

Seres Group A/H Listing – Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Pre-IPO Newtrend Technology – Changes in Market Trends Make the Performance Recovery Uncertain

Newtrend’s revenue growth/profit margin showed a downward trend, mainly due to the sluggish export sales, Sucralose Price War and oversupply issue. Newtrend is currently in a period of performance recovery.
As product development is more inclined towards sugar free and healthy directions, the biggest challenge for Newtrend is the changes in customers’ demand/market trend, which will make business outlook uncertain.
Our forecast for 2025 performance is revenue could be RMB683 million, up 20% YoY, and net profit could be RMB54.3 million, up 25% YoY. Valuation would be lower than peers.

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May 27

Daily Brief ECM: Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder and more

In today’s briefing:

Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder
Schloss Bangalore IPO – Thoughts on Peer Comp and Valuation
Foshan Haitian Flavouring H Share Listing: The Investment Case
LS Marine Solution: Rights Offering Capital Raise of 278 Billion Won
PegBio IPO Trading Update
Dowoo Insys IPO Valuation Analysis
Foshan Haitian Flavouring A/H Listing – PHIP Updates and Thoughts on A/H Premium
Pre-IPO GenFleet Therapeutics – The Pipeline Outlook Is Full of Challenges
Leads Biolabs (维立志生物) Pre-IPO: Long Time to Commercialization

Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder

InterGlobe Aviation Ltd (INDIGO IN)‘s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Schloss Bangalore IPO – Thoughts on Peer Comp and Valuation

Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.

Foshan Haitian Flavouring H Share Listing: The Investment Case

By Arun George

Foshan Haitian Flavouring & Food (603288 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$1 billion.
Foshan Haitian Flavouring & Food Company (FHF HK) has been China’s leading condiments company in terms of sales volume for 28 consecutive years.
The investment case rests on its market positioning, return to growth, industry-leading profitability, cash generation and strong balance sheet. However, the valuation of the A Shares is full.

LS Marine Solution: Rights Offering Capital Raise of 278 Billion Won

After the market close on 26 May, LS Marine Solution (060370 KS) announced that it plans to conduct a capital raise worth 278.3 billion won.
LS Marine Solution plans to issue 19.57 million new shares in this capital raise, which represents 60% of its outstanding shares.
Despite the company’s strong sales and profit growth, LS Marine Solution’s valuation multiples may be a bit too aggressive, especially with the major rights offering that will dilute existing shareholders.

PegBio IPO Trading Update

By Ke Yan, CFA, FRM

PegBio raised HKD 300.8m (USD 38m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, May 27th.
In our previous note, we looked at the company’s GLP-1 product and its valuation.
In this note, we provide an update for the IPO before trading debut. The free float shares are mostly at the hands of retail investors.

Dowoo Insys IPO Valuation Analysis

Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the high end of the IPO price range (32,000 won).
We used an EV/EBITDA multiple of 14.9x to value the company, which is 10% premium to the comps’ valuation multiples in 2024.
The decline in operating margin remains one of the biggest risk factors on the company. Its major customers such as Samsung Display are putting increasing pressure to reduce its prices.

Foshan Haitian Flavouring A/H Listing – PHIP Updates and Thoughts on A/H Premium

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.

Pre-IPO GenFleet Therapeutics – The Pipeline Outlook Is Full of Challenges

The whole KRAS field just crossed the threshold of druggablility but hasn’t met previous expectations. KRAS monotherapy on NSCLC/CRC is not good. It also progresses slowly when combined with PD-1.
If GFH925 cannot at least demonstrate the same level of strong efficacy as other existing targeted inhibitors/combination therapies and also with favorable safety profile, there’s little chance in afterwards commercialization
Pre-IPO valuation has already reached RMB3.1 billion. In our view, valuation of GenFleet could be similar to that of Jacobio if the sales performance of GFH925 fails to meet expectations.

Leads Biolabs (维立志生物) Pre-IPO: Long Time to Commercialization

By Ke Yan, CFA, FRM

Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
In this insight, we look at the company’s two products with the most advanced stage of clinical trial, LBL-024 and LBL-007.
We also look at the company’s pre-IPO investors and management team.

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May 26

Daily Brief ECM: Curator’s Cut: Korea’s Value and more

In today’s briefing:

Curator’s Cut: Korea’s Value, CATL’s Charge and Copper’s Surge
ECM Weekly (26 May 2025) – CATL, Hengrui, Eastroc, Haitian, Schloss, Aegis, Hyundai Marine, Pony
Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) – Some Points Worth the Attention
Aegis Vopak Pre-IPO: Expensive Related to Peers

Curator’s Cut: Korea’s Value, CATL’s Charge and Copper’s Surge

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
In this cut, we look at Korea’s compelling valuation versus AxJ equities, CATL’s blockbuster Hong Kong listing and its market implications, and explore copper’s price surge amidst Chinese demand
Want to dig deeper? Comment or message with the themes you think should be highlighted next

ECM Weekly (26 May 2025) – CATL, Hengrui, Eastroc, Haitian, Schloss, Aegis, Hyundai Marine, Pony

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, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Pharmaceuticals (1276 HK) performance has paved the way for a slew of A/H listings to follow.
On the placements front, there was a large selldown in HD Hyundai Marine Solution (443060 KS) and a lockup release for Pony AI (PONY US) is coming up.

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) – Some Points Worth the Attention

Despite returning to positive growth, Haitian still failed to achieve its 2024 revenue target, mainly due to underperformance of Soy sauce products, consumption downgrades, slow online layout/distributors recovery.
Haitian would face dual challenges of “cost increase + structural transformation” in the next three years due to inflation and the negative impact of “new standard”. We shared our performance forecast.
High valuation is unsustainable if based on current growth rate.Reasonable valuation is about 20-30x P/E. However, due to the strong sentiment for AH listing, share price may still perform well.

Aegis Vopak Pre-IPO: Expensive Related to Peers

Aegis Vopak Terminals Ltd (1902844D IN) is looking to raise about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.

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May 25

Daily Brief ECM: China Healthcare Weekly (May 25) – Pfizer-3SBio’s Record-Breaking Deal and more

In today’s briefing:

China Healthcare Weekly (May 25) – Pfizer-3SBio’s Record-Breaking Deal, RemeGen’s HK$796Mn Placing

China Healthcare Weekly (May 25) – Pfizer-3SBio’s Record-Breaking Deal, RemeGen’s HK$796Mn Placing