ECM Daily Briefs | Page 2 of 160

In today’s briefing:

3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price

3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price

3SBio plans to spin-off and list Mandi on Hong Kong Stock Exchange. The spin-off will allow Mandi to operate independently, with 3SBio ceasing to hold any interest in it post-listing.
Minoxidil is the main performance driver for Mandi. Our forecast is its revenue growth in 2025 would be 15%-20% YoY, with projected revenue range for 2025 of RMB1.538-1.604 billion.
Considering Mandi ®’s market leadership position and a growth rate higher than the industry average, we estimate its forward P/S at 20-25x. Then, valuation range for Mandi is RMB31-40 billion.

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Nov 22

Daily Brief ECM: UltraGreen.ai Pre-IPO: Strong Financials Despite Misleading Branding and more

In today’s briefing:

UltraGreen.ai Pre-IPO: Strong Financials Despite Misleading Branding
Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

UltraGreen.ai Pre-IPO: Strong Financials Despite Misleading Branding

UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
Ultragreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
In this note, we look at the company’s past performance.

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

By Andrei Zakharov

Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.
The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.
My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.

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Nov 21

Daily Brief ECM: Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering and more

In today’s briefing:

Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering
Toyoda Gosei Placement – Somewhat Expected but Relatively Large with Delayed Buyback
SBI Shinsei Bank Pre-IPO – The Negatives – PAT Growth Aided by One-Offs, Margins Under Pressure
SBI Shinsei Bank (8303 JP) IPO: Valuation Insights
Northsand IPO: Priced at the Top, Narrative and Sentiments Possibly Justify Premium
Aimed Bio IPO Book Building Results Analysis
UltraGreen.AI Pre-IPO: Dominant Market Position Amid Favorable Industry Tailwind to Drive Growth
Axbio (安序源) Pre-IPO: Structural Challenges
Central Bancompany (CBC): Posts Strong First-Day Performance as It Transitions From OTC to Nasdaq
NS Group Pre-IPO – Stable Growth in a Structurally Essential Market

Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

Toyoda Gosei (7282 JP) has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).
Toyoda Gosei’s primary goal with the secondary offering is to reduce Toyota Motor (7203 JP)‘s shareholding to around 20% of outstanding shares.
The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.

Toyoda Gosei Placement – Somewhat Expected but Relatively Large with Delayed Buyback

Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) plan to raise around US$700m via selling down some of their stake in Toyoda Gosei (7282 JP).
The deal is a large one to digest at over 20% of the company and 90 days of ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.

SBI Shinsei Bank Pre-IPO – The Negatives – PAT Growth Aided by One-Offs, Margins Under Pressure

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
In this note we talk about the not-so-positive aspects of the deal.

SBI Shinsei Bank (8303 JP) IPO: Valuation Insights

SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%.
I discussed the investment thesis in SBI Shinsei Bank (8303 JP) IPO: The Investment Case.
In this note, I discuss valuation. My analysis suggests that SBI Shinsei is fairly valued at the IPO price of JPY1,440 per share.

Northsand IPO: Priced at the Top, Narrative and Sentiments Possibly Justify Premium

Northsand (446A JP) has raised US$140m in its Japan IPO.
Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

Aimed Bio IPO Book Building Results Analysis

Aimed Bio finalized its IPO price at 11,000 won, which is at the high end of the IPO price range. Aimed Bio will be listed on KOSDAQ on 4 December.
A total of 2,414 domestic and international institutional investors participated in this IPO. The demand ratio of the IPO was 672 to 1 among the institutional investors.
Based on the final offering price, the offering amount is projected to be approximately 70.7 billion won, resulting in a market capitalization of approximately 705.7 billion won.

UltraGreen.AI Pre-IPO: Dominant Market Position Amid Favorable Industry Tailwind to Drive Growth

By Tina Banerjee

UltraGreen.AI Has filed for Singapore IPO. The IPO will consist of fresh issue as well as OFS from Renew Group Private Limited. Citigroup and DBS Bank are the joint bookrunners.
The company intends to use the IPO proceeds for funding the capex and development of the products, and pursuing strategic investments and acquisitions to support expansion plans in new geographies.
Ultragreen’s strong competitive moat, track record of revenue growth and margin expansion, and significant cash generation position it for continued success and leadership in the fluorescence-guided surgery-based imaging market.

Axbio (安序源) Pre-IPO: Structural Challenges

Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.
In our previous note, we look at the products and management team briefly. Although there are interesting takes from the prospectus, we are not convinced about its prospects.
In this note, we took a further look and are of the view that the company is behind the curve of competition despite its incremental innovation in PCR-microarray.

Central Bancompany (CBC): Posts Strong First-Day Performance as It Transitions From OTC to Nasdaq

By IPO Boutique

CBC priced at the low end and delivered a steady first-day performance, a strong outcome for an OTC up-listing with limited float.
Investor demand was multiple-times oversubscribed, driven by long-only and sector specialists, with the family retaining majority control and offering only 7.4% of shares.
Near-Term trading is expected to quiet sharply, with the stock likely to move in line with broader regional bank sector trends rather than company-specific catalysts.

NS Group Pre-IPO – Stable Growth in a Structurally Essential Market

NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$260m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Nov 20

Daily Brief ECM: SBI Shinsei Bank (8303 JP) IPO: The Investment Case and more

In today’s briefing:

SBI Shinsei Bank (8303 JP) IPO: The Investment Case
Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy
Sify Infinit Spaces Pre-IPO: Strong Topline Momentum, but Margins Remain Volatile
Pre-IPO Guangdong CHJ Industry – The Business Model, the Concerns and the Outlook
Genuine Biotech (真实生物) Pre-IPO: Challenges Amid Restructuring

SBI Shinsei Bank (8303 JP) IPO: The Investment Case

SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%.
In December 2021, Shinsei Bank was privatised by SBI Holdings (8473 JP) through a contentious tender offer at JPY2,800 per share.
The investment case rests on growth in accounts/deposits, robust loan book growth, accelerating revenue growth, rising margins and improving asset quality.

Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy

By Andrei Zakharov

Klook Technology Limited, a SoftBank-backed Asia’s leading platform for experiences and travel activities, filed for an IPO in the United States.
The company became a unicorn in 2018 and was valued at $1B+ in 2025. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bankers on the upcoming offering.
As of the end of Sep-25, Klook platform served 10.7M+ annual transacting users, spanning 200+ geographic markets worldwide. Since its launch, the mobile app has been downloaded ~70M times.

Sify Infinit Spaces Pre-IPO: Strong Topline Momentum, but Margins Remain Volatile

Sify Infinit Spaces Ltd (2026850D IN) is looking to raise US$484m in its upcoming India IPO.
Sify Infinit Spaces Ltd is a provider of data center colocation services in India.
In this note, we look at the company’s past performance.

Pre-IPO Guangdong CHJ Industry – The Business Model, the Concerns and the Outlook

CHJ’s business model integrates franchise stores and self-operated stores. Franchising as the main approach is beneficial for achieving rapid expansion, while self-operation as a supplement helps to enhance brand image.
Due to increasing competition, future growth of CHJ may not be benefit from the high gold prices, but may be under pressure due to rising raw material costs/reduced customer demand.
We think valuation of CHJ should be lower than Laopu, but could be higher than Zhou Liu Fu (6168 HK) due to CHJ’s higher performance growth in the short term.

Genuine Biotech (真实生物) Pre-IPO: Challenges Amid Restructuring

Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing. The sole sponsor is CICC.
In our previous note, we briefly looked at the company’s fundamentals.
In this note, we analyzed the latest changes in the company and the challenges faced by the company.

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Nov 19

Daily Brief ECM: [Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float and more

In today’s briefing:

[Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float
Physicswallah IPO Trading – Decent Anchor but Low Demand
TMC IPO Preview
SBI Shinsei Bank Pre-IPO – The Positives – Has Been Growing Well Since SBI Group Took Control
Alebund (礼邦生物) Pre-IPO: Core Product AP301 Phase 3 Update
Deepway Technology Pre-IPO Tearsheet
Triapex Lab Pre-IPO Tearsheet
Pre-IPO WeiMai – The Pain Points Behind the Business Model
Tenneco Clean Air India Ltd IPO Trading: Strong Insti Demand and Overall Sub Rate

[Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float

By Travis Lundy

Yesterday saw the announcement of a secondary offering structured like a delayed pricing ABO.
1.5mm shares which is 7.5% of shares out, 25% of Max Real World Float, and 9 days of ADV. There’s more cross-holdings to come out later at some point.
Though it is not particularly expensive, Momentum is not this stock’s friend right now.

Physicswallah IPO Trading – Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

TMC IPO Preview

TMC is getting ready to complete its IPO in Korea in December 2025. The IPO price range is from 8,000 won to 9,300 won per share.
TMC is one of the largest Korean producers of specialty industrial cables used for shipbuilding, marine, optical cables, and nuclear power.
At the IPO price range, the expected market cap of the company is from 193 billion won to 224 billion won.

SBI Shinsei Bank Pre-IPO – The Positives – Has Been Growing Well Since SBI Group Took Control

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
In this note, we talk about the positive aspects of the deal.

Alebund (礼邦生物) Pre-IPO: Core Product AP301 Phase 3 Update

Alebund Pharmaceuticals, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and HTSC are the joint sponsors.
In our previous note, we looked at the company’s history and its core product, AP301, and AP306, and its management.
In this note, we look at the core product AP301’s pivotal Phase 3 data for AP301 presented in ASN2025.

Deepway Technology Pre-IPO Tearsheet

Deepway Technology (DPWY HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMB.
It positions itself as a global leader in new-energy heavy-duty trucks and intelligent road-freight solutions.
Its mission is to use technological innovation to enable safer, more efficient, lower-cost, and environmentally sustainable freight movement worldwide.

Triapex Lab Pre-IPO Tearsheet

Triapex Lab (1938177D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi and Haitong.
It is a next-generation contract research organization (CRO) dedicated to empowering pharmaceutical enterprises and research institutions worldwide.
Its approach centers on clinically significant disease areas, including cardiometabolic diseases, central nervous system (CNS) disorders, ophthalmology, autoimmune diseases, and oncology.

Pre-IPO WeiMai – The Pain Points Behind the Business Model

Whether WeiMai’s business model can operate sustainably and effectively depends on whether it can establish long-term/stable relationship with hospitals/doctors, as they are the key stakeholders to attract/retain the downstream customers.
However, the relationship between WeiMai and the hospital network may not be solid, thereby shaking the foundation of the entire business model. Gross margin level is unsatisfactory compared with peers.
Post-Money valuation after Series D+ Financing was US$559 million. Due to the concerns on business model and the profitability, WeiMai’s valuation should be lower than Ping An Healthcare and Technology.

Tenneco Clean Air India Ltd IPO Trading: Strong Insti Demand and Overall Sub Rate

Tenneco Clean Air India Ltd (1880671D IN) raised US$406m in its India IPO.
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.
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.

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Nov 18

Daily Brief ECM: China Hongqiao Placement: Good Valuation but Likely Opportunistic and more

In today’s briefing:

China Hongqiao Placement: Good Valuation but Likely Opportunistic, on the Back of Chuangxin Listing
Chuangxin Pre-IPO: Increasing Exposure to Volatile Alumina; Offered at Premium to Peers
WT Micro GDR Offering – Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals
United Urban Investment Corporation Placement: Accretive Raising for Asset Acquisition
[Japan Offering] Sakata Inx (4633 JP) Selldown by Financial Crossholders
Klook Pre-IPO – The Negatives – Disclosures Lagging
TPG Telecom Placement: Widely Anticipated but Large Deal to Digest
Suzhou Ribo Life Science (瑞博生物) Pre-IPO: Competition Understated
Central Bancompany, Inc. (CBC): Legacy Bank Steps Into the IPO Spotlight
Emmvee Photovoltaic Power IPO Trading – Lacklustre Demand

China Hongqiao Placement: Good Valuation but Likely Opportunistic, on the Back of Chuangxin Listing

China Hongqiao (1378 HK) is looking to raise around US$1.2bn from a primary placement.
This represents 9.1 days of the stock’s three month ADV, and 2.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Chuangxin Pre-IPO: Increasing Exposure to Volatile Alumina; Offered at Premium to Peers

Chuangxin Industries (CXI HK) is looking to raise up to US$700m in its upcoming Hong Kong IPO.
It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

WT Micro GDR Offering – Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

WT Microelectronics (3036 TT) (WT Micro) is looking to raise up to US$393m, selling 90m shares(18m GDRs)via a GDR offering. It is also selling a two-year zero-coupon CB to raiseUS$350m.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

United Urban Investment Corporation Placement: Accretive Raising for Asset Acquisition

United Urban Investment (8960 JP) is looking to raise US$155m in a primary placement.
The purpose is for financing of its medium-term growth strategy plan which includes the acquisition of new assets.
In this note, we will talk about the placement and run the deal through our ECM framework.

[Japan Offering] Sakata Inx (4633 JP) Selldown by Financial Crossholders

By Travis Lundy

Yesterday post-close, Sakata Inx Corp (4633 JP) announced a ¥6bn+ selldown offering by financial crossholders. There may be others to come, but not clear how much.
The company has had a good couple of years, the stock has reached book value. Optimised balance sheet ROE now clears 10%.
Index impact is limited in all respects. Low vol, low multiple, decent dividend, high earnings progression on decent business growth are all positive factors.

Klook Pre-IPO – The Negatives – Disclosures Lagging

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the not-so-positive aspects of the deal.

TPG Telecom Placement: Widely Anticipated but Large Deal to Digest

TPG Telecom (TPG AU) is looking to raise around US$359m from a primary placement.
This is a large deal to digest, representing 111.2 days of the stock’s three month ADV, and 7.8% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Suzhou Ribo Life Science (瑞博生物) Pre-IPO: Competition Understated

Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
While our previous note provides a brief background overview of the company, we look at the updates and competition in this note.
We become more conservative when looking at its competitive landscape.

Central Bancompany, Inc. (CBC): Legacy Bank Steps Into the IPO Spotlight

By IPO Boutique

Discounted earnings valuation but premium to book; limited float and up-listing suggest muted early trading despite strong fundamentals.
CBC leverages low-cost deposits, diversified lending, and disciplined organic and acquisition-driven growth to sustain stable, long-term regional banking performance.
IPO demand is multiple-times oversubscribed; small float and family control create scarcity but may limit early trading liquidity.

Emmvee Photovoltaic Power IPO Trading – Lacklustre Demand

Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) raised around US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
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.

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Nov 17

Daily Brief ECM: ECM Weekly (17 November 2025) -Softcare and more

In today’s briefing:

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility
CNGR Advanced Material (2579 HK): Opportunity Is Out There
CNGR IPO Trading: Reasonable Valuation but Weak Insti Subs
Pre-IPO Hunan Mabgeek Biotech – The Concerns and the Outlook

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

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, all markets were in full throttle mode going into the year end.
On the placements front, there were a number of deals across the region.

CNGR Advanced Material (2579 HK): Opportunity Is Out There

By Osbert Tang, CFA

CNGR Advanced Material (2579 HK)‘s IPO price was fixed at the low end at HK$34.00. However, valuation is inexpensive, and initial price weakness is a long-term opportunity.
Three groups of close peers, including nickel-related companies, mining companies, and lithium/battery companies, trade on average FY26F PER of 21x, vs. CNGR’s 12.5x.
By parking it with the steepest HA discount of its peers (26.2%), CNGR will be valued at HK$40.07, as its IPO price implies a massive 37.4% discount.

CNGR IPO Trading: Reasonable Valuation but Weak Insti Subs

CNGR Advanced Material (2579 HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
CNGR is a Chinese battery-component producer and a new energy materials company.
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 Hunan Mabgeek Biotech – The Concerns and the Outlook

The low diagnosis rate has been one of the main reasons why the sales performance of drugs for autoimmune diseases in China is much lower than that in overseas markets.
Despite slightly better clinical data than dupilumab/stapokibart, MG-K10 may not achieve a significant actual clinical difference in the end. For MG-014, its prospects could be uncertain in China market.
Since Mabgeek has no commercialized product on the market, and the R&D progress is lagging behind competing products, together with fierce competition, valuation of Mabgeek would be lower than peers.

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Nov 16

Daily Brief ECM: China Healthcare Weekly (Nov.16) – Crazy Healthcare IPOs and more

In today’s briefing:

China Healthcare Weekly (Nov.16) – Crazy Healthcare IPOs, Don’t Bet on BD, Biokin HK IPO Delayed

China Healthcare Weekly (Nov.16) – Crazy Healthcare IPOs, Don’t Bet on BD, Biokin HK IPO Delayed

For secondary-market investors, aligning with established technology pathways offers greater clarity and comfort than speculating on new business development deals from Chinese firms.
As IPOs of biotechs in HK increase crazily in 2025, it has led companies to overly pursue stock trading, share reduction and exit.We suggest investors remain rational about healthcare IPOs.
The valuation/IPO pricing of Biokin is too high. Recent poor performance of A/H shares after IPO has already intensified concerns. This could be the reason for the delay of IPO.

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Nov 15

Daily Brief ECM: Shadowfax Technologies Pre-IPO Tearsheet and more

In today’s briefing:

Shadowfax Technologies Pre-IPO Tearsheet
Lingong Heavy Machinery Pre-IPO Tearsheet
SAEL Industries Ltd Pre-IPO Tearsheet
Capillary Technologies India IPO- Forensic Analysis
ABL Bio: Equity Investment of 22 Billion Won from Eli Lilly

Shadowfax Technologies Pre-IPO Tearsheet

Shadowfax Technologies (1310315D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by Morgan Stanley, ICICI and JM Financial.
Shadowfax Technologies is a new-age, technology-led third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India.
The company provides a comprehensive suite of logistics services organised across express, hyperlocal, and other logistics segments.

Lingong Heavy Machinery Pre-IPO Tearsheet

Lingong Heavy Machinery (1887132D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and Industrial Securities International.
LHM is a provider of mining equipment, aerial work platforms, and material handling machinery.
The company focuses on the full value chain, from R&D and design to manufacturing, sales, and service, offering intelligent, efficient, and green engineering solutions.

SAEL Industries Ltd Pre-IPO Tearsheet

SAEL Industries Ltd (2600245D IN) (SIL) is looking to raise about US$516m in its upcoming India IPO. The deal will be run by Ambit, ICICI, Kotak and JM Fin.
SIL is a vertically integrated renewable energy independent power producer in India having capabilities for solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
According to CRISIL, SIL was among the top five Indian vertically-integrated renewable energy independent power producers, with in-house solar module manufacturing, based on operational capacity as of June 30, 2025.

Capillary Technologies India IPO- Forensic Analysis

By Nitin Mangal

Capillary Technologies India Ltd (CTIL) (0611334D IN) IPO has opened for subscription. It consists of fresh issue worth INR 3.45 bn along with OFS worth INR 5.33 bn.
Capillary is one of the rare SaaS companies having full stack offerings in customer loyalty and engagement solutions. It has a global presence and actively expanding to US and Europe.
While KPIs look good and company has turned around into profits, there are concerns with cash generation, overall consolidation process, increasing provision on receivables along with few governance issues.

ABL Bio: Equity Investment of 22 Billion Won from Eli Lilly

On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly & Co (LLY US) worth 22 billion won (US$15 million).
ABL Bio will issue 175,079 new shares at 125,900 won per share (27% lower than current price). Despite the high valuation multiples, we maintain a Positive view on ABL Bio.
Its recent major technology agreement with Eli Lilly serves as strong validation from a leading global pharmaceutical company, confirming the significant market potential of ABL’s unique platform technology.

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Nov 14

Daily Brief ECM: Emmvee Photovoltaic Power IPO – Integrated Scale and more

In today’s briefing:

Emmvee Photovoltaic Power IPO – Integrated Scale, Bright Prospects
Rox Resources Placement: Large Deal to Digest; Gold Theme Remains Strong
Human Made IPO: Outstanding Growth and Margins May Justify Premium
EnjoyGo Technology Pre-IPO Tearsheet
Sagility Block – US$400m Selldown by EQT; Second Deal This Year
LivsMed IPO Valuation Analysis
Pine Labs IPO Trading – Low/No Demand
Klook Pre-IPO – The Positives – Growth Has Been Very Strong
Klook IPO (KLK US): The Investment Case
SanBio Co Ltd (4592 JP): International Offering Attractive, Akuugo Approval Is Next Big Trigger

Emmvee Photovoltaic Power IPO – Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.

Rox Resources Placement: Large Deal to Digest; Gold Theme Remains Strong

Rox Resources (RXL AU) is looking to raise around US$131m from a primary placement.
This is a large deal to digest, representing 281.1 days of the stock’s three month ADV, and 58.4% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Human Made IPO: Outstanding Growth and Margins May Justify Premium

Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
In our previous note, we looked at its past performance. In this note, we will talk about valuations.

EnjoyGo Technology Pre-IPO Tearsheet

EnjoyGo Technology (ENJG HK) (EGT) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and Guotai Junan.
EGT, founded by automotive giant, SAIC Motor, is an all-scenario smart mobility platform in China, offering one-stop services covering ride-hailing, vehicle leasing, vehicle sales and Robotaxi services.
According to Frost & Sullivan in 2024, EGT ranked fifth among ride-hailing platforms in China in gross transaction value and second among ride-hailing platforms in Shanghai in completed order volume.

Sagility Block – US$400m Selldown by EQT; Second Deal This Year

Promoter entity EQT, via Sagility BV is looking to raise up to US$402m via selling a 16.4% stake in Sagility India (SAGILITY IN).
The deal comprises a base deal of 10% of outstanding shares, with an option to upsize it by another 6.4% of shares outstanding.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

LivsMed IPO Valuation Analysis

Our base case valuation of Livsmed is target price of 88,294 won per share, representing a 61% upside from the high end of the IPO price range.
At our base case valuation, Livsmed’s market cap would be 2.3 trillion won. At this level, the probability of Livsmed being included in KOSDAQ150 index is very high in 2026.
LivsMed is a medical device maker of advanced, articulating laparoscopic instruments that offer robotic-style dexterity and tactile feedback at a fraction of the capital cost of robotic surgical platforms.

Pine Labs IPO Trading – Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
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.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Klook Pre-IPO – The Positives – Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the positive aspects of the deal.

Klook IPO (KLK US): The Investment Case