ECM Daily Briefs | Page 3 of 161

In today’s briefing:

Hong Kong: IPO SPOTLIGHT – OVERVIEW 2025
Toyoda Gosei (7282 JP): The Current Playbook

Hong Kong: IPO SPOTLIGHT – OVERVIEW 2025

By David Mudd

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this year.
Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings. With nearly 300 listings in the pipeline, 2026 should be another banner year.
Zijin Gold (2259 HK) , Chery Automobile (9973 HK) and Mixue Group (2097 HK) were the largest IPOs of the year while PegBio (2565 HK) has had the best return.

Toyoda Gosei (7282 JP): The Current Playbook

Since the announcement of the US$0.8 billion secondary offering, Toyoda Gosei (7282 JP)’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda’s share decline is better than the median of recent large placements.
The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.

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Nov 29

Daily Brief ECM: Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record and more

In today’s briefing:

Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record
Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability
Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?

Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record

By Nicholas Tan

Guangdong Tianyu Semiconductor (2223725D CH) is looking to raise up to US$224m in its upcoming Hong Kong IPO.
It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024
In this note, we provide updates on the firm’s past performance and valuation.

Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability

Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?

By Daniel Hellberg

Didi’s China business showed solid Y/Y growth, but International worsened dramatically
Spending on Sales & Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%
Should it seek an IPO soon, Didi will have to show a path to profits for International segment

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Nov 28

Daily Brief ECM: Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough and more

In today’s briefing:

Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough

Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough

By Tina Banerjee

Guangzhou Xiao Noodles Catering Management (XNC HK) launched its Hongkong IPO aiming to raise up to HK$686M. The company plans to sell 97.4M shares at HK$5.64-$7.04 per share.
Xiao Noodles are a Chinese noodle restaurants operator in China. They operate the Xiao Noodles brand in the Chinese Mainland and Hong Kong SAR.
The growth outlook quite justifies the incremental valuation. We think Xiao Noodles issue is attractively priced and investors can surely look to have a share in this secular growth story.

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Nov 27

Daily Brief ECM: [Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV and more

In today’s briefing:

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
Human Made IPO: Making A Fashion Statement With Premium Valuation
Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon
Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak
JD Industrials Pre-IPO – Updated Peer Comparison and Thoughts on Valuations
Artificial Intelligent Interconnection Technology Pre-IPO Tearsheet
Pre-IPO InxMed – The Pipeline and the Outlook

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

By Travis Lundy

Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP).
The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It’s a lot of stock at $750mm. One wonders where demand is.
They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.

Human Made IPO: Making A Fashion Statement With Premium Valuation

Human Made (456A JP) raised 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 and valuations. In this note, we will talk about the trading dynamics.

Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon

By Andrei Zakharov

Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.
In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.
Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.

Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak

Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

JD Industrials Pre-IPO – Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.

Artificial Intelligent Interconnection Technology Pre-IPO Tearsheet

Artificial Intelligent Interconnection Technology (AII HK) (AIIT) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CITIC and CCB International.
Artificial Intelligent Interconnection Technology (AIIT) is a provider of AI technology, products, and spatial intelligence solutions in China, with a particular strength in high-precision AI-based urban traffic management.
Its solutions combine hardware, software, and scenario-derived datasets to deliver full-stack AI systems that improve traffic efficiency, safety, and the management of public spaces.

Pre-IPO InxMed – The Pipeline and the Outlook

FAK inhibitors’ R&D is not smooth.The breakthrough in FAK clinical protocol lies in the possibility of finding new application scenarios, such as the potential for combination with various anticancer drugs.
If ifebemtinib can be successfully approved for 2-3 core indications (e.g. PROC, NSCLC) and enter medical insurance smoothly, its sales peak in the China market may reach RMB2-3 billion.
Post-Money valuation after Series C Financing was USD306 million. The issuance valuation of InxMed may be given a certain premium on top of Series C valuation, such as US$350-500 million.

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Nov 26

Daily Brief ECM: Kioxia (285A JP): Bain’s US$2.1 Billion Selldown and more

In today’s briefing:

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown
[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?
Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup
[Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution
Jingdong Industrials (JDI) IPO: The Investment Case
SBI Shinsei Bank Pre-IPO – Thoughts on Valuations
Nippon Steel Placement – Cleanup by Posco Right After Expiry of Previous Deal
Bharti Airtel Block – Third Selldown by Promoter Entity This Year
NS Group IPO – Peer Comp and Thoughts on Valuation
Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

Bloomberg reports that Bain Capital is selling 36.0 million Kioxia Holdings (285A JP) shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).
The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.
Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges.

[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?

By Travis Lundy

After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of Kioxia Holdings (285A JP) in an overnight block. It trades tomorrow.
This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.
That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.

Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.

[Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution

By Travis Lundy

Today after the close, Tokyo-based Dear Life (3245 JP) announced a primary offering to raise approximately ¥7bn through 15% dilution. Implying a 13+% price drop to protect PER.
But the company plans on growing earnings. It has some projects in inventory, but it obviously plans a lot of turnover this year and needs to replenish.
The MTMP “slogan” is “2028 – Ride the Wave!” This is a bit what investing in Tokyo real estate is like now. So one rides it until one doesn’t.

Jingdong Industrials (JDI) IPO: The Investment Case

JD Industrial Technology (2231713D CH), a leading industrial supply chain technology and service provider in China, is seeking to raise US$500 million.
JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2024, according to CIC.
The investment case is bearish due to weak market share gains, declining product revenue growth, margin pressures, declining cash generation and factoring of receivables.

SBI Shinsei Bank Pre-IPO – Thoughts on Valuations

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.
We have looked at past performance in our earlier notes. In this note, we talk about valuations.

Nippon Steel Placement – Cleanup by Posco Right After Expiry of Previous Deal

POSCO Holdings (005490 KS) is looking to sell its remaining stake in Nippon Steel Corporation (5401 JP) to raise up to US$154m via a cleanup block trade.
This deal represents 1.6 days of ADV and is around 1% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Bharti Airtel Block – Third Selldown by Promoter Entity This Year

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

NS Group IPO – Peer Comp and Thoughts on Valuation

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$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.

Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.
The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.
Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.

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Nov 25

Daily Brief ECM: UltraGreen.ai IPO: High Growth and High Margins and more

In today’s briefing:

UltraGreen.ai IPO: High Growth and High Margins, Market Leader
Klook Travel Technology (KLK): Peeking at the IPO Prospectus of a Hong Kong Based Travel Platform
Chagee Holdings (CHA) Six-Month Summary: Stark Warning on Volatility, China-Based IPO Risk
Hornbeck Offshore Services, Inc. (HOS): Peeking at the IPO Prospectus of Marine Services Company
NS Group (471A) IPO: The Investment Case
SBI Shinsei Bank Pre-IPO – Peer Comparison
Pre-IPO Guangzhou Xiao Noodles Catering Management (PHIP Updates) – Some Points Worth the Attention

UltraGreen.ai IPO: High Growth and High Margins, Market Leader

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.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

Klook Travel Technology (KLK): Peeking at the IPO Prospectus of a Hong Kong Based Travel Platform

Klook leads APAC’s fast-growing travel-experiences market with mobile-first, AI-driven personalization and deep merchant integration across 310,000 offerings in 4,200 destinations.
Rapid GTV and profit-margin improvement highlight growing scale, strengthened monetization, and rising APAC demand in an under-digitized, fragmented global experiences sector.
Despite strong positioning, IPO prospects face scrutiny given sector volatility and recent peer underperformance, warranting cautious investor evaluation ahead of 2025 pricing.

Chagee Holdings (CHA) Six-Month Summary: Stark Warning on Volatility, China-Based IPO Risk

Chagee’s IPO surged early but collapsed, falling nearly 70% from its debut high amid intense market and China-based issuer volatility.
Weak U.S. sponsorship and a sales miss triggered sustained selling pressure, pushing CHA far below its $28 issue price.
The deal highlights 2025’s unforgiving IPO environment, where consumer and China-linked listings face sharp downside risk when momentum fades.

Hornbeck Offshore Services, Inc. (HOS): Peeking at the IPO Prospectus of Marine Services Company

Hornbeck operates one of the world’s largest high-spec offshore fleets, serving diversified markets including oilfield services, military support, and emerging offshore wind.
Strong revenue growth and consistent profitability reflect resilient demand across deepwater energy, specialty services, and expanding non-oilfield markets.
IPO prospects hinge on market timing and valuation, as energy-related offerings have produced mixed results in 2025.

NS Group (471A) IPO: The Investment Case

NS Group (471A JP) is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.
The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.
The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage.

SBI Shinsei Bank Pre-IPO – Peer Comparison

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.
We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison

Pre-IPO Guangzhou Xiao Noodles Catering Management (PHIP Updates) – Some Points Worth the Attention

Xiao Noodles’ advantage doesn’t come from a single product, but from a set of replicable systematic capabilities.However, investors are concerned growth is driven by capital rather than endogenous healthy growth.
Valuation would be lower than those mature brands that have proven profitability in the short term, but would be higher than the companies that are still exploring profit paths.
Comfortable valuation could be P/E of 15-20x, which indicates arbitrage space. But in long term, business model will be difficult to sustain if there’s no breakthrough in profit margin performance.

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Nov 24

Daily Brief ECM: Weekly Deals Digest (23 Nov) – SBI Shinsei and more

In today’s briefing:

Weekly Deals Digest (23 Nov) – SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM
Pre-IPO UltraGreen.ai – Thoughts on the Business, the Concerns and the Valuation
ECM Weekly (24 November 2025) – CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen
Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down

Weekly Deals Digest (23 Nov) – SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: SBI Shinsei Bank (8303 JP) is looking to relist by raising about US$2 billion, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering.
Event-Driven developments: Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK), RPMGlobal Holdings Limited (RUL AU), Webjet Group (WJL AU).

Pre-IPO UltraGreen.ai – Thoughts on the Business, the Concerns and the Valuation

UltraGreen.ai’s IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.
For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.
The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai’s valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.

ECM Weekly (24 November 2025) – CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen

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, most of the listings over the past week ended up doing well, irrespective of overall demand.
On the placements front, there was a lockup release for Contemporary Amperex Technology (CATL) (3750 HK), along with a number of other placements.

Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down

By Nicholas Tan

Chuangxin Industries (CXI HK) raised around 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.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Nov 23

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

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

By Douglas Kim

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

By Ke Yan, CFA, FRM

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

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