ECM Daily Briefs | Page 3 of 160

In today’s briefing:

Human Made Pre-IPO: A Bathing Ape, Reborn
Groww IPO Trading – Decent Overall Demand
Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals
Chuangxin Industries Pre-IPO: Weak 5M25 and Large Chunk of Revenue from Related Party
Pre-IPO EpimAb Biotherapeutics – The TCE Pipeline Has Great Potential
Shenzhen Zhaowei A/H Listing – Autos Thriving but Robotics Driving Share Price

Human Made Pre-IPO: A Bathing Ape, Reborn

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 this note, we look at the company’s past performance.

Groww IPO Trading – Decent Overall Demand

Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
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.

Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals

Fractal Analytics Ltd (2453623D IN) is looking to raise US$560m in its upcoming India IPO.
Fractal Analytics Limited (FAL) is an enterprise AI company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
In this note, we look at the company’s past performance.

Chuangxin Industries Pre-IPO: Weak 5M25 and Large Chunk of Revenue from Related Party

Chuangxin Industries (CXI HK) is looking to raise at least 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 look at the firm’s past performance.

Pre-IPO EpimAb Biotherapeutics – The TCE Pipeline Has Great Potential

TCE has been highly popular for hematological malignancies and autoimmune diseases.Due to the “Fear of Missing Out” mentality, MNCs directly have purchased TCE assets or the Newco model is adopted.
Current clinical data is good for CRC, providing EMB-01 with a solid foundation for entering phase III trials.EMB-06 may face challenges in commercialization. EMB-07 has high hopes to be out-licensed.
Short-Term valuation could be lower than Akeso. Based on our forecast of the peak sales of EMB-01, EMB-06, EMB-07, long-term valuation could reach about US$16.5 billion.

Shenzhen Zhaowei A/H Listing – Autos Thriving but Robotics Driving Share Price

Shenzhen Zhaowei Machinery & Electronics (003021 CH), aims to raise around US$700m in its H-share listing.
Shenzhen Zhaowei Machinery & Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&S.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Nov 12

Daily Brief ECM: Megaport Placement – Equity Raise Positioned for Scale and Global Expansion and more

In today’s briefing:

Megaport Placement – Equity Raise Positioned for Scale and Global Expansion
Tenneco Clean Air India Ltd IPO – No Adrenaline Rush Here
Tenneco Clean Air India Ltd IPO: Stagnated Topline, Increased Profits, At A Discount
Pre-IPO LongBio Pharma (Suzhou) – Thoughts on The Pipeline and The Commercialization Outlook
Pre-IPO Eastroc Beverage Group – The Outlook Is Not Optimistic, with More Valuation Decline Ahead
Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future
ICICI Pru AMC Pre-IPO – Ticking All the Right Boxes

Megaport Placement – Equity Raise Positioned for Scale and Global Expansion

Megaport Ltd (MP1 AU) is looking to raise around US$131m via a fully underwritten primary placement.
The company will use the proceeds to fund the acquisition of Latitude.sh and accelerate its network expansion into India.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Tenneco Clean Air India Ltd IPO – No Adrenaline Rush Here

By Sreemant Dudhoria,CFA

We present five reasons why there is no adrenaline rush for Tenneco Clean Air India Ltd (1880671D IN) ‘s IPO
IPO is a complete offer for sale of USD 406 million. There is no fresh issue of equity.
At 24x P/E on Q1FY26 annualized earnings, the IPO valuation appears fair.

Tenneco Clean Air India Ltd IPO: Stagnated Topline, Increased Profits, At A Discount

Tenneco Clean Air India Ltd (1880671D IN) is now looking to raise up to US$406m in its upcoming 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 in our earlier notes. In this note, we talk about the RHP updates and valuations.

Pre-IPO LongBio Pharma (Suzhou) – Thoughts on The Pipeline and The Commercialization Outlook

LP-003’s indications are small if compared with big indications in autoimmune diseases.So, LP-003 needs to demonstrate excellent efficacy. Otherwise, it would face fierce competition from Xolair/biosimilars, leaving limited market space.
The core advantage of LP-005 is that multi-target complement inhibitor has superior efficacy potential compared to single-target ones. The downside is the concerns on safety profile and slow R&D progress.
Post-Money valuation of LongBio Pharma reached about RMB2 billion after Series C Financing. A comfortable valuation range could be RMB3-5 billion, or about 50%-150% upside from Series C Financing.

Pre-IPO Eastroc Beverage Group – The Outlook Is Not Optimistic, with More Valuation Decline Ahead

Based on 25Q3 results, the biggest problem lies in the continuous slowdown of its core business (energy beverages), which has led to the overall performance slightly falling short of expectations.
The upper limit of Eastroc Super Drink could be around RMB23-27 billion. Since energy beverages’ annual revenue has approached RMB16 billion, it’s becoming increasingly difficult to achieve the remaining growth.
The future growth of Eastroc may not support the current valuation. A more comfortable valuation range could be P/E of 20-25x, which will provide investors with sufficient margin of safety.

Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future

By Tina Banerjee

Emmvee Photovoltaic has filed RHP for IPO with a total offer size of up to INR 29B, offering 133.6M shares at a price band of INR 206-INR 221 per share.
This includes a fresh issue of INR 21.4B (~ 98.8M shares). The company intends to use the proceeds for debt repayment and general corporate purpose.
Our recommendation would be that investors can buy into this issue as the valuation range looks relatively cheap when compared to peers.

ICICI Pru AMC Pre-IPO – Ticking All the Right Boxes

ICICI Prudential AMC is looking to raise about US$1bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
In this note, we look at the company’s past performance.

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Nov 11

Daily Brief ECM: CNGR A/H Listing: Healthy A/H Premium and Cheap Valuation and more

In today’s briefing:

CNGR A/H Listing: Healthy A/H Premium and Cheap Valuation
CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights
SHEIN Update: US$2 Bn Net, “Mid-Teens” Revenue Growth Targets Shared | New Challenges in France?
PhysicsWallah IPO: Driven by Passion to Educate; Sector Always in Controversy; No View on Valuation
Physicswallah IPO – RHP Updates and Thoughts on Valuation
Pre-IPO Immvira Bioscience – The Pipeline, the Concerns and the Valuation

CNGR A/H Listing: Healthy A/H Premium and Cheap Valuation

CNGR Advanced Material (300919 CH) 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. It is the global leader of nickel-based and cobalt-based pCAM (cathode) for lithium-ion batteries.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights

By Arun George

CNGR Advanced Material (2579 HK), a new energy materials company, has launched an H Share listing to raise US$507 million.
I discussed the H Share listing in CNGR Advanced Material H Share Listing: The Investment Case.
The proposed AH discount range of 36.9% to 29.9% (based on the 7 November A Share price) is attractive, and I would participate in the H Share listing.

SHEIN Update: US$2 Bn Net, “Mid-Teens” Revenue Growth Targets Shared | New Challenges in France?

By Daniel Hellberg

Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, “mid-teens” sales growth
SHEIN faces familiar issues in France, where the company has just opened a physical store
The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO

PhysicsWallah IPO: Driven by Passion to Educate; Sector Always in Controversy; No View on Valuation

By Sreemant Dudhoria,CFA

Physicswallah Limited (2076103D IN) IPO opens today – 11 Nov 2025.The issue is a combination of fresh issue of INR 31 billion and offer for sale of INR 3.8 billion.
In this insight we discuss about the company, the industry, past controversies in the sector across major players.
We finally provide rationale why we do now know what valuation multiple to assign given the various factors.

Physicswallah IPO – RHP Updates and Thoughts on Valuation

Physicswallah Is looking to raise about US$434m in its upcoming India IPO.
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 company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.

Pre-IPO Immvira Bioscience – The Pipeline, the Concerns and the Valuation

The virus carrier process is complex.Cost of MVR-T3011 large-scale production is higher than antibody drugs.The awareness of oncolytic virus among doctors is insufficient. Market competition in engineered exosome is fierce.
As a clinical stage company, commercialization of its products is likely to seek business partners through a license-out model. So, how much sales/profit belongs to Immvira remains to be seen.
We think a neutral scenario is that valuation could be about US$10-1.2 billion. However, if the clinical data falls short of expectations, the valuation may be halved to US$500 million.

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Nov 10

Daily Brief ECM: ECM Weekly (10 November 2025) – Seres and more

In today’s briefing:

ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare
Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave
Sichuan Biokin A/H Listing: Stretched Valuation
Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside
Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets
Pre-IPO Jingze Biopharmaceutical (Hefei) – The Concerns and the Outlook

ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn’t do to well last week.
On the placements front, there were a number of deals, with a few right at lockup expiry.

Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave

By Tina Banerjee

Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.
Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.
The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.

Sichuan Biokin A/H Listing: Stretched Valuation

By Ke Yan, CFA, FRM

Sichuan Biokin, a China-based commercial stage biotech company, aims to raise around USD 432 million via a Hong Kong listing.
In our previous note, we have examined the company’s fundamentals and latest development.
In this note, we look at the deal term. We think the company’s valuation is demanding, despite its clinical breakthrough.

Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside

Softcare (2698 HK) (SC) raised around US$307m in its upcoming Hong Kong IPO.
Softcare (SC) is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets

Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Pre-IPO Jingze Biopharmaceutical (Hefei) – The Concerns and the Outlook

JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.
The “inverted pyramid” pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze’s performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.
Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, Chengdu Kanghong due to the concerns on commercialization outlook/Biosimilar VBP.

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Nov 09

Daily Brief ECM: Pinelabs IPO Review – Another Fintech IPO Exactly 4yrs After Paytm – Can It Buck the Trend? and more

In today’s briefing:

Pinelabs IPO Review – Another Fintech IPO Exactly 4yrs After Paytm – Can It Buck the Trend?

Pinelabs IPO Review – Another Fintech IPO Exactly 4yrs After Paytm – Can It Buck the Trend?

By Himanshu Dugar

Pine Labs is a fintech company supporting digitization of commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
While the company has been growing in line with peers, its focus on enterprise customers and subscription pricing stands out, while peers have focused on merchants with a %-fee model.
IPO priced at sharp discount to expectations ($2.5bn vs $6bn), which is fair given changing business/industry dynamics. Pending RBI investigation and potential selling from early investors are other near-term concerns.

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Nov 08

Daily Brief ECM: Pine Labs IPO – RHP Updates and Thoughts on Valuation and more

In today’s briefing:

Pine Labs IPO – RHP Updates and Thoughts on Valuation
[456A JP] Human Made IPO a Testament to Japan’s Creative Muscle
CMTX IPO Book Building Results Analysis
Alebund (礼邦生物) Pre-IPO Quick Take: A Niche Renal Specialist
WT Micro GDR Early Look – Not a Small One to Digest but Last Offering Did Well
BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts
Evommune (EVMN) Jumps 26% on First Day, Capping Well-Received Biotech IPO
Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

Pine Labs IPO – RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.

[456A JP] Human Made IPO a Testament to Japan’s Creative Muscle

By Michael Causton

A Bathing Ape was a major success in the eyes of customers, but behind the scenes, founder Nigo became a victim of this very success.
Human Made is a different story, structured to give the designer full rein creatively but with experts in operations and marketing making the whole project more sustainable.
Sales have risen 10-fold since 2020 and the brand will IPO this month, representative of the huge potential for Japan’s creative talent.

CMTX IPO Book Building Results Analysis

CMTX finalized its IPO price at 60,500, the high end of the IPO price range. The book building process saw participation from 2,423 institutions. Demand ratio was 756.19 to 1.
Our base case valuation of CMTX is implied market cap of 1.0 trillion won or 106,847 won per share (65% higher than the IPO price).
Given the excellent upside, we have a Positive View of this IPO. The 71.8% shares that are under lock-up periods is high and this suggests a very bullish sign.

Alebund (礼邦生物) Pre-IPO Quick Take: A Niche Renal Specialist

By Ke Yan, CFA, FRM

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 this note, we look at the company’s history and its core product, AP301, and AP306.
We are of the view that the company is worth following.

WT Micro GDR Early Look – Not a Small One to Digest but Last Offering Did Well

WT Microelectronics (3036 TT) is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to raise another US$350m via convertible bonds.
In mid Oct 2025, WT Micro announced its board’s resolution to issue between 65-90m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.
The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand
Backed by top-tier investors and partnerships with Johnson & Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.

Evommune (EVMN) Jumps 26% on First Day, Capping Well-Received Biotech IPO

Evommune (EVMN) priced at $16.00 and opened at $17.25, closing its debut session above issue, outperforming expectations with steady aftermarket support.
The IPO was led by long-only and healthcare-dedicated investors, signaling conviction in the company’s focused dermatology pipeline.
Backing from RA Capital and a strong Phase 2 data set for EVO756 reinforce credibility and set the stage for continued positive momentum.

Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

Grupo Aeroméxico priced at $19.00 and closed at $20.35 (+7.1%), marking a solid first-day gain amid strong institutional demand.
IPO reportedly 10x oversubscribed, driven by long-only and international accounts, signaling strong conviction in Aeroméxico’s turnaround and balance sheet discipline.
With Apollo and Delta as backers, improving margins, and regional airline momentum, Aeroméxico’s IPO positions it for sustained flight in a recovering market.

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Nov 07

Daily Brief ECM: Maynilad Water Services IPO Trading – Main Peer Has Corrected and more

In today’s briefing:

Maynilad Water Services IPO Trading – Main Peer Has Corrected, Still at a Yield Discount
Northsand IPO: High-Growth at a Discount to Peer
Bharti Airtel Placement – Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year
SemiFive IPO Valuation Analysis
Physicswallah Pre-IPO – The Negatives – Underlying Growth Rate Remains Unclear

Maynilad Water Services IPO Trading – Main Peer Has Corrected, Still at a Yield Discount

Maynilad Water Services (MWS) raised around US$520m in its Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Northsand IPO: High-Growth at a Discount to Peer

Northsand (446A JP) aims to raise around US$121m 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. In this note, we will talk about valuations.

Bharti Airtel Placement – Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

SemiFive IPO Valuation Analysis

Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share.
This is 76% higher than the high end of the IPO price range (24,000 won per share). Given the excellent upside, we have a Positive View of this IPO.
SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. Founded in 2019, SemiFive is a SoC platform company specializing in AI inference and high-performance computing (HPC) chip design.

Physicswallah Pre-IPO – The Negatives – Underlying Growth Rate Remains Unclear

Physicswallah Is looking to raise about US$434m in its upcoming India IPO.
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.
In this note, we talk about the not-so-positive aspects of the deal.

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Nov 06

Daily Brief ECM: Pony.AI Hong Kong Public Offering Valuation Analysis and more

In today’s briefing:

Pony.AI Hong Kong Public Offering Valuation Analysis
PonyAI and WeRide Secondary HK Trading – Weakish Demand, WeRide Did Better but Trading Lower
Lendlease REIT Placement: DPU Accretive, past Offering Did Well
Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.
The Pinkfong Company IPO Book Building Analysis
Physicswallah Pre-IPO – The Positives – Has Had a Dream Run
Ningbo Joyson IPO Trading: Tight Premium and Mediocre Insti Demand
Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO
Exzeo Group Inc. (XZO): IPO Opens Flat for the HCI Spin-Off Insurtech
CNGR A/H Listing: PHIP Update and Thoughts on A/H Premium

Pony.AI Hong Kong Public Offering Valuation Analysis

Pony.ai has finalized the Hong Kong public offering price at HK$139 per share and it expects to raise HK$6.71 billion (US$860 million) from its planned secondary listing in Hong Kong.
Our base case valuation of Pony.Ai is HK$178.2 per share over the next 6-12 months, which represents 28% higher than the Hong Kong public offering price.
Given the solid upside, we have a Positive View of Pony.ai. Despite our Positive view, there have been increasing concerns about the overstretched valuations of major AI/tech related companies globally.

PonyAI and WeRide Secondary HK Trading – Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the trading dynamics for the two deals.

Lendlease REIT Placement: DPU Accretive, past Offering Did Well

Lendlease Global Commercial REIT (LREIT SP) is looking to raise at least S$270m in a private placement, to fund acquisition of 70% interest in PLQ Mall.
Overall, this deal represents 44.2 days of ADV and 16.5% of shares outstanding.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.

By Himanshu Dugar

Groww is India’s largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.
It is aggressively expanding into lending (MTF, LAS) and has recently acquired ‘Fisdom’ to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.
At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.

The Pinkfong Company IPO Book Building Analysis

The Pinkfong Company successfully completed its IPO book building process. It finalized the IPO price at 38,000 won (high end of the IPO price range).
A total of 2,300 domestic and international institutions participated in the book building process. The IPO competition ratio was 615.9 to 1.
Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share (over the next 6-12 months).

Physicswallah Pre-IPO – The Positives – Has Had a Dream Run

Physicswallah is looking to raise about US$434m in its upcoming India IPO.
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.
In this note, we talk about the positive aspects of the deal.

Ningbo Joyson IPO Trading: Tight Premium and Mediocre Insti Demand

Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
NBJ, is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

By Andrei Zakharov

Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.
Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.
I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.

Exzeo Group Inc. (XZO): IPO Opens Flat for the HCI Spin-Off Insurtech

Exzeo priced mid-range at $21.00 and traded flat, signaling a disciplined and stable market entrance.
Profitable, zero-debt insurtech spin-off from HCI boasting 50%+ EBITDA margins and $195M ARR.
Expanding beyond 13 states into major markets; poised for sustainable, high-margin growth under proven leadership.

CNGR A/H Listing: PHIP Update and Thoughts on A/H Premium

CNGR Advanced Material (300919 CH), a Chinese battery-component producer, aims to raise up to US$700m in its H-share listing.
CNGR is a Chinese battery-component producer and a new energy materials company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Nov 05

Daily Brief ECM: Hitachi Construction Machinery Block – US$450m Selldown by Hitachi and more

In today’s briefing:

Hitachi Construction Machinery Block – US$450m Selldown by Hitachi
Seres Group H Share Listing (9927 HK): Trading Debut
Groww IPO – Peer Comp and Thoughts on Valuation
Sify Infinit Spaces Ltd Pre-IPO Tearsheet
Mr DIY Thailand IPO Trading: Shareholders Pledged Lockup; Midteens Upside
Seres Group A/H Trading – Demand Wasn’t Very Strong, Close to Fair Value
BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest
Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO
Meesho Ltd Pre-IPO Tearsheet
NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

Hitachi Construction Machinery Block – US$450m Selldown by Hitachi

Hitachi Ltd (6501 JP) aims to raise around US$452m via a 6.97% stake sale in Hitachi Construction Machinery Co. Post the selldown, Hitachi’s stake will reduce to 18.4%.
Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

Seres Group H Share Listing (9927 HK): Trading Debut

By Arun George

Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres’ AH discount remains attractive.

Groww IPO – Peer Comp and Thoughts on Valuation

Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.

Sify Infinit Spaces Ltd Pre-IPO Tearsheet

Sify Infinit Spaces Ltd (2026850D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by JM Fin, CLSA, JPM, Kotak and MS.
SISL is a provider of data center colocation services in India. The firm had 14 colocation data center facilities across six cities in India, as of June 30, 2025.
According to the 1Lattice and C&W Report, it had a built IT power capacity of 188.04 megawatt (MW) across these facilities, as of June 30, 2025.

Mr DIY Thailand IPO Trading: Shareholders Pledged Lockup; Midteens Upside

Mr. DIY Holding (Thailand) (2472516D TB) is looking to raise up to US$173m in its upcoming Thai IPO.
It is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
In this note we will talk about the trading dynamics.

Seres Group A/H Trading – Demand Wasn’t Very Strong, Close to Fair Value

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn 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.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.

BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest

By Juan Pedro Rodríguez Serrate

Single-Molecule precision enables highly accurate, scalable tests across prenatal and oncology diagnostics, setting BillionToOne apart from traditional sequencing-based competitors.
BillionToOne delivers 100%+ revenue growth, 69% gross margins, and positive EBITDA—rare performance metrics in molecular diagnostics ahead of its $2.3B IPO.
IPO is multiple-times oversubscribed with long-only healthcare anchors and top-tier backers, signaling strong institutional confidence ahead of pricing.

Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO

Strong post-IPO performance: listed at £3.70/share, now £3.90, valuing Shawbrook near £2bn with forecast 2026 P/E of 7x and up to 93% implied upside.
Robust fundamentals: 15% loan growth, 17% income growth, 36% cost-to-income ratio, and RoTE above 15%, supporting premium valuation versus UK peers.
Strategic positioning: combines challenger bank scalability with specialist credit discipline, offering best-in-class efficiency and resilient asset quality.

Meesho Ltd Pre-IPO Tearsheet

Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.

NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

By Ke Yan, CFA, FRM

NovaBridge Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CITIC are the joint sponsors.
In this note, we look at the company’s history and its core product, givastomig.
We are of the view that there is no fundamental improvement in the company, since it changed its name and restructured its China business.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 04

Daily Brief ECM: CNGR Advanced Material H Share Listing: The Investment Case and more

In today’s briefing:

CNGR Advanced Material H Share Listing: The Investment Case
Northsand Pre-IPO: Strong Topline Momentum With Improving Margins
Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors
JD Industrials Pre-IPO – Re-Refiling Updates – More Hits than Misses
Central Bancompany, Inc. (CBC):Missouri Based Bank Sets Terms, Seeking $5.0b+ Valuation

CNGR Advanced Material H Share Listing: The Investment Case

By Arun George

CNGR Advanced Material (300919 CH), a new energy materials company, has filed its PHIP for an H Share listing to raise US$700 million.
CNGR ranked first globally in 2024 in terms of sales value for all cathode active material precursors (pCAM) products, with a market share of 21.8%.
The fundamentals are solid, with good growth, a relatively stable margin profile, declining cash burn, manageable leverage, and an undemanding valuation.

Northsand Pre-IPO: Strong Topline Momentum With Improving Margins

Northsand (446A JP) aims to raise around US$121m 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 this note, we look at its past performance and other deal dynamics that might impact the listing.

Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors

Exzeo Group (XZO US), a profitable spin-off from HCI Group, enters the market with exceptional financial discipline under CEO Paresh Patel.
With $195 million in annual recurring revenue, 51.6% EBITDA margins, zero debt, and $75 million in free cash flow, Exzeo stands out as a combination of scale and profitability.
Books are well oversubscribed heading into pricing, with a Thursday debut anticipated. However, Truist Securities’ role as lead left underwriter introduces some execution uncertainty given its limited IPO track record.

JD Industrials Pre-IPO – Re-Refiling Updates – More Hits than Misses

JD Industrial is now looking to raise about US$500m, down from earlier reported US$1bn, 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 provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.

Central Bancompany, Inc. (CBC):Missouri Based Bank Sets Terms, Seeking $5.0b+ Valuation