ECM Daily Briefs | Page 31 of 161

In today’s briefing:

Hexaware Technologies IPO: The Bull Case
Breton Technology Pre-IPO: Growing but Continues to Bleed
SailPoint, Inc. (SAIL) — Blowout Expected as Investors Pile into First Software IPO of 2025
Sify Technologies: Positive Beneficiary of the Potential IPO of Sify Infinit Spaces
Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company
Kent R O Systems Ltd Pre-IPO Tearsheet

Hexaware Technologies IPO: The Bull Case

By Arun George

Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
BPEA privatised Hexaware in 2020. In 2021, Carlyle won an auction to acquire a 95.51% stake in Hexaware.
The bull case rests on sold revenue growth, reducing customer concentration, high utilization, low attrition rates, high customer satisfaction scores and top-tier cash generation.

Breton Technology Pre-IPO: Growing but Continues to Bleed

By Nicholas Tan

Breton Technology (1884270D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO.
It is a new energy solution provider in China, focused on the design, development and commercialization of electric-powered engineering machinery, including battery-electric loaders and wide-body dump trucks.
In this note, we look at the firm’s past performance.

SailPoint, Inc. (SAIL) — Blowout Expected as Investors Pile into First Software IPO of 2025

The first software IPO of 2025 is checking all the boxes and is expected to deliver strong returns versus issue price when it debuts on February 13th.
There are currently two anchor orders on this deal which have each indicated for up to 20% of the offering (AllianceBernstein & Dragoneer Investment Group).
The IPO market is “eager and ready” for the technology window to open up. We like the risk-reward profile of this deal at this time.

Sify Technologies: Positive Beneficiary of the Potential IPO of Sify Infinit Spaces

The potential IPO of Sify Infinite Spaces is likely to have a positive impact on Sify Technologies.
The overall market size of data centers in India is huge and Sify Infinite Spaces certainly has the experience and capability to become one of the leaders in this segment.
Despite attractive market opportunity, there will be some investors that will question the overall valuation levels of Sify Infinite Spaces to justify seeking nearly 30 billion INR in the IPO.

Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company

This is a unique company who is well-placed within the defense department. Karman has a seat in developing strategic weapons systems and contracts in place to sustain growth.
The company has made seven acquisitions over four years. The company has solid year-over-year revenue growth and tailwinds moving forward.
Private Equity backed Karman Holdings is scheduled to go public on February 14th.

Kent R O Systems Ltd Pre-IPO Tearsheet

Kent R O Systems (6592700Z IN) (KROS) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Motilal and JM Fin.
KROS was established in 2007. The brand ‘Kent’ is a leader in the water purifier market in India, recognized for being a pioneer in introducing reverse osmosis (RO) technology.
Kent’s water purifiers hold the NSF/ANSI 58 certification, an American national standard for point-of-use reverse osmosis systems, as per Technopak Report.

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Feb 07

Daily Brief ECM: Whirlpool of India OFS Early Look – Another Large Selldown by Parent and more

In today’s briefing:

Whirlpool of India OFS Early Look – Another Large Selldown by Parent
HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future
Guming Holdings (Good Me) IPO Preview
Brainbees Solutions (FirstCry) – US$2bn IPO Lockup Expiry with Most Investors Still in the Money
Euro Pratik Sales Ltd Pre-IPO Tearsheet
Dorf-Ketal Chemicals India Ltd Pre-IPO Tearsheet
Aardvark Therapeutics (AARD): Obesity Related Biotech Seeking $85m After Setting Terms for IPO
Sionna Therapeutics Inc. (SION): Biotech Guiding to High-End Pricing; Expecting Strong Outcome

Whirlpool of India OFS Early Look – Another Large Selldown by Parent

Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.

HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

Drilling equipment and service provider updated the terms for its IPO in late January.
They had total revenue of $577.2 million and $614.8 million and net income of $10.2 million and $44.9 million in the first three quarters of 2023 and 2024, respectively.
The Houston based company would be following three previous energy IPOs: Flowco Holdings (FLOC US) , Venture Global LNG (VG US) and Infinity Natural Resources (INR US)

Guming Holdings (Good Me) IPO Preview

Guming Holdings (1364 HK) (Good Me) is getting ready to complete its IPO on the Hong Kong Exchange in February.
At the high end of the IPO price range, the listing will raise about HK$1.58 billion (US$220 million).
Guming is a ready-to-drink beverage company specializing in freshly made tea beverages.

Brainbees Solutions (FirstCry) – US$2bn IPO Lockup Expiry with Most Investors Still in the Money

BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to expire soon.
In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.
In this note, we will talk about the lockup dynamics and possible placement.

Euro Pratik Sales Ltd Pre-IPO Tearsheet

Euro Pratik Sales Ltd (7778885Z IN) (EPS) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Axis, Dam Capital.
The company operates in the decorative wall panel and decorative laminates industry as a prominent seller and marketer of Decorative Wall Panels and Decorative Laminates.
According to the Technopak Report, has established itself as one of the largest organized Wall Panel brands, with a market share of 15.87% by revenue.

Dorf-Ketal Chemicals India Ltd Pre-IPO Tearsheet

Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCIL) is looking to raise about US$579m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, HSBC, JPM, MS, Motilal.
DKCIL is an R&D with innovation-focused global manufacturer and supplier of specialty chemicals, catering to the hydrocarbons and industrial supply chains.
According to the F&S Report, the company is one of the major producers in the development, commercialization, and application of specialty chemicals in India.

Aardvark Therapeutics (AARD): Obesity Related Biotech Seeking $85m After Setting Terms for IPO

The company set terms for an IPO on Thursday seeking up to $85m if the offering prices at the middle of the ($16-$18) range.
Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.
Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.

Sionna Therapeutics Inc. (SION): Biotech Guiding to High-End Pricing; Expecting Strong Outcome

The current price guidance is pointing to the high-end of the prevailing $16-$18 range with allocations expected to be “cut-back”.
This biotech is extremely well-backed with RA Capital entering the IPO as the company’s largest shareholder (29.2% pre-IPO stake).
Clinical-Stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients is set to go public on Friday.

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Feb 06

Daily Brief ECM: Guming Holdings (1364 HK) IPO: Valuation Insights and more

In today’s briefing:

Guming Holdings (1364 HK) IPO: Valuation Insights
PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story
Karman Holdings Inc.(KRMN): Terms Set for Space & Defense IPO Valuing Company up to $2.6b
SK Finance Ltd Pre-IPO – Strong AUM Growth Driven by Vehicle Financing
Foshan Haitian Flavouring Pre-IPO: A Stable Breed
Pre-IPO Nanjing Leads Biolabs – The Future Prospects of the Pipeline Are Worth Looking Forward To
Karamtara Engineering Pre-IPO Tearsheet
Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

Guming Holdings (1364 HK) IPO: Valuation Insights

By Arun George

Guming Holdings (GUM HK) (Good me), a freshly-made tea store brand, has launched an HKEx IPO to raise up to US$202 million.
We previously discussed the IPO in Guming Holdings (Good Me) IPO: The Bull Case and Guming Holdings (Good Me) IPO: The Bear Case.
There are five cornerstone investors. Our valuation analysis suggests that Guming is attractively valued at the IPO price range. Therefore, we would participate in the IPO.

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

By Ke Yan, CFA, FRM

PegBio is looking to raise at least USD 100m via its Hong Kong IPO.
In this note, we looked at the company’s fundamentals, particularly its core product PB-117.
We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.

Karman Holdings Inc.(KRMN): Terms Set for Space & Defense IPO Valuing Company up to $2.6b

Private Equity backed Karman Holdings set terms for its IPO with a scheduled February 14th debut.
The company will net $160m if the offering priced at the midpoint of the range and selling shareholders will obtain the remaining $240m in this $400m cash-raise total transaction.
The valuation of this company came in lighter than expected. We will continue to dive into the metrics of this deal and provide additional research, color and commentary.

SK Finance Ltd Pre-IPO – Strong AUM Growth Driven by Vehicle Financing

SK Finance Limited (0893736D IN) is planning to raise about US$260m through its upcoming India IPO.
SK Finance Ltd (SFL) is a non-deposit non-banking finance company middle layer (NBFC ML) operating in two main verticals, vehicle financing and financing for micro, small and medium enterprises (MSMEs).
As per CRISIL Report, the company was the fastest growing player in the vehicle and MSME financing segment among its peers, based on AUM growth over FY21-23.

Foshan Haitian Flavouring Pre-IPO: A Stable Breed

By Osbert Tang, CFA

Foshan Haitian Flavouring & Food Company (FHF HK), the largest condiment company in China, is seeking an H-share IPO in Hong Kong.
It has established brand recognition and leadership positions, product innovation and diversification, opportunities from industry consolidation, and steady earnings with net cash.
Assuming a 28% HA discount, the same as the HS Stock Connect, this implies an FY25 PER of 23.2x. Versus Kikkoman Corp (2801 JP)‘s 23.8x, this seems not attractive enough.

Pre-IPO Nanjing Leads Biolabs – The Future Prospects of the Pipeline Are Worth Looking Forward To

By Xinyao (Criss) Wang

After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.
In Leads Biolabs’ pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.
After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.

Karamtara Engineering Pre-IPO Tearsheet

Karamtara Engineering Ltd (6589452Z IN) is looking to raise about US$200m in its upcoming India IPO. The deal will be run by ICICI, IIFL, JM Fin.
Karamtara Engineering Limited (KEL) is a backward integrated manufacturer of products for renewable energy and transmission lines sectors.
According to F&S, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.

Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

By Ke Yan, CFA, FRM

Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.
In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.
We have a negative readthrough from the leading competitor of its core product.

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Feb 05

Daily Brief ECM: LG CNS: First Day Trading Strategy Post IPO and more

In today’s briefing:

LG CNS: First Day Trading Strategy Post IPO
Guming Holdings IPO – Digestible Valuation from the Bottom End
Trump Admin’s Tariff Headlines Obscure Suspension Of “De Minimis” Rule | Big Impact on SHEIN, Temu
Guming IPO: The Good, The Bad and The Valuation. Is It Time to Sip or Skip?
SailPoint, Inc. (SAIL) — First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation
SailPoint IPO Valuation Update: Modest Upside, Only ~$690M Will Be Used To Repay a Portion Of Debt
Dr Agarwal’s Healthcare IPO Trading – Decent Anchor Demand but Subdued Overall Coverage
Foshan Haitian Flavouring A/H Listing – Strong Brand but Sales Have Been Slowing Down

LG CNS: First Day Trading Strategy Post IPO

In this insight, we discuss the first day trading strategy of LG CNS which starts trading on 5 February.
On the first day of trading, we believe LG CNS’s shares could trade at higher levels, overshooting its intrinsic valuations.
We recommend investors to take some profits off the table if the share price shoots higher by 30% to 50%+ from the IPO price on the first day.

Guming Holdings IPO – Digestible Valuation from the Bottom End

By Clarence Chu

Guming Holdings (GUM HK) is looking to raise US$202m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
In this note, we discuss our thoughts on valuation at the IPO price range.

Trump Admin’s Tariff Headlines Obscure Suspension Of “De Minimis” Rule | Big Impact on SHEIN, Temu

By Daniel Hellberg

By executive order, President Trump suspended section 321 (“de minimis“) imports on Feb 4th
Direct-To-Consumer imports valued at < US$800 may no longer enter the US duty-free
Added cost and new paperwork burden (both borne by US consumers) to hit SHEIN, Temu

Guming IPO: The Good, The Bad and The Valuation. Is It Time to Sip or Skip?

By Devi Subhakesan

Guming Holdings (GUM HK) is offering 158.6 million shares in a price range of HK$8.68 to HK$9.94 in its Hong Kong IPO aiming to raise up to HK$1.58 Bn.
Despite outperforming peers in revenue and profit growth, Guming is grappling with a bleak macro environment, operational slowdowns, and intensified competition.
Guming Holdings (GUM HK) ‘s faltering operating metrics for last reporting period cast doubt on its near-term growth and profitability outlook—leaving investors to ask: Sip or skip?

SailPoint, Inc. (SAIL) — First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation

SailPoint is sponsor-backed by Thoma Bravo and is seeking a valuation north of $11b after taking the company private in August 2022 for $6.9bn
The sponsor will be only selling 2.5mm shares in this offering.
As of October 31, 2024, their annual recurring revenue was $813.2 million, reflecting an increase of 30% compared to October 31, 2023.

SailPoint IPO Valuation Update: Modest Upside, Only ~$690M Will Be Used To Repay a Portion Of Debt

By Andrei Zakharov

Austin-Based SailPoint, a Thoma Bravo-backed identity management software company, has announced the initial price range for its US IPO.
The offering is expected to be between $19.00 and $21.00, implying a market cap of ~$11B at the midpoint, up ~61% vs. take-private transaction valuation of ~$6.9B in 2022.
I see modest post-listing upside for SailPoint stock, and the company plans to use only ~$690M to repay a portion of its $1.5B+ debt.

Dr Agarwal’s Healthcare IPO Trading – Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
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.

Foshan Haitian Flavouring A/H Listing – Strong Brand but Sales Have Been Slowing Down

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.5bn in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Feb 04

Daily Brief ECM: LG CNS IPO: Trading Debut and more

In today’s briefing:

LG CNS IPO: Trading Debut
LG CNS IPO Trading – Demand Aided by Domestics, Limited Lockup Undertaking
Kaynes Technology QIP Early Look – QIP to Fund Global Expansion Plans
Sionna Therapeutics, Inc. (SION): Phase I Cystic Fibrosis Biotech Sets Terms for IPO

LG CNS IPO: Trading Debut

By Arun George

LG CNS (LGCNSZ KS) priced its IPO at KRW61,900 per share to raise gross proceeds of US$820 million. The shares will start trading on 5 February.
We previously discussed the IPO in LG CNS IPO: The Bull Case, LG CNS IPO: The Bear Case and LG CNS IPO: Valuation Insights.
Since the prospectus’s release, the peers have marginally re-rated. The valuation remains undemanding at the IPO price, and bullish grey market prices suggest a strong debut.

LG CNS IPO Trading – Demand Aided by Domestics, Limited Lockup Undertaking

By Clarence Chu

LG CNS (LGCNSZ KS) raised around US$825m in its Korea IPO. LG CNS is a South Korean information technology company.
LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.
In this note, we will talk about the demand for the deal and other trading dynamics.

Kaynes Technology QIP Early Look – QIP to Fund Global Expansion Plans

Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.

Sionna Therapeutics, Inc. (SION): Phase I Cystic Fibrosis Biotech Sets Terms for IPO

Biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis filed for IPO.
The terms value the company between $652m-$734m with the $16-$18 price range.
The company’s existing shareholders include some of the best pre-IPO names in the biotech sphere.

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Feb 03

Daily Brief ECM: ECM Weekly (3rd Feb 2025) – Seoul Guarantee and more

In today’s briefing:

ECM Weekly (3rd Feb 2025) – Seoul Guarantee, Dr Agarwal’s, Ather Energy, Hexaware, Visen Pharma
Bama Tea Pre-IPO Tearsheet
Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention

ECM Weekly (3rd Feb 2025) – Seoul Guarantee, Dr Agarwal’s, Ather Energy, Hexaware, Visen Pharma

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, we had a look at the valuations for Dr. Agarwal’s Eye Hospital and Seoul Guarantee Insurance (031210 KS).
On the placements front, given the holiday shortened week, there were no placements this week.

Bama Tea Pre-IPO Tearsheet

By Nicholas Tan

Bama Tea (BAMA HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai, ABC and TF International.
Bama Tea, as per the firm, is the most recognized tea brand in China and the leading provider of premium tea leaves in China.
It sells through its nationwide offline store network and comprehensive online sales platforms, and sells every major tea leaf category

Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

The market’s expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio’s GLP-1 pipelines.
PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.

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Feb 01

Daily Brief ECM: Metsera Inc (MTSR): GLP-1 Boom Comes to the IPO Market with Explosive Debut and more

In today’s briefing:

Metsera Inc (MTSR): GLP-1 Boom Comes to the IPO Market with Explosive Debut
Titan America (TTAM): Cement Producer IPO Spin-Off Poised for Growth Amid Favorable Industry Trends
Infinity Natural Resources (INR): Buyers Step In Marking Second Winning Energy IPO
Maze Therapeutics (MAZE): Upsized IPO Slumps in the Aftermarket

Metsera Inc (MTSR): GLP-1 Boom Comes to the IPO Market with Explosive Debut

Metsera (MTSR US), a biotech using peptides to treat obesity, overweight and related conditions opened 41.7% above the issue price.
The company was seeking a specific cash-raise of $275 million and was not looking to allow further dilution.
IPOs in the biotech sector are a “sell-the-news” event until we see on the tape otherwise.

Titan America (TTAM): Cement Producer IPO Spin-Off Poised for Growth Amid Favorable Industry Trends

Spinoff of European Parent Titan Cement is seeking a potential $3b valuation.
The financial metrics of this company have been steadily improving which could lend a strong opportunity if priced attractively.
We will be taking a wait-and-see approach for our short-term time frame forecast regarding this deal versus the issue price.

Infinity Natural Resources (INR): Buyers Step In Marking Second Winning Energy IPO

Throughout the week, Infinity Natural Resources had to manage the Venture Global (VG) headwind — a previously broken IPO from the energy sector.
While there was pushback on valuation with some buyside investors, Infinity Natural Resources was able to successfully convey their story.
There has now been three energy IPOs in 2025 with two winners.

Maze Therapeutics (MAZE): Upsized IPO Slumps in the Aftermarket

Maze Therapeutics (MAZE US) upsized its transaction but saw its IPO price dip below issue on day one.
A critical piece of information, price guidance, was missing from the final channel check sending a warning message to the market.
With the lack of enthusiasm for this IPO during its first session, we would encourage investors to exercise caution on this IPO in the aftermarket.

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Jan 31

Daily Brief ECM: Lumino Industries Ltd Pre-IPO Tearsheet and more

In today’s briefing:

Lumino Industries Ltd Pre-IPO Tearsheet
Veritas Finance Pre-IPO Tearsheet
TXR Robotics IPO Valuation Analysis
Aurion Biotech (AURN): Regenerative Eye Disease Biotech Filed for IPO Despite Investor Litigation
Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day
Pre-IPO Zephyrm Bioscience – Despite Promising Pipeline, Investment Risk Is High

Lumino Industries Ltd Pre-IPO Tearsheet

Lumino Industries Ltd (0349204D IN) is looking to raise about US$116m in its upcoming India IPO. The bookrunners for the deal are Motilal, JM Fin, Monarch.
Lumino Industries Ltd (LIL) was established in 2005. The company is a product-driven integrated engineering, procurement, and construction (EPC) player in India.
As per CRISIL Report, Lumino Industries is recognized as the fastest-growing player in the conductors, power cables, and power EPC industry, in terms of revenue CAGR between FY22 to FY24.

Veritas Finance Pre-IPO Tearsheet

Veritas Finance Ltd (1392490D IN) is looking to raise around US$323m in its upcoming India IPO. The bookrunners on the deal are ICICI, HDFC, Jefferies, Kotak and Nuvama.
Veritas Finance Limited (VFL) is a retail focused non-banking finance company (NBFC) in India primarily providing loans to micro small and medium enterprises (MSMEs) and self-employed individuals.
As per the CRISIL report, the firm was the fastest-growing NBFC in terms of AUM growth during FY22-24, growing at a CAGR of 61.76%.

TXR Robotics IPO Valuation Analysis

According to our valuation analysis, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of the IPO price range).
Our base case valuation is based on target P/S of 5.4x using our estimated sales of 57.7 billion won.
To value TXR Robotics, the target P/S of 5.4x is based on a 30% discount to the comps’ valuation multiple.

Aurion Biotech (AURN): Regenerative Eye Disease Biotech Filed for IPO Despite Investor Litigation

AURN001, is an improved formulation designed to be mechanistically identical to Vyznova and to provide enhanced benefits, including manufacturing scalability and extended shelf life.
There is pending litigation between Aurion Biotech and the company’s largest shareholder, Alcon Research.
This company is on a trajectory to set terms and debut in the first half of February.

Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day

The stock opened 29.4% above its issue price at $22.00 and closed its debut session at $23.63, delivering a first-day gain of 39.0%.
This was a major victory for the IPO market, marking the highest first-day percentage gain of the year.
Looking ahead, the IPO market’s next test will be from the biotech sector.

Pre-IPO Zephyrm Bioscience – Despite Promising Pipeline, Investment Risk Is High

By Xinyao (Criss) Wang

There’s great potential for PSCs, which provides new treatment options for complex diseases where traditional therapies are ineffective.The more solid the platform technology, the greater the dividends in later stage.
Zephyrm’s pipeline candidates are promising. However, considering the R&D risks, the uncertainty of future commercialization and product safety profile, we think the investment risk of this Company is relatively high.
Valuation of overseas peers is not high. In our view, valuation performance of Zephyrm would be largely depend on its clinical results of pipeline, which is a gamble for investors.

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Jan 30

Daily Brief ECM: Infinity Natural Resources (INR): Sector Sentiment Sours and more

In today’s briefing:

Infinity Natural Resources (INR): Sector Sentiment Sours, Exercise Caution on IPO
Maze Therapeutics Inc. (MAZE): Kidney Disease Biotech IPO Garnering Attention from Sector Investors
SGIC IPO Valuation Analysis
SailPoint IPO Valuation Analysis: Paying Debt With IPO Proceeds and $1B+ ARR in FY26
Metsera Inc (MTSR): Obesity Drug Biotech Order Book Is “Hot”; Set for Friday IPO Debut
Ather Energy Pre-IPO – The Negatives – Outpaced by Rivals

Infinity Natural Resources (INR): Sector Sentiment Sours, Exercise Caution on IPO

While this company is well-positioned in its sector and has a prudent growth strategy and balance-sheet flexibility, the short term “sector winds” are now blowing in a different direction.
Venture Global (VG) debuted last Friday with a major price cut and a more disappointing debut.
Our sources state that the official message regarding the deal is that the offering is multiple-times oversubscribed from long-only and energy-dedicated funds.

Maze Therapeutics Inc. (MAZE): Kidney Disease Biotech IPO Garnering Attention from Sector Investors

The company is performing an abbreviated four-day roadshow and has gained momentum with interest from sector-dedicated investors.
According to our sources, the deal was considered oversubscribed at launch from a mix of new and existing investors.
Typically, the biotech IPOs that are eager to come out of the gates in January have fared overwhelmingly better than those that trickle out later in the year.

SGIC IPO Valuation Analysis

Our base case valuation of Seoul Guarantee Insurance is target price of 32,463 won per share, which is 2.1% higher than the high end of the IPO price range.
All in all, we are not particularly impressed with SGIC’s lack of top-line sales growth and worsening operating profit and margins in 1Q-3Q 2024.
Despite the much lower IPO price range and a promise for higher shareholder returns, we remain Negative on this IPO.

SailPoint IPO Valuation Analysis: Paying Debt With IPO Proceeds and $1B+ ARR in FY26

By Andrei Zakharov

SailPoint, a founder-led provider of identity security for the modern enterprise, aims to raise up to $1B to pay off debt.
The company ended last quarter at $813M of implied ARR and I see a clear path to $1B+ ARR in FY26 ended Jan 30, 2026.
I believe SailPoint may consider IPO at valuation above take-private transaction of ~$6.9B in 2022. The company is expected to go public in February.

Metsera Inc (MTSR): Obesity Drug Biotech Order Book Is “Hot”; Set for Friday IPO Debut

The GLP-1 market has experienced a recent boom and Metsera is capitalizing on this with a well-times IPO.
According to our sources, the deal is well-oversubscribed with the books closing Wednesday at 4pm for a Friday debut.
The company is seeking a mega valuation of$1.8b if priced at the high-end of the range. An IPO valuation at these levels would put the company in “rare-company”.

Ather Energy Pre-IPO – The Negatives – Outpaced by Rivals

Ather Energy is looking to raise about US$536m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In this note, we talk about the not-so-positive aspects of the deal.

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Jan 29

Daily Brief ECM: Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation and more

In today’s briefing:

Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation
Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue
Ather Energy Pre-IPO – The Positives – One of the E2W Pioneers
Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut
Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range
Goertek Microelectronics Pre-IPO Tearsheet
Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation – Weaker Performance than Expected

Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.

Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

The company priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.
A broken IPO usually hurts the psyche of the IPO market in the short term.
The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.

Ather Energy Pre-IPO – The Positives – One of the E2W Pioneers

Ather Energy is looking to raise about US$536m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In this note, we talk about the positive aspects of the deal.

Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut

Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services sets terms for its IPO.
Citigroup and Goldman Sachs are leading the IPO that could raise north of $400m.
The IPO is scheduled to debut on February 7th with the parent, Titan Cement, offering 62.5% of the shares in this offering.

Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range