In today’s briefing:
- Top Toy IPO Preview
- Fibocom A/H Listing: Strong Revenue Growth, Some Margin Pressures
- LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s
- Canara HSBC Life Insurance IPO – Steady Growth but Valuations Fullish
- Navan Inc. (NAVN):AI-Powered Booking System Pushes Ahead with IPO Amidst Government Shutdown
- Precinct Placement: Potentially Dilutive but Dividend/Share Maintained
- Rays Power Infra Pre-IPO Tearsheet
- Pre-IPO Cofoe Medical Technology (A/H Listing) – The Business Model and the Concerns Behind
- LG Electronics India IPO Trading – Very Strong Subscription, Won’t Be Chasing if It Pops Too High
Top Toy IPO Preview
- Top Toy International is getting ready to complete its IPO in Hong Kong in the next several months.
- Top Toy was last valued at US$1.3 billion in July 2025 when it received a US$59.4 million Series A financing (of which Temasek contributed US$40 million for a 3.2% stake).
- Top Toy is trading at P/E of 32x (2024 net profit) (valuation of US$1.3 billion) versus Pop Mart (P/E of 103x based on its 2024 net profit).
Fibocom A/H Listing: Strong Revenue Growth, Some Margin Pressures
- Fibocom Wireless (300638 CH) a wireless communication modules provider, aims to raise up to US$400m in its H-share listing.
- Fibocom was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s
- LG Electronics India (123D IN) debuts today and is poised for a strong listing pop, supported by record institutional oversubscription and robust grey market premiums.
- Retail investor shares saw a modest 3.5x subscription, underscoring the challenge of a billion-dollar IPO with a 35% retail allocation, which necessitated a steep pricing discount.
- Post-Debut, LGEIL’s likely market Cap at around USD11.5 bn could surpass its parent, despite 85% parent stake and USD1.3 bn raised from offer for sale of shares in IPO .
Canara HSBC Life Insurance IPO – Steady Growth but Valuations Fullish
- Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
- CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
- In this note, we talk about the peer comp and implied valuations in the IPO price range.
Navan Inc. (NAVN):AI-Powered Booking System Pushes Ahead with IPO Amidst Government Shutdown
- Navan is offering 36.9mm shares at $24-$26 and will debut on October 31st invoking a 20-day effectiveness rule during the current government shutdown.
- Their revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025.
- Navan (formerly TripActions) is led by two high-profile co-founders who previously sold had a business acquired in this space.
Precinct Placement: Potentially Dilutive but Dividend/Share Maintained
- Precinct Properties New Zealand (PCT NZ) is looking to raise around US$163m from a primary placement.
- This is a large deal to digest, representing 193.7 days of the stock’s three month ADV and 13.4% of shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Rays Power Infra Pre-IPO Tearsheet
- Rays Power Infra (1638839D IN) is looking to raise about US$130m in its upcoming India IPO. The deal will be run by Anand Rathi and Pantomath Capital.
- Rays Power Infra (RPI) is a renewable energy company that provides utility-scale, end-to-end solar energy solutions.
- Its operations are structured around two primary business models – EPC (Engineering, Procurement, and Construction) and Co-Development.
Pre-IPO Cofoe Medical Technology (A/H Listing) – The Business Model and the Concerns Behind
- The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&D.
- Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.
- The model of “emphasizing marketing over R&D” is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than Winner Medical.
LG Electronics India IPO Trading – Very Strong Subscription, Won’t Be Chasing if It Pops Too High
- LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO.
- LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
- We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about the trading dynamics.
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