ECM Daily Briefs | Page 7 of 160

In today’s briefing:

Fermi Inc. (FRMI): Investors Bid Up Future AI Infrastructure, Shares Close 55% Higher
Tata Capital IPO: RHP Update Points to Mixed Fundamentals
Impact Therapeutics (英派药业) Pre-IPO: Credible R&D in PARP
Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return
Pre-IPO Videotimes Technology Holdings – Expected to See Performance Decline Due to Tariff War
Tata Capital IPO – Peer Comp and Thoughts on Valuation

Fermi Inc. (FRMI): Investors Bid Up Future AI Infrastructure, Shares Close 55% Higher

The company priced 32.5 million shares at $21.00 and saw its shares open at $25.00, a 19% premium.
Investor demand was strong and stemmed from pre-IPO testing-the-waters meetings with more than 100 investors.
The strong momentum generated from the debut suggests that traders may continue to gravitate toward the name, creating the potential for sharp swings in the near term.

Tata Capital IPO: RHP Update Points to Mixed Fundamentals

Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$1.7 billion.
I had previously discussed the investment case in Tata Capital IPO: The Investment Case.
The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA.

Impact Therapeutics (英派药业) Pre-IPO: Credible R&D in PARP

By Ke Yan, CFA, FRM

Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors
In this note, we look at the company’s core products, senaparib/IMP4297, and key products IMP1734 and IMP9064.
We also look at the company’s pre-IPO investors and management team.

Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.
The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.
Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.

Pre-IPO Videotimes Technology Holdings – Expected to See Performance Decline Due to Tariff War

Videotimes adopts a “domestic production + overseas sales” model. The Company competes for market share by relying largely on Amazon channel and price cuts, with overall revenue showing upward trend.
Due to Sino-US tariff war and the risk of US dollar depreciation, future performance decline seems inevitable. Our forecast for 2025 is revenue/net profit could be down 4.8% YoY/21% YoY.
Valuation of Videotimes could be lower than peer. A comfortable range is P/E of 10-15x. However, if 2025 performance decline is confirmed, valuation may be revised down to 6-10x P/E.

Tata Capital IPO – Peer Comp and Thoughts on Valuation

Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.

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Oct 01

Daily Brief ECM: LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation and more

In today’s briefing:

LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation
Tata Capital Pre-IPO – RHP Updates
WeWork India IPO – RHP Updates – Growing Footprint, Softening Operational Trends
Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand
Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO
Myungin Pharma Pre-IPO: Strong Insti Subscription Rates
Capillary Technologies India Pre-IPO: Increased Monetization But CFO Turned Negative
Pre-IPO Shanghai Keying E-Commerce – Concerns About the Business Model and Prospects

LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation

LG Electronics’ BOD finally approved a plan to sell a 15% stake in LG Electronics India in an IPO to be completed in 2025.
According to local media, LG Electronics India is now valued at about US$13 billion which is higher than LG Electronics’ market cap of US$8.8 billion.
Our base case valuation of LG Electronics India is implied market cap of 1,280 billion INR or US$14.4 billion.

Tata Capital Pre-IPO – RHP Updates

Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates

WeWork India IPO – RHP Updates – Growing Footprint, Softening Operational Trends

WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.

Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand

Jain Resource Recycling (2300699D IN) raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
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.

Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO

Phoenix Education Partners (PXED US) set terms for its IPO on Tuesday and is offering 4.25 million shares at $31-$33.
Beginning in the first full fiscal quarter following the completion of this offering, they anticipate paying a quarterly cash dividend at a rate initially equal to approximately $0.84 per share.
Phoenix Education, however, stands apart: the company has no debt, is profitable, and even plans to pay a dividend.

Myungin Pharma Pre-IPO: Strong Insti Subscription Rates

Myungin Pharmaceutical (MYUNGIN KS) raised around US$142m in its upcoming Korean IPO.
It specializes in central nervous system (CNS) therapeutics, with strong technological expertise in developing and producing prescription drugs for stroke, Parkinson’s disease, schizophrenia, and depression.
In this note, we talk about the firm’s trading dynamics.

Capillary Technologies India Pre-IPO: Increased Monetization But CFO Turned Negative

Capillary Technologies India Ltd (CTIL) (0611334D IN) is looking to raise about US$240m in its upcoming India IPO.
Capillary has been able to diversify the uses of its offerings across different industries. Despite declines in number of customers and brands, they have been offset by increased monetization abilities
In this note, we look at the company’s past performance.

Pre-IPO Shanghai Keying E-Commerce – Concerns About the Business Model and Prospects

The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.
The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.
As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.

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Sep 30

Daily Brief ECM: Zijin Gold IPO (2259 HK): Trading Debut and more

In today’s briefing:

Zijin Gold IPO (2259 HK): Trading Debut
Tekscend Photomask (429A JP) IPO: Valuation Insights
[Japan ECM] MIGALO Holdings (5535 JP) Offering to Raise Capital, Generate Interest
Tekscend Photomask IPO – Peer Comparison
The Pinkfong Company IPO Valuation Analysis
Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance
Zijin Gold (2259 HK) IPO Debut – Some Points Worth the Attention
Zijin Gold : Listing Pop Likely. Know Your Thresholds. Avoid Valuation Pitfalls.
Sunway Healthcare Pre-IPO Tearsheet
Zijin Gold IPO Trading: Decent Retail but Strong Insti Demand

Zijin Gold IPO (2259 HK): Trading Debut

Zijin Gold (2259 HK) priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.
The IPO was discussed in Zijin Gold IPO: The Investment Case and Zijin Gold IPO (2259 HK): Valuation Insights.
The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Tekscend Photomask (429A JP) IPO: Valuation Insights

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$828 million). Pricing is on 30 September.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case and Tekscend Photomask (429A JP) IPO: The Bear Case.
In this note, I present my forecasts and discuss valuation. My analysis suggests that Tekscend is attractively valued at the IPO price range compared to peer multiples.

[Japan ECM] MIGALO Holdings (5535 JP) Offering to Raise Capital, Generate Interest

By Travis Lundy

Migalo Holdings (5535 JP) is one of the rare TSE Prime-listed companies which got the boot from TOPIX, stayed in Prime, and is clawing its way back.
As of end-March-25, it met all the criteria to stay in Prime and rejoin TOPIX. Now they are launching a primary offering, and this may presage an effort to rejoin.
They are adding float and 10% of shares to the pile, in this ¥4.4-5.0bn offering. But instos are net short this stock.

Tekscend Photomask IPO – Peer Comparison

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.

The Pinkfong Company IPO Valuation Analysis

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).
This represents a 22% upside to the high end of the IPO price range. Given the reasonable upside, we have a Positive view of the Pinkfong Co IPO.
Pinkfong Co is one of the most sought-after acquisition candidates in the global animation industry and this is one of the major reasons why it should trade at premium valuation.

Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance

Neptune Insurance is seeing strong demand in its pre-IPO roadshow, with channel checks revealing that the deal is multiple-times oversubscribed—north of 10x.
Financially, Neptune has delivered impressive profitability. In 2024 it generated $119.3 million in revenue, $34.6 million in net income, and $72.1 million in adjusted EBITDA.
The company is efficient and profitable and they believe they have a SaaS-like scalability which, in our opinion, investors will be able to properly forecast out.

Zijin Gold (2259 HK) IPO Debut – Some Points Worth the Attention

Based on DCF model, valuation is about US$28.4 billion. We think this is the valuation bottom line. Conservative investors can take profits at this valuation level.
Valuation has the potential to reach US$34-42bn (or 18-22x P/E ) if based on 2025 forecast.Optimistic investors can choose to wait for stock price to fall within this valuation range.
Considering better profitability/shareholder resources, Zijin Gold has more advantage than Shandong Gold Mining. Therefore, market value of Zijin Gold will widen the gap with Shandong Gold Mining in the future.

Zijin Gold : Listing Pop Likely. Know Your Thresholds. Avoid Valuation Pitfalls.

By Devi Subhakesan

Riding on strong investor demand, Zijin Gold (2259 HK) has exercised its over-allotment option, boosting the total IPO size to USD 3.7 billion from USD 3.2 billion previously.
As Hong Kong’s only pure-play gold miner with global exposure, Zijin Gold may command a premium, though any sharp price gains still depend on sustained gold price strength.
Investors should define their medium- to-long-term gold price thresholds to shape a clear post-IPO strategy for Zijin Gold.

Sunway Healthcare Pre-IPO Tearsheet

Sunway Healthcare (2268774D MK) is looking to raise at least US$800m in its upcoming Malaysia IPO. The deal will be run by AmInvestment Bank, Maybank, CIMB, HSBC, Jefferies and UBS.
It is one of the largest private hospital groups and only private hospital group (among major private hospital groups) in Malaysia that provide services covering the full lifecycle of care.
The firm’s flagship hospital, Sunway Medical Centre Sunway City Kuala Lumpur, in Subang Jaya, Selangor, which is a quaternary hospital, commenced operations in November 1999.

Zijin Gold IPO Trading: Decent Retail but Strong Insti Demand

Zijin Gold (2259 HK) raised around US$3.2bn in its Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
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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Sep 29

Daily Brief ECM: ECM Weekly (29 September 2025)- Zijin and more

In today’s briefing:

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star
IPO Review: India’s Youngest and Largest Player for Ethanol, Worth a Bet?
Pre-IPO CF PharmTech (PHIP Updates) – Some Points Worth the Attention
Pre-IPO Suzhou Ribo Life Science – The Strength, the Concerns and the Outlook for the SiRNA Unicorn

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

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, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.

IPO Review: India’s Youngest and Largest Player for Ethanol, Worth a Bet?

By Himanshu Dugar

TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.
The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.
IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.

Pre-IPO CF PharmTech (PHIP Updates) – Some Points Worth the Attention

CF017 is CF PharmTech’s core performance driver. Once CF017 faces policy adjustments or intensified market competition, revenue will be significantly impacted. Its ability to sustain operations will be severely tested.
Although CF PharmTech has made a profit, problems such as a slowdown in revenue growth and heavy reliance on single product will lead to a valuation discount by the market.
A reasonable valuation range might be between RMB3-5 billion. If valuation exceeds RMB5 billion, it would seem overly optimistic and require strong support from subsequent performance and solid fundamentals.

Pre-IPO Suzhou Ribo Life Science – The Strength, the Concerns and the Outlook for the SiRNA Unicorn

The delivery system is a crucial element that drives the development/iteration of innovative oligonucleotide therapeutics. Ribo has mastered both GalNAc and LNP technologies, whose effectiveness/safety have been verified and recognized.
The valuation fluctuations not only reflect the market’s prudence towards commercialization prospects of small nucleic acid drugs, but also highlight the balance problem between Ribo’s R&D investment and profit model.
Since Sirnaomics’ delivery technologies have not been proven or validated scientifically, Ribo’s valuation should be higher than Sirnaomics.Valuation outlook is based on the druggability and commercialization performance of Ribo’s pipelines.

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Sep 28

Daily Brief ECM: Weekly Deals Digest (28 Sep) – Zijin Gold and more

In today’s briefing:

Weekly Deals Digest (28 Sep) – Zijin Gold, Tekscend, Mandom, Pacific Ind, Paramount Bed, Soft99

Weekly Deals Digest (28 Sep) – Zijin Gold, Tekscend, Mandom, Pacific Ind, Paramount Bed, Soft99

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: Zijin Gold (2259 HK), Tekscend Photomask (429A JP) and Tata Capital Limited (TATACAP IN) IPOs.
Event-Driven developments: Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Paramount Bed Holdings Co Lt (7817 JP), Soft99 Corp (4464 JP), Changhong Jiahua Holdings (3991 HK).

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Sep 27

Daily Brief ECM: Trading Strategy of Zijin Gold on the First Day of IPO and more

In today’s briefing:

Trading Strategy of Zijin Gold on the First Day of IPO

Trading Strategy of Zijin Gold on the First Day of IPO

Zijin Gold IPO will start trading on 30 September. Zijin Gold is aiming to raise US$3.2 billion (HK$24.98 billion) from its IPO, offering 349 million shares at HK$71.59 each.
Our base case valuation of Zijin Gold is HK$124.7 per share (74.2% higher than the IPO price). We expect a sharply higher pop on the first day of trading.
If its share price appreciates more than 30-50% or more, we think it is prudent to take some profits off the table (at least 25%-30% of total investment).

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Sep 26

Daily Brief ECM: Horizon Robotics Placement – Another Opportunistic Raising and more

In today’s briefing:

Horizon Robotics Placement – Another Opportunistic Raising
Northern Star Placement: Secondary Sell Down by Gold Fields; Tight Discount
Tekscend Photomask IPO – The Negatives – Market Share
Microport Scientific Placement – Should Be Well-Flagged, Will Lift Overhang
Tekscend Photomask (429A JP) IPO: The Bear Case
Maplight Therapeutics (MPLT): Peeking at the IPO Prospectus of Biotech Treating CNS Diseases
Navan Inc. (NAVN): Peeking at the IPO Prospectus of an AI-Powered Booking System
Banma Network Tech Pre-IPO: Declining Revenue, Widening Losses
Sunwoda Electronic A/H Listing: Small Player, Competitive Markets

Horizon Robotics Placement – Another Opportunistic Raising

Horizon Robotics (9660 HK) raised around US$800m in its Oct’24 IPO and another US$600m via a placement in June’25. It’s back again to raise another US$834m via a top-up placement.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

Northern Star Placement: Secondary Sell Down by Gold Fields; Tight Discount

Northern Star Resources (NST AU) is looking to raise around US$725m in a secondary placement.
The proceeds will be used to pay down Gold Fields.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Tekscend Photomask IPO – The Negatives – Market Share

Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the not-so-positive aspects of the deal.

Microport Scientific Placement – Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
Otsuka had sold the majority of its stake earlier this year.
In this note, we will talk about the placement and run the deal through our ECM framework.

Tekscend Photomask (429A JP) IPO: The Bear Case

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
In Tekscend Photomask (429A JP) IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on its worrisome revenue growth trends, weakening lead revenue indicators, cash burn, and large post-IPO share overhang.

Maplight Therapeutics (MPLT): Peeking at the IPO Prospectus of Biotech Treating CNS Diseases

The company that describes itself as a biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system.
Morgan Stanley, Jefferies, Leerink Partners, Stifel are the bookrunners on this IPO.
Their lead product candidate, ML-007C-MA, is currently in a Phase II trial.

Navan Inc. (NAVN): Peeking at the IPO Prospectus of an AI-Powered Booking System

The company that describes itself as an end-to-end, AI-powered software platform filed for an IPO on September 19th.
Goldman Sachs, Citigroup, Jefferies, Mizuho, Morgan Stanley are the lead underwriters on the transaction.
Their revenue grew 30% period-over-period from $254 million for the six months ended July 31, 2024 to $329 million for the six months ended July 31, 2025.

Banma Network Tech Pre-IPO: Declining Revenue, Widening Losses

Banma Network Technology is looking to raise at least US$200m in its upcoming Hong Kong IPO.
Banma has achieved growth in installation volumes and OEM partnerships. However, performance in its core segment has weakened, monetization metrics are declining, and the company remains loss making.
In this note, we look at the company’s past performance.

Sunwoda Electronic A/H Listing: Small Player, Competitive Markets

Sunwoda Electronic Co Ltd A (300207 CH) is looking to raise around US$400m in its upcoming H-share listing.
It is a lithium-ion battery manufacturer. It covers a rich product matrix including consumer battery, EV battery and ESS.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Sep 25

Daily Brief ECM: Tekscend Photomask (429A JP) IPO: The Bull Case and more

In today’s briefing:

Tekscend Photomask (429A JP) IPO: The Bull Case
Ecopro Co – Confirms Raising 800 Billion Won Through a PRS Using Stake in Ecopro BM
Chery Automobile IPO (9973 HK) IPO: Trading Debut
Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison
Tekscend Photomask IPO – The Positives – Strong Market Position
Groww Pre-IPO Tearsheet
Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation
Nippon Steel Placement – Relatively Small Deal with Recent Pick-Up in Momentum
NOBA Bank: Flash Note on Valuation Ahead of Stockholm IPO
Chery Auto IPO Trading – Half Decent Demand

Tekscend Photomask (429A JP) IPO: The Bull Case

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
Tekscend, which was carved out of Toppan Printing (7911 JP) in 2022, is owned by Toppan (with a 50.1% stake) and Integral (5842 JP) (with a 49.9% stake).
The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy.

Ecopro Co – Confirms Raising 800 Billion Won Through a PRS Using Stake in Ecopro BM

On 24 September, Ecopro Co confirmed that it will be raising 800 billion won through a PRS using its stake in Ecopro BM as the base asset.
Ecopro BM has a market cap of 11.3 trillion won. A PRS worth 800 billion won represents 7.1% of Ecopro BM’s market cap.
All in all, we believe this PRS deal worth 800 billion won is likely to negatively impact both Ecopro Co and Ecopro BM.

Chery Automobile IPO (9973 HK) IPO: Trading Debut

Chery Automobile (9973 . HK) priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.
The IPO was discussed in Chery Automobile IPO: The Bull Case, Chery Automobile IPO: The Bear Case and Chery Automobile IPO (9973 HK): Valuation Insights.
The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

By Andrei Zakharov

Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.
High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.
The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.

Tekscend Photomask IPO – The Positives – Strong Market Position

Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the positive aspects of the deal.

Groww Pre-IPO Tearsheet

Groww (1573648D IN) is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.
Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer (D2C) digital investment platform that provides multiple financial products and services.
According to the Redseer Report, Groww was India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.
One of Fermi’s founders is former energy sector director, Rick Perry.
The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.

Nippon Steel Placement – Relatively Small Deal with Recent Pick-Up in Momentum

By Juan Pedro Rodríguez Serrate

POSCO Holdings (005490 KS) is looking to raise up to US$169m via selling some of its stake in Nippon Steel Corporation (5401 JP).
This deal represents 1.5 days of ADV representing around 0.7% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

NOBA Bank: Flash Note on Valuation Ahead of Stockholm IPO

I view the fixed IPO price of SEK70/share (SEK35bn) as a very attractive entry point.
Based on 2026e numbers the IPO price of SEK70 (SEK35bn) represents 2x P/TBV, 8.2x P/E. I see the stock trading to SEK47.2bn near term and climbing above with further upside.
I This represents 35% upside vs. peer benchmark fair value on a P/TBV basis. On a P/E basis there’s potential for further upside to SEK56.8bn, or 62%.

Chery Auto IPO Trading – Half Decent Demand

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.

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Sep 24

Daily Brief ECM: Kingsoft Cloud Placement: Second Primary Offering This Year and more

In today’s briefing:

Kingsoft Cloud Placement: Second Primary Offering This Year
KCC Corp – To Issue 430 Billion Won in EB Using Its Treasury Shares?
Jain Resource Recycling IPO – Quick Thoughts on Peer Comp and Valuation
Victory Giant A/H Listing – Riding the AI Wave
Hanon Systems – A Rights Offering of 900 Billion Won
Atlanta Electricals: IPO Priced at 30% Discount to Peers. Can Bid for Listing Pop
Canyon Resources Placement: Backstopped by Largest Shareholder; Strategic Assets
Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Few Catalysts Left
Orion Breweries IPO Trading – Robust Institutional Demand
Pre-IPO Xuanzhu Biopharmaceutical (PHIP Updates) – Some Points Worth the Attention

Kingsoft Cloud Placement: Second Primary Offering This Year

Kingsoft Cloud Holdings (3896 HK) is looking to raise around US$304m in a primary placement.
The company will use the proceeds to support its AI business, including infrastructure expansion and enhancement of cloud services.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

KCC Corp – To Issue 430 Billion Won in EB Using Its Treasury Shares?

On 23 September, Hankyung Business Daily reported that Kcc Corp (002380 KS) plans to issue about 430 billion won worth of exchangeable bonds (EB) based on its own treasury shares.
We believe the overall impact on this EB issue on KCC is likely to be more negative as compared to the EB issue it conducted in July 2025.
Our NAV valuation of KCC Corp suggests NAV per share of 508,467 won, which is 22% higher than current price.

Jain Resource Recycling IPO – Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the peer comparison and IPO valuations.

Victory Giant A/H Listing – Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Hanon Systems – A Rights Offering of 900 Billion Won

Hanon Systems announced that it has finalized a rights offering capital increase of 900 billion won. This capital raise will involve 347.5 million common shares (51.2% of outstanding shares)
The expected rights offering price is 2,590 won per share, which is 18.4% lower than current price of 3,175 won.
We remain Negative on Hanon Systems (018880 KS). There is a high probability that this rights offering deal will likely be a dilutive deal for the Hanon System shareholders.

Atlanta Electricals: IPO Priced at 30% Discount to Peers. Can Bid for Listing Pop

By Himanshu Dugar

Atlanta is the third largest manufcaturer of transformers in India. With recent capex coming online, it boasts of capacity and product offering in line with the market leaders.
The company has a strong order book of 1,600cr and given the fairly short execution timeline is positioned to deliver 25-30% growth in FY26.
We believe IPO is being fairly valued at 20-24 times FY26 EBITDA, implying a 30-35% discount vs market leader Transformers & Rectifiers (India) Ltd (TRIL IN)

Canyon Resources Placement: Backstopped by Largest Shareholder; Strategic Assets

Canyon Resources (CAY AU) is looking to raise around US$132m in a primary placement.
The company will use the proceeds to fund capital expenditures, as well as increase its stake in the railway line serving its mine in Central Africa’s Cameroon.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Few Catalysts Left

By Ke Yan, CFA, FRM

Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
In previous insight, we looked at the company’s core products and key products, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.
In this note, we look at the company’s PHIP updates.

Orion Breweries IPO Trading – Robust Institutional Demand

Orion Breweries’ (409A JP) operations span across alcoholic beverages, tourism and hotel businesses. It raised around US$159m in its Japan IPO.
Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.

Pre-IPO Xuanzhu Biopharmaceutical (PHIP Updates) – Some Points Worth the Attention

Three Core Products need to face fierce competition, and there’re other similar products being included in NRDL reimbursement or VBP. So, we’re not optimistic about the commercialization performance of Xuanzhu.
The A-share listing committee had doubts about Xuanzhu’s pipeline strength and future commercialization outlook. So, Xuanzhu’s A-share IPO failed. The peak sales of three core products could be just RMB800mn-1bn.
Considering Xuanzhu’s unsatisfactory growth outlook, market value is just RMB2.4-3 billion. This means that Xuanzhu is overvalued, and reasonable valuation could be even lower than that after Series B Financing.

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✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 23

Daily Brief ECM: Zijin Gold IPO: The Good and more

In today’s briefing:

Zijin Gold IPO: The Good, The Bad and Valuations. For the Gold Bulls.
Berkshire Hathaway Dumps All Its Stake in BYD – Impact on the Chery Auto IPO
The Pinkfong Company IPO Preview
Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation
Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold
Butong Group IPO Trading: Significant Retail Demand Despite Steep Premium
Lendbuzz Inc. (LBZZ): Peeking at the IPO Prospectus of an AI-Powered Lender
Jain Resource Recycling Pre-IPO – Robust Growth but Inorganic Moves Lack Full Value
Wakefit Innovations Pre-IPO: Steady Growth In Revenue Drivers, But Still Unprofitable
Pre-IPO Banu International Holding – The Pain Points and the Outlook

Zijin Gold IPO: The Good, The Bad and Valuations. For the Gold Bulls.

By Devi Subhakesan

Zijin Gold (2259 HK) IPO offers investors with a bullish outlook on gold prices a timely entry into a pure play gold miner with a globally diversified asset base.
At HKD71.59/share, Zijin Gold IPO is set to raise US$3.2 billion with cornerstone investors already committing about half the deal (US$1.6 billion).
At current gold prices, IPO valuations leave a reasonable buffer; however, a pullback toward year-ago levels would pose significant downside.

Berkshire Hathaway Dumps All Its Stake in BYD – Impact on the Chery Auto IPO

Warren Buffett’s Berkshire Hathaway completely exited its stake in BYD (1211 HK).
We highlight four major reasons why Berkshire may have exited its entire position including valuations, tariffs, competition and lower profit margins, and greater risk prospects on economic stagnation in China.
Berkshire selling all its stake in BYD is likely to have a slightly negative impact on the Chery Auto IPO. However, we maintain a Positive view of Chery Auto IPO.

The Pinkfong Company IPO Preview

The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025.
The company plans to issue 2 million shares in this listing. The IPO price range is from 32,000 won to 38,000 won per share.
At this price range, the expected expected market cap of the Pinkfong company ranges from 463 billion won (US$331 million) to 550 billion won ($393 million).

Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation

Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st.
It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.
The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering.

Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold

By Devi Subhakesan

Zijin Gold (2259 HK) ’s US$3.2 billion IPO closes tomorrow, Wednesday, September 29.
The pure-play gold miner, backed by Zijin Mining, is priced at an EV/Reserves multiple in the top quartile of global peers.
With high sensitivity to gold price movements, Zijin Gold offers amplified upside potential — and downside risk — versus bullion itself.

Butong Group IPO Trading: Significant Retail Demand Despite Steep Premium

Butong Group (BUTONG HK) raised around US$100m in its Hong Kong IPO.
Butong focuses on the mid to high-end segment of China’s nursery product market.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

Lendbuzz Inc. (LBZZ): Peeking at the IPO Prospectus of an AI-Powered Lender

Lendbuzz filed for an IPO on September 12th for a potential October debut.
They serve consumers with thin and no credit files, or credit invisibles, and those traditionally called near prime (consumers with VantageScores® of 601-719).
They had total revenue of $101.3 million, $175.4 million, and $281.5 million and net income of $15.0 million, $11.2 million, and $24.3 million in 2022, 2023, and 2024, respectively.

Jain Resource Recycling Pre-IPO – Robust Growth but Inorganic Moves Lack Full Value

Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the company’s past performance

Wakefit Innovations Pre-IPO: Steady Growth In Revenue Drivers, But Still Unprofitable

Wakefit Innovations (1684049D IN) is looking to raise US$231m in its upcoming India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. It mainly sells mattresses, furniture and furnishings.
In this note, we look at the company’s past performance.

Pre-IPO Banu International Holding – The Pain Points and the Outlook