ECM Daily Briefs | Page 7 of 161

In today’s briefing:

BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company
Evommune Inc. (EVMN): Peeking at the IPO Prospectus of a Chronic Inflammatory Biotech Company
BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company

Their revolutionary single molecule NGS (smNGS) platform achieves what was once thought impossible – detecting and precisely quantifying genetic targets with single-molecule sensitivity.
For the year ended December 31, 2024, they generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million.
BillionToOne has raised nearly $400 million in equity funding prior to its IPO, complemented by debt financing, and continues to innovate within prenatal, oncology, and rare disease testing markets.

Evommune Inc. (EVMN): Peeking at the IPO Prospectus of a Chronic Inflammatory Biotech Company

Evommune is a clinical-stage biotechnology company focused on developing therapies for chronic inflammatory diseases.
Their most advanced clinical-stage product candidate, EVO756, is a potent and highly selective oral small molecule antagonist of MRGPRX2, a receptor predominantly found on mast cells and peripheral sensory neurons.
The company is backed by many well-known sector dedicated investors including RA Capital.

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

By Andrei Zakharov

BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.

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Oct 18

Daily Brief ECM: Deepexi Technology Pre-IPO: Decent Topline Growth But Still Unprofitable and more

In today’s briefing:

Deepexi Technology Pre-IPO: Decent Topline Growth But Still Unprofitable
Canara HSBC Life Insurance IPO Trading – Muted Demand All Round
Runwal Developers Pre-IPO Tearsheet

Deepexi Technology Pre-IPO: Decent Topline Growth But Still Unprofitable

Deepexi Technology is looking to raise US$100m in its upcoming Hong Kong IPO.
Deepexi Tech has demonstrated strong topline growth, with declines in average order value being offset by growth in customers. Despite growth in the topline, the company still remains deeply unprofitable.
In this note, we look at the company’s past performance.

Canara HSBC Life Insurance IPO Trading – Muted Demand All Round

Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
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 will talk about the trading dynamics.

Runwal Developers Pre-IPO Tearsheet

Runwal Developers (1639241D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by ICICI Securities, BOBCap, IIFL, JM Financial.
Runwal Developers is a real estate development company based in India. It is primarily engaged in lifestyle-oriented projects with a diversified portfolio across multiple segments.
Its core business lies in real estate development, encompassing the development of land, sale of land, and Transferable Development Rights (TDRs), along with the construction and operation of residential townships.

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Oct 17

Daily Brief ECM: Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation and more

In today’s briefing:

Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation
Canara Robeco AMC IPO Trading: Decent Insti Demand
Top Toy International Pre-IPO Tearsheet
BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation
Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation

Fibocom Wireless (300638 CH) is looking to raise up to US$380m in its upcoming Hong Kong IPO.
It 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 examine the IPO dynamics, and look at the firm’s valuation.

Canara Robeco AMC IPO Trading: Decent Insti Demand

Canara Robeco AMC has raised US$150m in its India IPO.
Canara Robeco has demonstrated strong growth registering a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24.
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.

Top Toy International Pre-IPO Tearsheet

TOP TOY International Group (TOYTOY HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, UBS and CITIC.
TOP TOY International Group is China’s largest and fastest-growing pop toy collection brand.
The company achieved a GMV of RMB2.4 billion in mainland China in 2024, securing its rank as the largest pop toy collection brand in the country by this metric.

BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation

BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.
There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.
While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.

Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.
The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.
This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025).

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Oct 16

Daily Brief ECM: JST Group (6687 HK): Valuation Insights and more

In today’s briefing:

JST Group (6687 HK): Valuation Insights
TeraView Holdings IPO Preview – The First U.K. Based Company to Pursue a Listing in Korea
Seres Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
TOP TOY Intl: Pre-IPO – More than Just Emotional Value
Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation
Rubicon Research IPO Trading – Strongest IPO Demand of 2025 Yet
Tenneco Clean Air India Ltd Pre-IPO: Unsustainable Growth in Profitability
Elevate Campuses Pre-IPO Tearsheet
Pre-IPO Bama Tea (PHIP Updates) – Some Points Worth the Attention

JST Group (6687 HK): Valuation Insights

JST Group (6687 HK) is China’s largest e-commerce SaaS ERP provider. It is seeking to raise HK$2,086 million (US$268 million).
I previously discussed the IPO in JST Group IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.

TeraView Holdings IPO Preview – The First U.K. Based Company to Pursue a Listing in Korea

By Douglas Kim

TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a listing in Korea.
The IPO price range is from 7,000 won to 8,000 won per share. The book building for the institutional investors will be from 13 to 19 November.
The company provides ultra-precision inspection equipment and technology services (solutions) that detect microscopic cracks and errors that cannot be seen with the naked eye based on a technology called ‘terahertz’.

Seres Group A/H Listing – PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn 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.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.

TOP TOY Intl: Pre-IPO – More than Just Emotional Value

By Osbert Tang, CFA

TOP TOY International Group (TOYTOY HK) is seeking an IPO in Hong Kong. In the latest Series A financing, it is valued at US$1.3bn post-money.
It has solid market growth potential, IP and product development strengths, an extensive distribution network, and good leverage on its parent MINISO Group Holding (9896 HK).
We initially assess a fair FY26F PER of 20-22x, equating to a slight premium to Bloks Group (325 HK) but a discount to Pop Mart (9992 HK).

Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation

By Ke Yan, CFA, FRM

Eccogene, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and CICC are the joint sponsors.
In this note, we look at the company’s core products, ECC4703, and key products ECC5004 and ECC0509.
We also look at the company’s pre-IPO investors and management team.

Rubicon Research IPO Trading – Strongest IPO Demand of 2025 Yet

Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO.
Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&D intensity.
In this note, we will talk about the trading dynamics.

Tenneco Clean Air India Ltd Pre-IPO: Unsustainable Growth in Profitability

Tenneco Clean Air India Ltd (1880671D IN) is looking to raise about US$350m in its upcoming India IPO.
Tenneco Clean Air India (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.
In this note, we look at the company’s past performance.

Elevate Campuses Pre-IPO Tearsheet

Elevate Campuses Limited (1638929D IN) is looking to raise about US$287m in its upcoming India IPO. The deal will be run by JM Fin, MS and IIFL.
Elevate Campuses Limited (ECL) owns, operates and manages on-campus student accommodation across Higher Education Institutions and owns K-12 (Kindergarten-to-12th grade) assets, operating under ‘Good Host Spaces’ and ‘ScholarZ’ brands.
As of Aug 31, 2025, ECL was the largest institutionalized and independent education platform in India, based on student capacity, as per the CBRE Report.

Pre-IPO Bama Tea (PHIP Updates) – Some Points Worth the Attention

The core of Bama’s business model is light-asset operation of “brand + channel”. Bama is highly dependent on franchise model, but we’ve seen a diminishing marginal benefit of channel penetration.
Due to sluggish consumption environment, revenue of Bama could decline by 4% in 2025.From 2026 to 2027, as strategic adjustments take effect, Bama may resume growth of 3% to 5%.
Considering the decline in performance in 25H1 and the low valuation of traditional tea enterprises in the Hong Kong stock market, Bama’s valuation performance may be under pressure.

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Oct 15

Daily Brief ECM: Tekscend Photomask (429A JP) IPO: Trading Debut and more

In today’s briefing:

Tekscend Photomask (429A JP) IPO: Trading Debut
SANY Heavy Industry H Share Listing: The Investment Case
TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group
Chando Global Pre-IPO Tearsheet
Tekscend Photomask IPO Trading – Priced at the Top, but Still Relatively Cheap
Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates
JST Group Pre-IPO: Premium to Peers but Potentially a Domestic “Shopify”
Sany Heavy Industries A/H Listing – PHIP Updates and Thoughts on A/H Premium
Pre-IPO Shanghai MediTrust Health Technology Group – The Business Model and the Concerns Behind
Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company

Tekscend Photomask (429A JP) IPO: Trading Debut

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights.
The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

SANY Heavy Industry H Share Listing: The Investment Case

Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has filed its PHIP for an H Share listing to raise US$1.0-1.5 billion.
SANY has six operating segments. The largest segment, as measured by revenue and gross profit, is excavating machinery.
The fundamentals are good, with strong growth, an increasing overseas mix, an improving margin profile, strong cash generation, and a solid balance sheet.

TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

By Andrei Zakharov

TOP TOY International Group Limited, a world-class pop toy brand company from China, filed to go public in Hong Kong.
Founded in 2020, the brand has quickly positioned itself as a domestic rival to China’s Pop Mart, capitalizing on the country’s booming “blind box” and designer toy craze.
TOP TOY has shown strong growth and execution, going from RMB641m in sales of pop toy products in 2022 to RMB2,554m expected this year.

Chando Global Pre-IPO Tearsheet

Chando Global Limited (CHANDO HK) is looking to raise at least US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai International and UBS.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost & Sullivan (F&S).
Its flagship brand, CHANDO, had consistently ranked among the top two domestic cosmetics brands for 12 consecutive years from 2013 to 2024 by retail sales.

Tekscend Photomask IPO Trading – Priced at the Top, but Still Relatively Cheap

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m 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 our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates

By Ke Yan, CFA, FRM

Xuanzhu raised HKD 781m (USD 100m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 15, 2025.
In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.

JST Group Pre-IPO: Premium to Peers but Potentially a Domestic “Shopify”

JST Group (1703609D CH) is looking to raise up to US$270m in its upcoming Hong Kong IPO.
It is China’s largest and most popular e-commerce SaaS ERP provider.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Sany Heavy Industries A/H Listing – PHIP Updates and Thoughts on A/H Premium

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.

Pre-IPO Shanghai MediTrust Health Technology Group – The Business Model and the Concerns Behind

The essence of MediTrust’s business model is building an ecosystem of “Internet/AI + drugs + medical services + insurance”. The core competitiveness lies in the network effect of medical payments.
Smart Pharma Solution overly relies on pharmaceutical companies’ promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.
Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than Ping An Good Doctor

Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company

HCI has announced plans to spin off Exzeo as a standalone entity which is their insurance technology solutions company
Through the Exzeo Platform, they currently provide services in 13 states in which their customers have operations.
They had revenue of $45.6 million, $88.3 million, and $133.9 million and income (loss) after taxes of ($42.0 million), $12.9 million, and $26.1 million in 2022, 2023, and 2024, respectively.

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Oct 14

Daily Brief ECM: Top Toy IPO Preview and more

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

By Douglas Kim

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

By Devi Subhakesan

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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Oct 13

Daily Brief ECM: FineToday Holdings (420A JP) IPO: Valuation Insights and more

In today’s briefing:

FineToday Holdings (420A JP) IPO: Valuation Insights
ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai
Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth
Pre-IPO Puxiang Healthcare Holding – Weak Profitability Is the Major Concern
Sterlite Electric Ltd Pre-IPO Tearsheet
Tata Capital IPO Trading – No Tata Premium This Time

FineToday Holdings (420A JP) IPO: Valuation Insights

FineToday Holdings (420A JP), a Japanese personal care business, is seeking to raise US$280 million. It previously pulled an IPO to raise US$500 million in December 2024.
I previously discussed the investment thesis in FineToday Holdings (420A JP) IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that FineToday is fully valued at the IPO price.

ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai

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 year end looks set to see a flurry of listings, with the pace already starting to pick up again.
On the placements front, markets were back where they left of prior to the October holidays.

Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth

By Tina Banerjee

Fujian Haixi Pharmaceuticals has filed for HK IPO to raise up to HK$994M. The company plans to sell 11.5M H shares at HK$ 86.40 per share.
The company intends to use IPO proceeds for R&D to advance the clinical pipeline, mainly innovative drug candidates, and enhancing commercialization capabilities and expanding market presence.
Haixi Pharma has 15 NMPA-approved generic drugs, out of which 13 products have been commercialized. Five generic drug candidates are expected to be approved for marketing by 2025 or 2026.

Pre-IPO Puxiang Healthcare Holding – Weak Profitability Is the Major Concern

Hospital operation is an asset-heavy industry with large balance of fixed assets and intangible assets. So, there is a situation of expense “front-loading” and profit “back-loading” in Puxiang.
Puxiang’s single-digit net profit margin is unsatisfactory. Net profit CAGR is much lower than revenue CAGR. Considering VBP and DRGs/DIP, Puxiang’s future net profit performance is unsettling.
Due to concerns on profitability and future growth outlook, we think valuation of Puxiang should be lower than Topchoice, Aier, Hygeia, Jinxin, but could be higher than China Resources Medical

Sterlite Electric Ltd Pre-IPO Tearsheet

Sterlite Electric (1408581D IN) is looking to raise about US$169m in its upcoming India IPO. The deal will be run by Axis Capital, Motilal Oswal, Nuvama.
Sterlite Electric Limited, formerly known as Sterlite Power Transmission Limited, is a manufacturer and provider of system integration solutions, primarily focused on the power transmission and distribution (T&D) industry.
Its product portfolio spans high-performance conductors, composite core conductors, and extra high-voltage cables, catering to both domestic and global markets.

Tata Capital IPO Trading – No Tata Premium This Time

Tata Capital Limited raised around US$1.7bn in its India IPO, which will begin to trade today.
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 past performance in our previous note. In this note, we talk about the trading dynamics.

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Oct 12

Daily Brief ECM: Hanon Systems Rights Deal Suddenly Heating Up for CJ CGV–Style Arb as Hahn & Co Confirms Sitting Out and more

In today’s briefing:

Hanon Systems Rights Deal Suddenly Heating Up for CJ CGV–Style Arb as Hahn & Co Confirms Sitting Out

Hanon Systems Rights Deal Suddenly Heating Up for CJ CGV–Style Arb as Hahn & Co Confirms Sitting Out

By Sanghyun Park

Hahn & Co, holding 21.63% of Hanon, won’t join the rights issue, raising the odds of a CJ CGV–style stock rights dump hitting the market.
Hanon’s rights float mirrors CJ CGV (~17% post-ESOP), with Hahn & Co likely to sell, limited local demand, and potential follow-on selling pressure.
Hanon’s 50% rights at 15% discount offer smaller float than CJ CGV, but larger deal size and weak EV sentiment create a potential CJ CGV–style arb, with SSF tradability.

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Oct 11

Daily Brief ECM: Excellent Demand for LG Electronics India IPO and more

In today’s briefing:

Excellent Demand for LG Electronics India IPO
Canara HSBC Life Insurance IPO – Improving AUM but Dependent on Bancassurance Channels
ImmuneOnco(1541 HK): No Near Term Triggers, Commercialization Still Far Away, Placement Unattractive

Excellent Demand for LG Electronics India IPO

By Douglas Kim

There has an excellent demand for the LG Electronics India (LGEI) IPO among the institutional investors which sets the stage for a positive rally once it starts trading.
LGEI raised 4.43 trillion rupees in subscription funds during the general subscription period from 7 to 9 October. This amount is approximately 40 times the initial public offering (IPO) target.
Our base case valuation is target price of 1,514 INR which is 33% higher than the high end of the IPO price range.

Canara HSBC Life Insurance IPO – Improving AUM but Dependent on Bancassurance Channels

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 a private life insurer in India, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group.
It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.

ImmuneOnco(1541 HK): No Near Term Triggers, Commercialization Still Far Away, Placement Unattractive

By Tina Banerjee

ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK) announced the placement of 24.2M shares for subscription at HK$14.5 per share.
The company intends to use most of the net proceeds for further research and development of drug candidates IMM01, IMM2510 and IMM27M.
The current market price of the stock makes the placement offer unattractive. Concerns remain with no drugs commercialized yet and the only possible commercialization expected to happen not before 2027.

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Oct 10

Daily Brief ECM: Innoscience Suzhou Tech Placement – Selling Ahead of Lockup Expiry and more

In today’s briefing:

Innoscience Suzhou Tech Placement – Selling Ahead of Lockup Expiry, Relatively Small
Capstone Copper Placement: Large to Digest; but Copper Stocks Are Catching Bids
WeWork India IPO Trading – Muted Demand, Likely to Trade Weak
Rubicon Research IPO – RHP Updates, Peer Comp and Thoughts on Valuation
Canara Robeco AMC: Can a Laggard Get off the Block Now?
Sirius (靖因) Pre-IPO: Credible SiRNA Products
Maynilad Water Services IPO – Recent Updates, Peer Comparison and Thoughts on Valuation
Alliance Laundry Holdings (ALH): Debt-Heavy Private Equity IPO Surprises with Strong Debut
Aequs Ltd Pre-IPO Tearsheet
Phoenix Education Partners (PXED): A Private-Equity Backed IPO Defying 2025 Trends with Strong Debut

Innoscience Suzhou Tech Placement – Selling Ahead of Lockup Expiry, Relatively Small

InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement.
Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.
In this note, we will talk about the placement and run the deal through our ECM framework.

Capstone Copper Placement: Large to Digest; but Copper Stocks Are Catching Bids

Capstone Copper (CSC AU) is looking to raise around US$453m from a secondary placement.
This is a large deal to digest, representing 63.6 days of the stock’s three month ADV, despite being 6.0% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

WeWork India IPO Trading – Muted Demand, Likely to Trade Weak

WeWork India Management Ltd (1690124D IN) raised about US$338m in its India IPO.
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.
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.

Rubicon Research IPO – RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.

Canara Robeco AMC: Can a Laggard Get off the Block Now?

By Himanshu Dugar

Canara Robeco AMC (570515Z IN) a JV between Canara Bank (CBK IN) and Orix Corp (8591 JP) is the second oldest but the latest AMC to list in India
A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)
However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn’t leave room for material upside.

Sirius (靖因) Pre-IPO: Credible SiRNA Products

By Ke Yan, CFA, FRM

Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.
In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.
We also look at the company’s pre-IPO investors and management team.

Maynilad Water Services IPO – Recent Updates, Peer Comparison and Thoughts on Valuation

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise around US$450m in its upcoming 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 IPO pricing

Alliance Laundry Holdings (ALH): Debt-Heavy Private Equity IPO Surprises with Strong Debut

The shares priced at the high end of the range, $22.00, and opened at $24.50, marking an initial gain of 11.4% on first trade.
The deal was north of 10-times oversubscribed and the underwriters had enough demand to message to investors an upsize of 10%.
This steady performance, combined with strong book demand, positioned ALH as one of the few private equity-backed IPO success stories in 2025.

Aequs Ltd Pre-IPO Tearsheet

Aequs Ltd is looking to raise about US$200m in its upcoming India IPO. The deal will be run by JM Financial, IIFL Capital and Kotak.
Aequs Limited is a precision-engineering and manufacturing company that produces complex, high-tolerance components for global OEMs across the aerospace and consumer sectors.
The company operates three integrated manufacturing ecosystems in India (the Belagavi, Hubballi, and Koppal clusters) each designed to deliver end-to-end production capabilities from design to assembly.

Phoenix Education Partners (PXED): A Private-Equity Backed IPO Defying 2025 Trends with Strong Debut