Equity Capital Markets

SICC (688234 CH) , a manufacturer of high-quality SiC substrates, aims to raise up to US$260m in its H-share listing.
In terms of market share, as per Frost & Sullivan, based on 2024 sales, its market share was at 16.7%.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

2. ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

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, Inida ECM flows continued unabated with more deals being launched.
On the placements front as well, India saw over US$2bn worth of deals during the week.

3. Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.

4. Eve Energy A/H Listing – One of the Leaders but Growth Has Been Slowing

EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

5. Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.

6. Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency

Tuas Ltd (TUA AU) is looking to raise around US$239m in its fully underwritten Australian placement.
The company will use the proceeds to partially fund the acquisition of Singaporean digital network operator M1.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

7. Bluestone Jewellery IPO – Moving from Online to Offline. Thoughts on Valuation

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.

8. Kasumigaseki Hotel REIT IPO: Books Well Covered; Modest Upside from Here

Kasumigaseki Hotel REIT (401A JP) raised US$193m in its upcoming Japan IPO.
Kasumigaseki Hotel REIT Investment is a REIT with hotel assets. It is an investment corporation sponsored by affiliated developer, Kasumigaseki Capital.
In this note, we examine the IPO dynamics, and look at the firm’s valuation

9. Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

By Tina Banerjee

Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.
Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.
The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.

10. Innogen (银诺医药) IPO Trading Update

Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
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.

Aug 10

0

Weekly Top Ten Equity Capital Markets – Aug 10, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Hong Kong 2025 Placements – Year so Far and Trends for Potential Primary Placements

2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.

2. HKEx Consultation Paper (Conclusion) – What Matters for ECM Investors

The SEHK recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.
In this note, we summarize the conclusion by HKEx and the rules to be implemented.
We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.

3. ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork

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, India deal flow remains strong, with HK A/H listing starting to flow in again.
On the placements front, WuXi AppTec (2359 HK) undertook a mega raising, while Prosus NV (PRX NA) has begun to pare its stake in Meituan (3690 HK).

4. Eternal (Zomato) Placement – Second Clean-Up by Antfin This Week, Will Lift the Overhang

Antfin (Netherlands) Holding B.V. is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal (ETERNAL IN) .
Antfin has been selling off parts of its ~14% stake in the firm since the IPO. The company last sold a 2% stake to raise upto US$400m in Aug 2024.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

5. Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation

Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13).
BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering.
A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand.

6. PayTM Block – US$434m Clean-Up by Antfin

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

7. Pre-IPO Guangzhou Innogen Pharmaceutical Group (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Compared to competitors, the competitive advantage of Efsubaglutide Alfa is not obvious.The weight loss effect of single target mechanism could be weaker than that of competing dual and triple agonists
Before Innogen filed for listing, some pre-IPO investors chose to transfer the Company’s equity they held at a discount, indicating that these investors lack confidence in the Company’s prospects.
Under the double pressure of a single pipeline and lagging commercialization, pre-IPO valuation of RMB4.65bn is more like a dangerous bubble game.We shared our views on valuation and post-IPO performance.

8. Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ

There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks.
All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.
The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.

9. Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

By Pranav Rao, Smartkarma

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

10. SICC A/H Listing – PHIP Updates and Thoughts on A/H Premium

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing.
In terms of market share, as per Frost & Sullivan, based on 2024 sales, its market share was at 16.7%.
In this note, we look at the PHIP updates and talk about the likely A/H premium.

Aug 03

0

Weekly Top Ten Equity Capital Markets – Aug 3, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Wuxi AppTec Placement – Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
In this note, we will talk about the placement and run the deal through our ECM framework.

2. National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we undertake a peer comparison and talk about valuations.

3. ECM Weekly (28 July 2025) – MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

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 a number of deals that are in the pipeline.
On the placements front, it was a relatively quiet week with a few primary raisings.

4. Kasumigaseki Hotel REIT IPO: Lags in Size but Priced at a Discount

Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$192m in its upcoming Japan IPO.
It is a REIT with hotel assets sponsored by affiliated developer, Kasumigaseki Capital (3498 JP).
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

5. Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO

Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares and is scheduled to debut on July 31st.
One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size.
The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.

6. Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

By Sreemant Dudhoria,CFA, Sree Capital

They will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
The company’s principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
Revenue in Q2 is up more around 140% versus the same period in 2024 but the company’s net losses continue to mount.

7. NSDL – New Management, Revised Strategy — The Battle for Market Share Continues

This insight describes about NSDL (NSDL IN) ‘s complete overhaul in top management team over the last 12 months.
The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
The IPO provides investors a front-row seat opportunity to witness this turnaround.

8. Samyang Comtech IPO Book Building Results Analysis

Samyang Comtech completed solid book building results. The IPO price has been finalized at 7,700 won per share, which was at the high end of the IPO price range.
A 48.4% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is a bullish signal.
Our valuation analysis suggests target price of 13,187 won, which represents a 71% upside from IPO price. Given the excellent upside, we have a Positive view of this IPO.

9. National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the updates from its RHP filing.

10. Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying

China-Based vaccine biopharmaceutical company Ab&B is looking to raise at least US$100 million via a Hong Kong listing. The joint book runners are CITIC and CMBI.
In our previous insight, we looked at the story that the company is trying to sell and the influenza vaccine market.
In this insight, we look at the latest updates in its PHIP filing.

Jul 27

0

Weekly Top Ten Equity Capital Markets – Jul 27, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.
Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.

2. GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks

GNI Group (2160 JP) is looking to raise around US$100m from a primary placement (after upsize).
The deal is a small one, representing 2.4 days of the stock’s three month ADV, despite being 9.0% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

3. Everest Medicine Placement – Third Deal in the Year, Previous Ones Didn’t Do Well

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement.
This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

4. Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.

5. Leads Biolabs (维立志生物) Trading Update

Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.
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.

6. DH (Daehan) Shipbuilding IPO Book Building Results Analysis

DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO price range).
At the IPO price of 50,000 won, the expected market cap will be 1.9 trillion won. DH Shipbuilding will start trading on 1 August.
Our base case valuation of DH Shipbuilding is target price of 67,576 won per share, which represents a 35% upside to the IPO price.

7. OSL Group Placement: Momentum Is Strong but Is Opportunistic

BC Technology Group (863 HK) is looking to raise around US$157m from a primary placement.
The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

8. Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the not-so-positive aspects of the deal.

9. ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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, filings and listings have cooled off going into the general summer lull.
On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.

10. Pine Labs Pre-IPO – The Positives – Some Segments Growing..

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the positive aspects of the deal.

Jul 20

0

Weekly Top Ten Equity Capital Markets – Jul 20, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret

State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.
Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.

2. Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

3. NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help

NTT DC REIT (NTTDCR SP), a data center REIT, raised around US$772m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
We have looked at the past performance in our earlier notes. In this note, we will talk about the trading dynamics.

4. SM Investments Placement: Large Deal to Digest

An undisclosed seller is looking to raise US$142m via selling some/all of their stake in SM Investments (SM PM).
The deal is a large one to digest, representing 33.1 days of the stock’s three month ADV, and 0.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

5. Leads Biolabs (维立志生物) IPO: A Duality Repeat?

Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.
We look at the deal dynamics and compare the listing with the Duality listing.
The deal values the companies fairly but we see strong sentiment towards quality biotech names.

6. Ascentage Pharma (6855.HK) Placement – Thoughts on The Placing Price and the Outlook

By Xinyao (Criss) Wang

Our forecast is sales of olverembatinib in 2025 could reach RMB500mn. APG-2575 is better than Sonrotoclax in ORR/safety profile, but global commercialization success is not simply determined by clinical data.
Placing price of HK$68.6/share has priced in the successful licensing deal of APG-2575 to some extent, which however is not a done deal. US$1.5-2.375bn is a more reasonable valuation range.
The big rally in biotech sector is not based on fundamental inflection point. The driving mentality behind the valuation bubble this time has a more obvious nature of “short-term gambling”.

7. ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

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 previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).

8. Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement.
The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

9. Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long

By Tina Banerjee

Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.
Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.
Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.

10. United Lab Placement – Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

By Travis Lundy, Quiddity Advisors

The United Laboratories International Holdings Limited (3933 HK) is looking to raise up to US$262m from a primary placement.
The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&D purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.

Jul 13

0

Weekly Top Ten Equity Capital Markets – Jul 13, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. [Japan ECM] Kokusai Elec (6525) Offering – Expect It Very Well Bid, and the Back End Squeezy

After the close today, Kokusai Electric (6525 JP) announced that large holder (and original PE owner) KKR HKE Investment LP would sell down 30mm shares or 12.88% of shares out.
This is not expected, but also not unexpected – it’s exactly a year since the first selldown. There is a decent-sized short position, and it isn’t a huge offering.
This changes two aspects of the future supply/demand balance. Both are important for how this trades in coming months.

2. FWD IPO Trading – Tepid Demand

FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.

3. Kokusai Electric Placement – Well Flagged but past Deal Didn’t Do Well

KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)‘s (KE) stock.
KKR had sold in the IPO and undertaken an extended selldown in July 2024 as well. Hence, this deal is somewhat well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.

4. Curator’s Cut: CC Vs DD, Singapore’s IPO Momentum and Pair Trade Ideas Galore

By Pranav Rao, Smartkarma

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

5. SK Square Placement: Clean up by Kakao

By Sanghyun Park, Clepsydra Capital

Kakao Corp (035720 KS) is looking to raise US$316m from a clean-up sale in SK Square (402340 KS) .
The deal is a small one, representing 5.4 days of the stock’s three month ADV, and 1.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

6. KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs

KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.
Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.
SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.

7. ECM Weekly (7 July 2025) – IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

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, next week will see a large number of listings across the region.
On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.

8. Travel Food Services IPO – RHP Updates & Thoughts on Valuation

By Himanshu Dugar, Stylus Holdings

Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

9. Travel Food Services: $250M OFS, Niche Travel QSR but Valuations Seem Full Amidst near Term Weakness

TFS operates QSRs and lounge in airports. They are present in the top 14 airports in India accounting for 26% of Indian-airport QSR and ~45% of the Indian-airport Lounge revenues
FY26 performance is expected to be flattish as 1H results will lap impact of Adani operated airports being moved from TFS books to Joint venture with 25% stake.
FY27 onwards growth is estimated at 15+% with EBITDA margins of 34-37%. We estimate FY27 revenues of ~2,000cr with PAT of 450-500cr implying the deal is being priced at 30-33x

10. Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally

Lens Technology (300433 CH), a precision manufacturing solution provider, raised around US$700m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Jul 06

0

Weekly Top Ten Equity Capital Markets – Jul 6, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues

Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
In this note, we look at the company’s portfolio and its performance.

2. NTT DC REIT IPO – Thoughts on Valuation

NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.

3. Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

4. NTT DC REIT IPO: The Investment Case

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.
NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.

5. Saint Bella IPO (2508.HK): Pricing and Post-IPO Performance, Wild Price Swings Could Be Short-Lived

By Andrei Zakharov

Saint Bella, a leading postpartum care and recovery group in China, priced its upsized IPO at fixed offer price of HK$6.58 per share.
The offer size adjustment option has been fully exercised. The company issued and allotted 14,313,000 additional offer shares.
Saint Bella sold 109,733,000 shares and raised net proceeds of ~HK$630M or ~$80M. The stock jumped ~49% on first day as a public company and peaked at HK$11.00 per share.

6. Lens Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

7. Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

By Andrei Zakharov

Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.

8. Lens Technology A/H Listing – Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

9. Geekplus Technology IPO (2590 HK): The Investment Case

By Shifara Samsudeen, FCMA, CGMA, LightStream Research

Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.

10. Lens Technology H-Share Listing: Thoughts on Valuation

Chinese iPhone glass supplier Lens Technology (6613 HK) has announced the terms for its H-share listing, and plans to raise around US$600m through issuing 262.3m shares.
The company’s listing is priced at HK$17.38-18.18 per share, at a 25-28% discount to the last close price of the A-shares as of 27th June.
Our valuation analysis suggests that the company’s H-share offering is priced reasonably compared to domestic and international peers.

Jun 29

0

Weekly Top Ten Equity Capital Markets – Jun 29, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. HDB Financial IPO: The Investment Case

HDB Financial Services Ltd (0117739D IN) is India’s seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion).
The proposed IPO comprises a primary raise of Rs25 billion (US$388 million) and a secondary raise of Rs100 billion (US$1.2 billion) by the parent.
The fundamentals are average at best, as HDB does not outperform its NBFC peers on key performance indicators.

2. Anjoy Foods Group A/H Listing – Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost & Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

3. Innovent Biologics Placement – Second for the Month, Stock Has Doubled but Momentum Is Strong

Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing.
The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

4. IFBH Ltd IPO: Heavy on Coconut and Light on Asset Makes the IPO Juicy

By Tina Banerjee

IFBH Ltd launched its Hongkong IPO aiming to raise up to HK$1,160 million. The company plans to sell 41.7 million shares at HK$25.3–27.8 per share.
IFBH is a ready-to-consume beverage and food company based in Thailand. It enjoys market leader position in the ready to drink coconut water segment in Mainland China.
The growth momentum is expected to continue in the near term. IFBH’s leadership position would help garner volume strength. We would recommend the investors to subscribe to the issue.

5. HDB Financial IPO: Valuation Insights

HDB Financial Services Ltd (0117739D IN) is India’s seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion).
I discussed the fundamentals in HDB Financial IPO: The Investment Case. The shares will be listed on 2 July.
My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.

6. IFBH IPO – Leading Position in a High Growth F&B Segment Driving Valuations

By Sanghyun Park, Clepsydra Capital

IFBH (IFBH HK) is looking to raise about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

7. EB Event Trade Setup: HD KSOE Lining up a New Deal with HD Hyundai Heavy as the Underlying

HD KSOE plans a second EB similar to earlier this year: a zero-coupon, 2% HD Hyundai Heavy stake with 13–15% premium, aiming to raise around ₩850 billion.
With Korea’s Commercial Act revision expected by July 4, EB deals risk director liability; HD KSOE aims to raise cash now before stricter rules limit easy board-approved EB issuance.
Targeting a short in HD Hyundai Heavy triggered by HD KSOE’s board approval before July 4; consider hedging with a long position in HD KSOE due to ongoing sector catalysts.

8. FWD Pre-IPO – PHIP Updates – Growth Slowing, Metrics Evolution Continues

FWD Group Holdings (FWD HK), a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s 2018-21 performance in our past notes. In this note, we will talk about the updates since then.

9. Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

10. Xero US1.2bn Placement – Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Ltd (XRO AU) plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.
The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Jun 22

0

Weekly Top Ten Equity Capital Markets – Jun 22, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. ECM Weekly (16 June 2025) – Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

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, Foshan Haitian Flavouring & Food (603288 CH) launched its IPO, while Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) has been pre-marketing.
On the placements front, there were a number of large deals acros the region, along with some large lockup expiries.

2. Foshan Haitian Flavouring A/H Trading – Very Strong Demand, Weak Price Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, raised around US$1.5bn (including over-allocation) 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.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

3. Cao Cao Pre-IPO: Grossly Overvalued

CaoCao (2643 HK) is looking to raise up to $236m in its upcoming Hong Kong IPO.
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

4. CaoCao IPO (2643 HK): Valuation Insights

CaoCao (2643 HK) has launched its IPO to raise US$236 million at HK$41.94 per share. The shares will be listed on 25 June.
I previously discussed the IPO in CaoCao IPO: The Bull Case and CaoCao IPO: The Bear Case.
In this note, I present my forecasts and discuss valuation. My analysis suggests that CaoCao is at best fairly valued at the offer price. Therefore, avoid the IPO.

5. Eternal Beauty IPO – Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about valuations.

6. MakeMyTrip Placement – Basically a Selldown by Trip.com

Makemytrip Ltd (MMYT US) is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.
The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

7. CaoCao IPO: The Bear Case

CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.
In CaoCao 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 low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.

8. Foshan Haitian Flavouring H Share Listing (3288 HK): Trading Debut

Foshan Haitian Flavouring & Food Company (3288 HK) priced its H Share at HK$36.30 to raise HK$10,128.9 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Foshan Haitian Flavouring H Share Listing: The Investment Case.
Haitian had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.

9. Foshan Haitian Flavouring & Food Company Hong Kong IPO Preview

Foshan Haitian Flavouring & Food Company is the largest listed condiments producer in mainland China which is seeking to raise up to HK$9.56 billion (US$1.22 billion) in Hong Kong listing.
It is offering 263.2 million shares at HK$35 to HK$36.30 each. The final offer price is expected to be announced on 17 June.
Foshan Haitian Flavouring & Food is the largest condiments company in China with strong brand power with loyal customers.

10. Biocon Ltd QIP – Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Jun 15

0

Weekly Top Ten Equity Capital Markets – Jun 15, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Horizon Robotics Placement – Momentum Is Strong but Raising Seems Opportunistic

By Travis Lundy, Quiddity Advisors

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a 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.

2. [Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX

On Friday 6 June, Azoom (3496 JP) announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).
That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month.
The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.

3. Zhejiang Sanhua Intelligent Controls A/H Listing – PHIP Updates and Thoughts on A/H Premium

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.

4. Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now

XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
In this note, we will talk about the lock-up dynamics and updates since our last note.

5. Sanhua Intelligent Controls H Share Listing: The Investment Case

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH), the world’s largest refrigeration and air-conditioning control component manufacturer, has filed its PHIP for a H Share listing to raise US$1.0-1.5 billion.
Sanhua’s market share in the global refrigeration and air-conditioning control component market was 45.5% in terms of revenue in 2024, according to Frost & Sullivan.
The fundamentals are good, with the positives (refrigeration and aircon rising growth, stable margin, and cash generation) outweighing the negatives (automotive declining growth, US tariffs overhang).

6. Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.
Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology
In this note, we will talk about the placement and run the deal through our ECM framework.

7. ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep

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, Foshan Haitian Flavouring & Food (603288 CH) and Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) might launch their IPOs soon.
On the placements front, Wistron Corp (3231 TT) launched its well flagged GDR, along with a few more deals this week.

8. Foshan Haitian Flavouring A/H Listing – Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn 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.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

9. Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted