Daily Brief ECM: Aequitas: AP Memory Technology GDR Offering – Well Flagged US$422m GDR and more

• AP Memory Technology (6531 TT)  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.
• Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Guangzhou Tinci Materials Technology (TINCI HK), the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about US$400–500 million.
• It makes electrolytes and their core compositions (LiPF6, LiFSI, and additives), cathode materials, and battery adhesives for EV, energy storage (ESS), and consumer battery makers.
• The investment case is cautious: Tinci is an integrated, low-cost leader in a growing market, but 1H26 earnings reflect a price spike, revenue is concentrated, and the FCF turned negative.

• Jio Platforms, a digital connectivity provider, has filed its draft prospectus. The 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
• We look at the company’s two core businesses, mobile connectivity and fixed broadband.
• We then look at the company’s financial profile, cash generation, leverage and pre-IPO investor backing.

• DST Sustainable Technology Shenzhen Co Ltd (2659720D HK) DST Sustainable Technology is looking to raise US$400m in its upcoming Hong Kong IPO.
• DST Sustainable Technology (Shenzhen) is a leading provider of intelligent logistics electric vehicle (EV) management solutions in China.
• In this note, we look at the company’s past performance.

• One qualifying IPO priced and began trading this week: TRex Bio raised $116.7 million.
• It priced at the low end of its range, opened below issue, recovered to a double-digit intraday premium and closed exactly at the $14.00 issue price.
• The result kept the financing window open for biotech, but it did not demonstrate broad risk appetite.

• ✓ IPO Prophet Rating: 7.83/10 🏦 Deal Quality & Underwriters: 8.35/10 Iambic Therapeutics is offering 9.38 million all-primary shares at $15.00–$17.00, representing approximately $150 million at the midpoint and an implied market capitalization of roughly $758 million.
• The Nasdaq transaction is expected to price October 15 under the ticker IAM.
• J.P. Morgan, Jefferies, BofA Securities and Citigroup provide a strong healthcare-focused underwriting syndicate capable of reaching both specialist biotechnology investors and broader institutions. 

• Suzhou Dongshan Precision Manufacturing Co., Ltd. manufactures PCBs, precision components, touch panels, LCMs, and optical transceivers globally.
• The company was ranked as the third-largest PCB supplier in 2025 and seventh among global optical transceiver suppliers.
• The company reported revenue of RMB40,124,859 thousand for 2025, but profit for the year decreased by 44.8% in 2024. Net current assets also decreased significantly by December 31, 2025.

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• Suzhou Dongshan Precision A (002384 CH) (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.
• SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.
• We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.

• Zetwerk Manufacturing Businesses (1834044D IN, ZMBL) is looking to raise around US$525m in its India IPO, having upsized from an earlier estimated size of about US$440m.
• ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally,built with exposure to renewable energy, power infrastructure, electronics, defence and industrial products.
• In this note, we look at the firm’s past performance as of the updated RHP filings.

• DTS finalized its IPO price at 18,500 won (high end of IPO price range). A total of 2,381 institutions participated in the demand forecasting. Demand ratio was 983.98 to 1. 
• Based on the finalized offering price, the total proceeds from the IPO amount to approximately 41.2 billion won, and the company’s expected market capitalization post-listing is around 275.3 billion won.
• My base case valuation of DTS is a target price 29,360 won per share, which is 59% higher than the IPO price (18,500 won).