Daily Brief ECM: Aequitas: Gigabyte GDR Early Look – US$500m+ GDR Offering and more

• Gigabyte Technology (2376 TT) is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.
• On 14th Aug 2026, Gigabyte announced of receipt of board’s approval to sell around 40-50m common shares via a GDR offering, with proceeds to be used to purchase overseas materials.
• Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

• Medcaptain Medical Technology (MEDT HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
• Medcaptain Medical Technology (MMT) is a global medical solution provider specializing in life support, minimally invasive intervention, and in-vitro diagnostics.
• In the previous note, we looked at the company’s past performance. In this note, we talk about its PHIP updates.

• Nobel Hygiene Limited (0759062D IN) (Nobel) plans to raise around US$300m in its upcoming India IPO. The deal will be run by ICICI, IIFL and Motilal Oswal.
• Nobel Hygiene is a manufacturer of absorbent hygiene products, primarily spanning adult and baby hygiene products, including diapers and related products.
• It was India’s largest home-grown branded manufacturer of absorbent hygiene products in value terms in FY26, as per Redseer report.

• Ugreen Group Limited is a global consumer technology company with a diversified portfolio across charging, office, audio/visual, and storage products.
• Ugreen Group ranked first in Chinese mainland and global consumer technology extension products market by shipment volume in 2025.
• Gross profit margin was 38.4% and current ratio was 3.4 as of June 30, 2026.

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• Enhanced Group is a growth-stage sports entertainment, performance technology, and lifestyle wellness company. It develops businesses around the “Enhanced Games” and “Live Enhanced” offerings. The company will not receive proceeds.
• Kristian Gkolomeev set a 50m freestyle world record, earning $1.5 million at the 2026 Enhanced Games. The Games generated over $32 million in sponsorship value.
• Revenue was $17.7 million for the six months ended June 30, 2026, with a net loss of $78.4 million. Cash and cash equivalents were $19.6 million.

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• Ocean Power Technologies is an MDA company specializing in intelligent maritime solutions, including DaaS, RaaS, and PaaS systems, serving a global customer base.
• Ocean Power Technologies specializes in innovative intelligent maritime solutions, including DaaS, RaaS, and PaaS systems, serving a global customer base.
• The company has a history of operating losses and expects continued use of cash, with an auditor’s report noting going concern uncertainty.

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• Sublime China Information Co., Ltd. is a commodity information service provider in the PRC, focusing on market data tracking, price assessment, and market research analysis.
• The company ranked 1st in energy products and 2nd overall in the PRC’s commodity information service industry in 2025, with FY2025 revenue of RMB356.0 million.
• Net current assets decreased from RMB277.1 million (2023) to net current liabilities RMB87.8 million (2026), with the current ratio decreasing from 2.1 to 0.7.

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• The reason for Longsys’ 26H1 “astonishing” performance was the reversal of storage industry cycle and the simultaneous increase in both quantity and price, behind which, however, lies fundamental structural challenges
• 2027 will be the turning point for the price trend. The benefit from low-priced raw materials will be exhausted by 26Q4.Longsys’ performance is likely to peak briefly by 2026 year-end.
• Hong Kong usually offer a discount on cyclical stocks.Based on 2026 forecast, conservative scenario could be 6-7x PE. Neutral scenario could be 7-9x PE. Optimistic scenario could be 9-10x PE.

• Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO.
• Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
• We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we undertake a peer comparison.

• Atomberg Technologies Limited (1714458D IN) (Atomberg) plans to raise around US$200m in its upcoming India IPO. The deal will be run by ICICI, IIFL and Avendus.
• It is a technology-led consumer appliances company focused on designing and selling energy-efficient smart fans and other home and kitchen appliances, supported by proprietary motor, electronics, software and connectivity technologies.
• As per the Redseer report, it held the highest market share in India’s premium fans segment at 46.0% in FY26.