In today’s briefing:
- Aequitas: TMBThanachart Bank Placement – Healthy Fundamentals, But Supply Overhang Remains
- Ingenic Semiconductor (300223 CH | 3223 HK): Dual Primary Listing (A+H) Initiation
- Aequitas: Lalithaa Jewellery Mart IPO – RHP Updates and Thoughts on Valuations
- Aequitas: Milky Mist IPO Trading – Strong Demand
- Aequitas: Horizon India Ltd IPO – RHP Updates, Peer Comp and Thoughts on Valuation
- Silicon2: Capital Raise of 300 Billion Won from CVC Capital
- Aequitas: Mech-Mind Robotics Pre-IPO – Meituan-Backed; Scaling Overseas
- Mynt (GCash) Pre-IPO: Early Thoughts
- Pre-IPO POCO Holding (A/H Listing) – The Strength and the Concerns
Aequitas: TMBThanachart Bank Placement – Healthy Fundamentals, But Supply Overhang Remains
- ING Groep NV (INGA NA) is looking to sell a stake of around 5.6% in TMBThanachart Bank (TTB TB) to raise up to US$500m via a secondary selldown.
- TMBThanachart Bank (TTB) is one of Thailand’s largest commercial banks, formed through the 2019 merger of TMB Bank and Thanachart Bank, with a focus on retail, SME and corporate banking.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
Ingenic Semiconductor (300223 CH | 3223 HK): Dual Primary Listing (A+H) Initiation
- H-Share bookbuilding is live; pricing 21 Aug, first trade 25 Aug. A-shares surged 34.3% on Day 1 of bookbuilding to CNY155.39 — equivalent to HK$167.82 against the H-offer cap HK$102.80.
- The H-offer cap of HK$102.80 acquires the same economic interest as the A-share at CNY155.39 — a 38.7% structural discount the market closes over 12–24 months as float builds.
- Initiate BULLISH. Fair value HK$112 — A/H compression to the 50% historical median. Fundamental floor HK$90 at 42x FY26E NP of RMB1,016m. Half GigaDevice’s implied forward multiple.
Aequitas: Lalithaa Jewellery Mart IPO – RHP Updates and Thoughts on Valuations
- Lalithaa Jewellery Mart Ltd (1607844D IN) is looking to raise up to US$178m in its upcoming India IPO.
- Lalithaa Jewellery Mart Ltd (LJML) is a jewellery retailer operating under the brand name “Lalithaa”, offering a range of gold, silver, and diamond jewellery.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
Aequitas: Milky Mist IPO Trading – Strong Demand
- Milky Mist Dairy Food (1231D IN) raised US$163m in its India IPO.
- Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
- 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.
Aequitas: Horizon India Ltd IPO – RHP Updates, Peer Comp and Thoughts on Valuation
- Horizon Industrial Parks Limited (1327105D IN) (HIPL) is looking to raise up to US$272m in its upcoming India IPO.
- HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
Silicon2: Capital Raise of 300 Billion Won from CVC Capital
- Silicon2 (257720 KS) has secured a third party allocated capital increase worth 300 billion won (representing 10.3% of market share) from CVC Capital private equity firm.
- Silicon2 plans to use the capital for working capital to expand its global logistics infrastructure and increase its market share overseas.
- The company’s excellent sales growth and profit margins in the past year have been able to reduce concerns about the U.S. tariffs.
Aequitas: Mech-Mind Robotics Pre-IPO – Meituan-Backed; Scaling Overseas
- Mech-Mind Robotics Technologies (MMRT HK) aims to raise up to US$300m in its Hong Kong listing.
- It is a leading provider of intelligent robot components and a pioneer in embodied intelligence, with operations spanning research and development, self-owned high-standard manufacturing, and global sales and deployment.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Mynt (GCash) Pre-IPO: Early Thoughts
- Mynt, the digital payments and consumer finance platform behind GCash, has filed a registration statement for a PSE Main Board listing. MS, JPM, and UBS are the joint global coordinators.
- We look at the company’s core segments: Payment Solutions and Digital Financial Services, led by CreditTech.
- We think the deal is worth following as it has profitability with scale and market dominance.
Pre-IPO POCO Holding (A/H Listing) – The Strength and the Concerns
- POCO is one of the few domestic enterprises that possess the entire production capacity of alloy soft magnetic materials. The three business lines have achieved a “micro-ecosystem” synergy effect
- Global leaders in inductors have overcome the technical shortcomings. Leveraging their strong customer relationships, patent barriers, and scale advantages, they may directly seize orders from core customers such as NVIDIA.
- As POCO is a global leader in its specific field and is in a high-growth sector, A/H discount could be relatively limited. Based on 2026 forecast, P/E could be 50-70x.
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