In today’s briefing:
- Analogues Over Anecdotes: Calibrating Wealthfront’s Trading Path
- Ming Yu Pharmaceutical (明宇制药) Pre-IPO Quick Comment: Meaningful Improvement to Incumbents
- Luxvisions Innovation Technology Pre-IPO Tearsheet
- Citius TransNet Investment Trust Pre-IPO Tearsheet
- Shenzhen SDMC Pre-IPO Tearsheet
- From Algorithms to Exchanges: Wealthfront Makes Its Move to Nasdaq
- Lumexa Imaging Holdings, Inc. (LMRI): Steady IPO Debut for Imaging Company
- ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring
- CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining
Analogues Over Anecdotes: Calibrating Wealthfront’s Trading Path
- Wealthfront is expected to begin trading on Friday, December 12, 2025, under the ticker WLTH on the Nasdaq Global Select Market.
- The IPO comprises 34.6 million shares—approximately 21.5 million new shares issued by Wealthfront and 13.1 million shares offered by existing shareholders—at a price range of $12.00 to $14.00 per share.
- As is our practice, we start by establishing context using analogues—past offerings that share structural, economic, or behavioral similarities with the new issue.
Ming Yu Pharmaceutical (明宇制药) Pre-IPO Quick Comment: Meaningful Improvement to Incumbents
- Ming Yu, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. MS, BOA, and CITIC are the joint book runners.
- In this note, we look at the company’s core products, MHB018A and MHB036C, and assess the selling point around the core product.
- We also look at the company’s pre-IPO investors and management team.
Luxvisions Innovation Technology Pre-IPO Tearsheet
- Luxvisions Innovation Technology (1853852D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CICC.
- It is a globally leading provider of precision optical solutions, focusing on the mid- to high-end optical module and system integration markets for global brand manufacturers across multiple sectors.
- Its products and solutions primarily serve the consumer electronics, automotive electronics, smart office applications and other emerging sectors.
Citius TransNet Investment Trust Pre-IPO Tearsheet
- Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
- CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
- The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).
Shenzhen SDMC Pre-IPO Tearsheet
- Shenzhen SDMC (1385919D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CSI.
- It is a specialized provider of smart home solutions for enterprise customers, dedicated to advancing the application of AI technologies in home settings.
- The Company’s business model involves developing and selling primarily hardware products.
From Algorithms to Exchanges: Wealthfront Makes Its Move to Nasdaq
- Wealthfront Corporation, the Palo Alto automated investing and digital banking platform, has filed to go public on Nasdaq under the ticker “WLTH.”
- The company plans to offer 34.6 million shares of common stock at an estimated range of $12.00–$14.00, with cornerstone commitments from BlackRock and Wellington, who may purchase up to $150 million of shares at the IPO price.
- Based on the fully diluted share count disclosed in the S-1, Wealthfront’s initial public offering implies a fully diluted company market value of approximately $2.4 billion at the midpoint.
Lumexa Imaging Holdings, Inc. (LMRI): Steady IPO Debut for Imaging Company
- Lumexa priced 25mm shares at $18.50 and delivered a stable debut, reflecting disciplined valuation despite broad 2025 weakness in PE-backed IPOs.
- Strong oversubscription from long-only and healthcare-dedicated investors supported a solid open, with first-day trading remaining orderly and tightly ranged.
- Lumexa’s scaled outpatient imaging platform, strong payer mix, and superior margins position it favorably within a fragmented $140B market with substantial consolidation runway.
ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring
- A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
- In this insight, we also present reasons why the near term listing gains may not be so attractive.
- Business and industry insights, valuation comparison and our view on this IPO are presented in this insight
CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining
- CiDi Inc., a Changsha-based developer of autonomous driving systems for commercial vehicles, is expected to IPO next week. CICC, China Securities and Ping An Securities are leading the offering.
- The company’s technology powers driverless mining trucks in open-pit mines and other mining processes, segments seen as more commercially ready than urban passenger robotaxis.
- The fixed IPO offer price of HK$263.00 implies a market cap of ~HK$11.5B or ~US$1.5B. Cornerstone investors collectively agreed to acquire ~HK$550m worth of CiDi shares in this IPO.
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