In today’s briefing:
- Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops
- Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound
- Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
- ARCIL Pre-IPO Tearsheet
- CNGR A/H Listing: Supplier for Tesla Looking to Expand Production
- OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering
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.
Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound
- . The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
- The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
- Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025.
Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
- In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP) is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
- This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance.
- Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.
ARCIL Pre-IPO Tearsheet
- ARCIL (588250Z IN) is looking to raise at least US$344m in its upcoming India IPO. The deal will be run by IDBL Capital, IIFL Capital and JM Financial.
- Asset Reconstruction Company (India) Limited (ARCIL) is one of India’s leading asset reconstruction companies that acquires stressed assets, like non-performing assets, from banks and financial institutions.
- The business is spread across three key verticals: Corporate loans, SME and Retail loans. Corporate loans have historically been the largest contributor to ARCIL’s AUM (75.48% in FY25).
CNGR A/H Listing: Supplier for Tesla Looking to Expand Production
- CNGR Advanced Material (300919 CH) , a Chinese battery-component producer, aims to raise around US$500m in its H-share listing.
- CNGR is a Chinese battery-component producer, and labels itself as a new energy materials company.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering
- Omnivision (Will Semiconductor 603501 CH) (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.
- OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
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