In today’s briefing:
- DH (Daehan) Shipbuilding IPO Book Building Results Analysis
- Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week
- Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO
- Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO
- McGraw Hill, Inc. (MH): Caution Needed for Upcoming PE-Backed Legacy Education IPO
- Pre-IPO Shanghai Jin Jiang International Hotels – The Pain Points and the Outlook
- Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range
- NIQ Global Intelligence Plc (NIQ): Advent-Backed IPO to Provide Litmus Test for Market
- Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain
- MMC Ports Pre-IPO – Monetization Event for Promoters
DH (Daehan) Shipbuilding IPO Book Building Results Analysis
- DH Shipbuilding reported a solid IPO book building results analysis. The IPO price has been finalized at 50,000 won per share (high end of the IPO price range).
- At the IPO price of 50,000 won, the expected market cap will be 1.9 trillion won. DH Shipbuilding will start trading on 1 August.
- Our base case valuation of DH Shipbuilding is target price of 67,576 won per share, which represents a 35% upside to the IPO price.
Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week
- Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
- They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
- This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.
Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO
- Ambiq Micro is offering 3.4mm shares at $22.00-$25.00 equating to a market cap of $375m-$426m and is scheduled to debut on July 30th.
- The company is currently undergoing a “shift” from a customer base that relies heavily on mainland China to other parts of the world.
- The updated prospectus further outlines the ownership percentages and lists Kleiner Perkins and EDB Investments Ptd Ltd as owners of 14.8% and 6.0% prior to this offering.
Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO
- According to our sources, the deal is double-digits oversubscribed with “meaningful mutual fund conversions”.
- Exchange written premiums were $3.1b in 2024 and the company is projecting premiums of $2.0b-$2.1b in the 1H 2025 alone.
- From a valuation standpoint, the company is targeting a near 20x multiple of EV-to-Ebitda and mid-teens multiple based on 2026 Ebitda which is considered aggressive.
McGraw Hill, Inc. (MH): Caution Needed for Upcoming PE-Backed Legacy Education IPO
- McGraw Hill (MH US) , is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
- We were pleasantly “surprised” to hear that the deal’s channel checks came in strong. According to guidance, the deal is multiple-times oversubscribed with continued long-only conversions.
- Bringing the IPO at a valuation that is a down-round is a “positive”, however the sector in which this company operates in “may” prove to be a difficult sell.
Pre-IPO Shanghai Jin Jiang International Hotels – The Pain Points and the Outlook
- In 25Q1, Jin Jiang did not show a turning point in performance.There’s uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.
- The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.
- Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.
Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range
- Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
- The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
- I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.
NIQ Global Intelligence Plc (NIQ): Advent-Backed IPO to Provide Litmus Test for Market
- The company that describes itself as a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers is to debut on Wednesday, July 23rd.
- According to guidance, that the deal is multiple-times oversubscribed with long-only, 1-on-1 conversions including anchor indications.
- The company showed solid growth in 2024 of nearly 19% and followed that up with solid flash numbers of +7.5% growth in Q2.
Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain
- Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
- Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
- Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.
MMC Ports Pre-IPO – Monetization Event for Promoters
- MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
- It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
- In this note, we talk about the not-so-positive aspects of the deal.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
