In today’s briefing:
- Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
- Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation
- National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing
- Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO
- Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business
- Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest
- Eastroc Beverage Group – High Growth in 25H1 Continues but Concerns Begin to Emerge
- Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator
- Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company
Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
- Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
- Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
- In this note, we will talk about the lockup dynamics and possible placement.
Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation
- They will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
- The company’s principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
- Revenue in Q2 is up more around 140% versus the same period in 2024 but the company’s net losses continue to mount.
National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing
- NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
- It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
- In this note, we talk about the updates from its RHP filing.
Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO
- Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares and is scheduled to debut on July 31st.
- One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size.
- The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.
Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business
- The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China.
- While order flow has come in steady for this IPO, some of our sources are taking a ‘wait-and-see’ approach.
- The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.
Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest
- For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.
- Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.
- We like the risk-reward profile of this deal and see solid upside in this deal at this time.
Eastroc Beverage Group – High Growth in 25H1 Continues but Concerns Begin to Emerge
- Both revenue and net profit of Eastroc maintain a high-speed growth trend in 25H1, which is impressive against the backdrop of the overall stabilization of the food and beverage industry.
- The mid-term dividend payout ratio is high, which is relatively rare among growth-oriented food and beverage companies. Valuation of Eastroc should be higher than Nongfu Spring, China Resources Beverage.
- However, inflation may drive up raw material prices. Eastroc’s profit may face pressure once products sales fail to grow as fast as expected.We updated our forecast for next three years
Miami International Holdings (MIAX): Peeking at the IPO Prospectus of Financial Exchange Operator
- The company that describes itself as a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies filed for its on July 18th.
- They maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures.
- Their revenues less cost of revenues were $275.6 million, $232.5 million and $195.6 million for 2024, 2023 and 2022.
Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
- Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.
HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company
- Heartflow seeks to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease.
- As of March 31, 2025, their Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone.
- They had revenue of $87.2 million and $125.9 million and net loss of $95.7 million and $96.4 million in 2023 and 2024, respectively.
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