In today’s briefing:
- ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality
- SemiFive IPO Preview
- Mr DIY Thailand IPO: Discount to Its Malaysian and Indonesian Counterparts
- Seres Group H Share Listing: The Investment Case
- Pre-IPO BlissBio – The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs
ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.
- On the placements front, we had a look at some of the IPO lockups. There weren’t any large placements this week.
SemiFive IPO Preview
- SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.
- Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.
- SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design.
Mr DIY Thailand IPO: Discount to Its Malaysian and Indonesian Counterparts
- Mr. DIY Holding (Thailand) (2472516D TB) is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
- It is considered the largest home improvement and lifestyle retailer by market segment in the country.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Seres Group H Share Listing: The Investment Case
- Seres Group (601127 CH), a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.
- The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.
- The investment case rests on solid NEV performance, improving margin profile and strong cash generation.
Pre-IPO BlissBio – The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs
- The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio’s pipeline would be “ignored”.
- BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC’s interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.
- The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.
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