In today’s briefing:
- ECM Weekly (28 July 2025) – MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI
- Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile
ECM Weekly (28 July 2025) – MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI
- 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, we had a look at a number of deals that are in the pipeline.
- On the placements front, it was a relatively quiet week with a few primary raisings.
Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile
- Shoulder Innovations Inc., a pure-play shoulder arthroplasty device company, is expected to IPO soon.
- The company’s amended S-1 puts the initial price range per share at $19.00 to $21.00, implying a market cap of ~$450M at midpoint on a fully-diluted basis.
- I have a positive view of Shoulder Innovations IPO and see upside vs. IPO price due to the company’s superior growth profile, industry-leading gross margins and capital efficient technology.
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