In today’s briefing:
- ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star
- IPO Review: India’s Youngest and Largest Player for Ethanol, Worth a Bet?
- Pre-IPO CF PharmTech (PHIP Updates) – Some Points Worth the Attention
- Pre-IPO Suzhou Ribo Life Science – The Strength, the Concerns and the Outlook for the SiRNA Unicorn
ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star
- 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, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
- On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.
IPO Review: India’s Youngest and Largest Player for Ethanol, Worth a Bet?
- TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.
- The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.
- IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.
Pre-IPO CF PharmTech (PHIP Updates) – Some Points Worth the Attention
- CF017 is CF PharmTech’s core performance driver. Once CF017 faces policy adjustments or intensified market competition, revenue will be significantly impacted. Its ability to sustain operations will be severely tested.
- Although CF PharmTech has made a profit, problems such as a slowdown in revenue growth and heavy reliance on single product will lead to a valuation discount by the market.
- A reasonable valuation range might be between RMB3-5 billion. If valuation exceeds RMB5 billion, it would seem overly optimistic and require strong support from subsequent performance and solid fundamentals.
Pre-IPO Suzhou Ribo Life Science – The Strength, the Concerns and the Outlook for the SiRNA Unicorn
- The delivery system is a crucial element that drives the development/iteration of innovative oligonucleotide therapeutics. Ribo has mastered both GalNAc and LNP technologies, whose effectiveness/safety have been verified and recognized.
- The valuation fluctuations not only reflect the market’s prudence towards commercialization prospects of small nucleic acid drugs, but also highlight the balance problem between Ribo’s R&D investment and profit model.
- Since Sirnaomics’ delivery technologies have not been proven or validated scientifically, Ribo’s valuation should be higher than Sirnaomics.Valuation outlook is based on the druggability and commercialization performance of Ribo’s pipelines.
💡 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
