In today’s briefing:
- ECM Weekly (8 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy
- Pre-IPO JD Industrials – Thoughts on Valuation, IPO Pricing, and the Outlook
- Suzhou Novosense A/H Trading – Weakest Demand but Highest Concentration
- 52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair
- Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth
ECM Weekly (8 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy
- 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, busy season remains in full swing going into the year end.
- On the placements front, there were a few large deals and looked at some of the upcoming likely deals.
Pre-IPO JD Industrials – Thoughts on Valuation, IPO Pricing, and the Outlook
- Based on 2025 revenue forecast of RMB24.1bn and the IPO price range, P/S is about 1.28-1.56x, higher than ZKH but lower than Ww Grainger. This is a reasonable valuation range.
- The median IPO price range (HK$14.1/share) is a more likely/relatively safe outcome.This not only acknowledges JD Industrials’ leading position/growth story, but also partly reflects the market’s perception of its challenges.
- The IPO pricing is the result of seeking a balance between the “premium of industry leaders” and “its shortcomings”.However, future valuation depends on whether JD Industrials can solve fundamental issues.
Suzhou Novosense A/H Trading – Weakest Demand but Highest Concentration
- Suzhou Novosense Microelectron (688052 CH), an analog chips producer, raised around US$285m in its H-share listing.
- According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair
- 52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.
- In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.
- 52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets.
Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth
- Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.
- The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.
- Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.
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