In today’s briefing:
- Eternal (Zomato) Placement – Second Clean-Up by Antfin This Week, Will Lift the Overhang
- JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
- Lenskart Solutions Pre-IPO Tearsheet
- Innovation Global Industries Holdings Limited Pre-IPO Tearsheet
- Maze Therapeutics (MAZE) Six Month Summary: A Volatile Debut with High-Stakes Catalysts Ahead
- Pre-IPO Our United Corporation – The Business and the Concerns Behind
Eternal (Zomato) Placement – Second Clean-Up by Antfin This Week, Will Lift the Overhang
- Antfin (Netherlands) Holding B.V. is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal (ETERNAL IN) .
- Antfin has been selling off parts of its ~14% stake in the firm since the IPO. The company last sold a 2% stake to raise upto US$400m in Aug 2024.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
- JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.
- JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.
- The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.
Lenskart Solutions Pre-IPO Tearsheet
- Lenskart Solutions (0370405Z IN) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Avendus, Axis, Citi, Kotak, MS and Intensive Fiscal Services.
- Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
- LSL’s largest market is India, and it was the largest seller of prescription eyeglasses in terms of volumes sold in India in FY25, according to the Redseer Report.
Innovation Global Industries Holdings Limited Pre-IPO Tearsheet
- Innovation Global Industries (IGI HK) is looking to raise at least US$100mn in its upcoming Hong Kong IPO. The deal will be run by Huatai Financial and CICC.
- Innovation Group Industries Holdings is an upstream aluminium production company that primarily focuses on aluminium smelting and alumina refining.
- Historically, the sale of electrolytic aluminum has been the main revenue driver for IGI, accounting for 95.5%, 90.5% and 85% of IGI’s revenue in 2022, 2023 and 2024.
Maze Therapeutics (MAZE) Six Month Summary: A Volatile Debut with High-Stakes Catalysts Ahead
- The company priced 8.75 million shares at $16.00, upsized from its original filing, and opened at $16.12—a 0.8% premium at first trade.
- Amid broad biotech sector volatility and light volume, MAZE dropped to a low of $6.71 in April but has since rebounded closer to the IPO price.
- For Maze, the next chapter will be shaped by clinical data with readouts expected later this year and in the first quarter of 2026.
Pre-IPO Our United Corporation – The Business and the Concerns Behind
- OUR United’s business model is “high-end equipment sales + solution services”. The training system for domestically produced equipment is not yet fully mature, which limits large-scale promotion in hospitals.
- OUR United’s products haven’t been widely recognized.Hospitals generally hold a cautious attitude towards domestic equipment, especially when it comes to complex cases, relying more on technological maturity of imported equipment.
- After the final round of financing, the valuation of OUR United was RMB5.135 billion, which is expensive due to the slow revenue growth and the uncertainties in commercialization outlook.
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