In today’s briefing:
- Everest Medicine Placement – Third Deal in the Year, Previous Ones Didn’t Do Well
- OSL Group Placement: Momentum Is Strong but Is Opportunistic
- Leads Biolabs (维立志生物) Trading Update
- Brigade Hotel IPO: Not Suited for a Long Term Stay for Now, Can Try For a Quick Day Trip Gain
- McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat
- Aux Electric Co Ltd Pre-IPO Tearsheet
- Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO
- Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open
- Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics
Everest Medicine Placement – Third Deal in the Year, Previous Ones Didn’t Do Well
- Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement.
- This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
OSL Group Placement: Momentum Is Strong but Is Opportunistic
- BC Technology Group (863 HK) is looking to raise around US$157m from a primary placement.
- The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Leads Biolabs (维立志生物) Trading Update
- Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.
- In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
- In this note, we provide an update for the IPO before trading debut.
Brigade Hotel IPO: Not Suited for a Long Term Stay for Now, Can Try For a Quick Day Trip Gain
- Brigade Hotel Ventures has filed for IPO to raise up to INR 7,596M. The company plans to sell 84.4M shares at between INR 85 and INR 90 per share.
- The company owns and develops hotels in key cities in India, with a portfolio of nine operating hotels. The hotels are operated by global marquee hospitality companies.
- The debt-to-equity ratio for Brigade Hotel being at 5.8x is the highest among its peers. The company’s plans to use the proceeds to service the outstanding debts makes sense.
McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat
- McGraw Hill (MH US) priced a full-size offering of 24.4mm shares at $17.00 and saw a flat opening print.
- This was the second private equity backed deal of the week and second to trade below issue.
- Ultimately, the deal did not have the “strength” and was forced to give-way to the buy-side with a $2 discount below the low-end of the range.
Aux Electric Co Ltd Pre-IPO Tearsheet
- Aux Electric Co Ltd (0917839D HK) (AECL) is looking to raise about US$100m in its upcoming Hong Kong IPO. The bookrunners for the deal are CICC and Oriental Securities.
- AECL is engaged in the design, R&D, manufacturing, sales, and after-sales services of both household and central air conditioners, with operations spanning over 150 countries and regions.
- According to F&S Report, AECL was among the top five global air conditioner providers by sales volume in 2024, with a market share of 7.1%.
Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO
- Shoulder Innovations will be offering 5.0mm shares at $19-$21 and to debut on July 31st.
- The underwriters have reserved up to 6% of the shares of common stock offered through a directed share program.
- The sector had a surprise underperformance from CarlsMed this week and will be looking to rebound with this upcoming IPO.
Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open
- Accelerant Holdings (ARX US) priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.
- This was the fifth insurance related IPO to debut in 2025 and all have been winners.
- We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.
Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics
- Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$195m in its upcoming Japan IPO.
- It is a REIT with hotel assets sponsored by affiliated developer, Kasumigaseki Capital (3498 JP).
- In this note, we examine the IPO dynamics, and undertake a peer comparison.
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