In today’s briefing:
- FineToday Holdings (420A JP) IPO: Valuation Insights
- ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai
- Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth
- Pre-IPO Puxiang Healthcare Holding – Weak Profitability Is the Major Concern
- Sterlite Electric Ltd Pre-IPO Tearsheet
- Tata Capital IPO Trading – No Tata Premium This Time
FineToday Holdings (420A JP) IPO: Valuation Insights
- FineToday Holdings (420A JP), a Japanese personal care business, is seeking to raise US$280 million. It previously pulled an IPO to raise US$500 million in December 2024.
- I previously discussed the investment thesis in FineToday Holdings (420A JP) IPO: The Investment Case.
- In this note, I present my forecasts and valuation. My analysis suggests that FineToday is fully valued at the IPO price.
ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai
- 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, the year end looks set to see a flurry of listings, with the pace already starting to pick up again.
- On the placements front, markets were back where they left of prior to the October holidays.
Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth
- Fujian Haixi Pharmaceuticals has filed for HK IPO to raise up to HK$994M. The company plans to sell 11.5M H shares at HK$ 86.40 per share.
- The company intends to use IPO proceeds for R&D to advance the clinical pipeline, mainly innovative drug candidates, and enhancing commercialization capabilities and expanding market presence.
- Haixi Pharma has 15 NMPA-approved generic drugs, out of which 13 products have been commercialized. Five generic drug candidates are expected to be approved for marketing by 2025 or 2026.
Pre-IPO Puxiang Healthcare Holding – Weak Profitability Is the Major Concern
- Hospital operation is an asset-heavy industry with large balance of fixed assets and intangible assets. So, there is a situation of expense “front-loading” and profit “back-loading” in Puxiang.
- Puxiang’s single-digit net profit margin is unsatisfactory. Net profit CAGR is much lower than revenue CAGR. Considering VBP and DRGs/DIP, Puxiang’s future net profit performance is unsettling.
- Due to concerns on profitability and future growth outlook, we think valuation of Puxiang should be lower than Topchoice, Aier, Hygeia, Jinxin, but could be higher than China Resources Medical
Sterlite Electric Ltd Pre-IPO Tearsheet
- Sterlite Electric (1408581D IN) is looking to raise about US$169m in its upcoming India IPO. The deal will be run by Axis Capital, Motilal Oswal, Nuvama.
- Sterlite Electric Limited, formerly known as Sterlite Power Transmission Limited, is a manufacturer and provider of system integration solutions, primarily focused on the power transmission and distribution (T&D) industry.
- Its product portfolio spans high-performance conductors, composite core conductors, and extra high-voltage cables, catering to both domestic and global markets.
Tata Capital IPO Trading – No Tata Premium This Time
- Tata Capital Limited raised around US$1.7bn in its India IPO, which will begin to trade today.
- Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
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