Daily Brief ECM: FT States Anthropic Is Planning an IPO at $2T+ Valuation: Buy the Rumor and more

• According to Financial Times, Anthropic is preparing to complete an IPO of $2 trillion or more in October 2026, which would be the largest IPO in history.
• This is likely to clearly benefit early investors in the company such as SK Telecom which had a 0.3% stake in Anthropic at the end of 2025.
• Given the fact that Anthropic is likely to complete its IPO sometime in October 2026, the further alpha on SK Telecom could take place in the next 1-2 months.

• Lyntris is a scaled defense technology platform operating across mission-critical communications, sensing, data and other technologies supporting U.S. and allied defense programs.
• The company offers institutional investors exposure to the modernization of military infrastructure without relying on a single product or emerging technology.
• The offering is led by Evercore, Citigroup, Guggenheim Securities and BofA Securities, providing a strong institutional syndicate with broad distribution across aerospace and defense, industrial technology and generalist investors.

• Under the current e-commerce “price comparison” mechanism, coupled with the peak of traffic dividends, there is still uncertainty as to whether domestic coffee machine brands can maintain long-term growth.
• Compared with fast-moving consumer goods, coffee machines, as durable goods, have a low frequency of repeat purchases by consumers. This may lead to declining performance growth of Gemilai.
• Given the expected about 40% profit CAGR over the next three years, the market may offer a valuation higher than traditional home appliance stocks such as Midea (e.g. 20-25x P/E).

• LEAP India Limited (1414703D IN) (Leap) raised around US$260m in its upcoming India IPO.
• As per F&S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.
• We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

• Lyntris Inc. (NYSE: LYNX) is preparing to raise approximately $492 million in an initial public offering of 24.0 million shares priced between $19.00 and $22.00 per share.
• At the $20.50 midpoint, the offering would value Lyntris at approximately $2.36 billion based on roughly 115.1 million shares expected to be outstanding following the offering.
• The company has applied to list on the New York Stock Exchange under the ticker LYNX. Evercore ISI, Citigroup and Guggenheim Securities are serving as lead book-running managers, with BofA Securities, Baird, Raymond James and William Blair also participating in the offering.

• Karman Line Acquisition Corp. is a newly organized blank check company (SPAC) formed to effect a business combination, focusing on aerospace and defense sectors.
• Management and board possess decades-long expertise, providing strategic, technical, and M&A advice in space and wireless industries.
• As of April 30, 2026, total assets were $23,019, total liabilities were $39,318, and shareholders’ deficit was $(16,299).

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• Hangzhou CIEC Group is a commodity trading service provider and trader in China, distributing over 294 physical commodities. The company aims to strengthen working capital, raise business profile, and enhance.
• Hangzhou CIEC Group was the fifth largest commodity trading service provider in China by trading volume and sales revenue in 2025, with a 21.3% trading volume CAGR.
• Revenue was 270,479,007 RMB’000 in 2025, and gross profit decreased by 9.4% to RMB1,721.5 million in 2025.

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• NorthStrive Acquisition Corp I. is a blank check company formed to effect a business combination with one or more businesses or entities. It focuses its search on companies in the.
• NorthStrive focuses on the manufacturing sector, prioritizing U.S.-based targets with strong competitive positions, growth potential, and experienced management teams.
• As of June 30, 2026, actual total assets were $90,687, and as adjusted total assets were $100,733,377.

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