In today’s briefing:
- GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks
- Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform
- Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade
- Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player
- Pre-IPO Boxihe Outdoor Sports Group – The Concerns Behind the High Growth
- Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue
- NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue
- A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium
GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks
- GNI Group (2160 JP) is looking to raise around US$100m from a primary placement (after upsize).
- The deal is a small one, representing 2.4 days of the stock’s three month ADV, despite being 9.0% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform
- The is an institutionally focused global digital asset platform that provides market infrastructure and information services.
- Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
- The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.
Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade
- Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.
- In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.
- Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.
Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player
- Sinotau, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The book runner is CICC.
- In this insight, we look at the company’s core products, XTR008, XTR006, XTR004, and XTR003, including its mechanism and clinical data.
- We also look at the company’s pre-IPO investors and management team.
Pre-IPO Boxihe Outdoor Sports Group – The Concerns Behind the High Growth
- Based on the successful application of self-developed technology, Boxihe has embarked on a completely opposite path to international brands, highlighting the “cost-effectiveness” in outdoor sports industry, thus achieving high growth.
- Creating the next blockbuster and diversifying product portfolios greatly test Boxihe’s operational capabilities, with some uncertainties. Boxihe may face the troubles of finding a new growth point in long term.
- Performance growth could remain high in the short term. Post-money valuation after Series B Financing reached RMB2.8 billion.Valuation of Boxihe could be higher than Li Ning but lower than Anta.
Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue
- Carlsmed, Inc. (CARL) priced a full-size deal of 6.7mm shares at $15.00 (midpoint of the range) and opened at $15.00.
- There were concerns with the color coming from the book as the underwriters failed to provide price guidance to investors the day of pricing on the deal.
- Given that the deal “broke” on day one, we believe investors “may” be turned off by the company in the short term.
NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue
- NIQ Global priced a full-size offering of 50.0mm shares at $21.00 and opened at $20.25 for a loss of 3.6%.
- This company is private equity–backed by Advent International. PE-backed companies often are a more difficult sell due to the high level of debt these companies carry.
- Typically, “broken IPOs” have an overhang in the short term and we see a scenario where this plays out in this case.
A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium
- With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.
- In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.
- Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.
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