In today’s briefing:
- HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials
- 2026 (“Year of the Horse”) Major IPOs Pipeline in Asia
- Andersen Group Inc. (ANDG):Tax & Financial Solutions Provider Sets Terms for End of Year IPO
- Wealthfront Corporation (WLTH): Growth and Retention Highlight Bull Case for Financial Platform IPO
- Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise
- Corona Remedies IPO Review: Rolling up Growth
- Lumexa Imaging Holdings, Inc. (LMRI): Imaging Service Valuation, Metrics Attractive Vs. Peers
- InxMed (应世生物) Pre-IPO Quick Comment: Overstated Market Potential and Leadership
- Cardinal Infrastructure Group Inc. (CDNL): Wet-Utility Leader Eyes Strategic Growth in Upcoming IPO
- Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue
HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials
- HashKey Digital Asset Group Lt (2365361D HK) is looking to raise at least US$200m in its upcoming Hong Kong IPO.
- It operates the largest licensed crypto exchange in Hong Kong.
- In this note, we look at the firm’s past performance.
2026 (“Year of the Horse”) Major IPOs Pipeline in Asia
- In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).
- This report is meant to serve as a comprehensive, REFERENCE GUIDE to help clients get a broad view of the major IPOs that could get completed next year in Asia.
- Some of the most prominent potential IPOs in Asia next year include Reliance Jio, Kunlunxin, Shein, Flipkart, and Canva.
Andersen Group Inc. (ANDG):Tax & Financial Solutions Provider Sets Terms for End of Year IPO
- Andersen Group launches a $14–$16 IPO, offering 11 million shares with an estimated $1.55–$1.75 billion valuation.
- IPO proceeds primarily fund AT Umbrella LLC and support technology, infrastructure, and potential strategic acquisitions.
- Strong long-term growth and a controlled company structure shape the offering amid uncertain late-year IPO market conditions.
Wealthfront Corporation (WLTH): Growth and Retention Highlight Bull Case for Financial Platform IPO
- Wealthfront IPO multiple-times oversubscribed, supported by $150M anchor orders from BlackRock and Wellington, reflecting strong long-term investor confidence.
- Product-Led growth drives 95% client retention, 120%+ net revenue retention, and low marketing costs, fueling scalable, sustainable expansion.
- Attractive valuation at ~6.3x EV/EBITDA versus peers, with $88B AUM and robust profitability, positions Wealthfront for strong post-IPO performance.
Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise
- Medline targets up to $5.4B in its IPO, the largest potential cash-raise since Rivian in 2021.
- Strong anchor and cornerstone commitments signal deep institutional support ahead of one of the year’s most anticipated offerings.
- Medline’s resilient, high-margin med-surg platform delivers consistent organic growth, reinforcing its profile as a mature, scaled issuer.
Corona Remedies IPO Review: Rolling up Growth
- CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women’s healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
- It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands from ~1-2cr to 50+ crores
- We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x
Lumexa Imaging Holdings, Inc. (LMRI): Imaging Service Valuation, Metrics Attractive Vs. Peers
- Lumexa Imaging (LMRI US) targets fragmented $140B diagnostic imaging market, leveraging 184 centers and 20 acquisitions since 2018 for disciplined growth.
- $1.003B revenue, $220.7M adjusted EBITDA (22% margin), outperforming peer RadNet on revenue per center and EBITDA margin.
- IPO is sponsor-backed, well-oversubscribed with long-only investor interest; valuation attractive at 11.5x 2026 EBITDA, though cautious outlook maintained pre-debut.
InxMed (应世生物) Pre-IPO Quick Comment: Overstated Market Potential and Leadership
- InxMed, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and CCBI are the joint book runners.
- In this note, we look at the company’s core product, ifebemtinib, and assess the selling point around the core product.
- We also look at the company’s pre-IPO investors and management team.
Cardinal Infrastructure Group Inc. (CDNL): Wet-Utility Leader Eyes Strategic Growth in Upcoming IPO
- Cardinal Infrastructure targets long-term growth with diversified infrastructure services, anchored by wet utility work and integrated project delivery.
- Strong repeat business and disciplined acquisition strategy drive consistent revenue and EBITDA expansion, with modest leverage post-IPO.
- IPO likely to attract patient, long-horizon investors; short-term momentum is uncertain despite oversubscription and solid fundamentals.
Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue
- Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
- Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
- Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.
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