In today’s briefing:
- Hitachi Construction Machinery Block – US$450m Selldown by Hitachi
- Seres Group H Share Listing (9927 HK): Trading Debut
- Groww IPO – Peer Comp and Thoughts on Valuation
- Sify Infinit Spaces Ltd Pre-IPO Tearsheet
- Mr DIY Thailand IPO Trading: Shareholders Pledged Lockup; Midteens Upside
- Seres Group A/H Trading – Demand Wasn’t Very Strong, Close to Fair Value
- BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest
- Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO
- Meesho Ltd Pre-IPO Tearsheet
- NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?
Hitachi Construction Machinery Block – US$450m Selldown by Hitachi
- Hitachi Ltd (6501 JP) aims to raise around US$452m via a 6.97% stake sale in Hitachi Construction Machinery Co. Post the selldown, Hitachi’s stake will reduce to 18.4%.
- Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
Seres Group H Share Listing (9927 HK): Trading Debut
- Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
- I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
- The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres’ AH discount remains attractive.
Groww IPO – Peer Comp and Thoughts on Valuation
- Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
- With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.
Sify Infinit Spaces Ltd Pre-IPO Tearsheet
- Sify Infinit Spaces Ltd (2026850D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by JM Fin, CLSA, JPM, Kotak and MS.
- SISL is a provider of data center colocation services in India. The firm had 14 colocation data center facilities across six cities in India, as of June 30, 2025.
- According to the 1Lattice and C&W Report, it had a built IT power capacity of 188.04 megawatt (MW) across these facilities, as of June 30, 2025.
Mr DIY Thailand IPO Trading: Shareholders Pledged Lockup; Midteens Upside
- Mr. DIY Holding (Thailand) (2472516D TB) is looking to raise up to US$173m in its upcoming Thai IPO.
- It is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
- In this note we will talk about the trading dynamics.
Seres Group A/H Trading – Demand Wasn’t Very Strong, Close to Fair Value
- Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.
- Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.
BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest
- Single-Molecule precision enables highly accurate, scalable tests across prenatal and oncology diagnostics, setting BillionToOne apart from traditional sequencing-based competitors.
- BillionToOne delivers 100%+ revenue growth, 69% gross margins, and positive EBITDA—rare performance metrics in molecular diagnostics ahead of its $2.3B IPO.
- IPO is multiple-times oversubscribed with long-only healthcare anchors and top-tier backers, signaling strong institutional confidence ahead of pricing.
Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO
- Strong post-IPO performance: listed at £3.70/share, now £3.90, valuing Shawbrook near £2bn with forecast 2026 P/E of 7x and up to 93% implied upside.
- Robust fundamentals: 15% loan growth, 17% income growth, 36% cost-to-income ratio, and RoTE above 15%, supporting premium valuation versus UK peers.
- Strategic positioning: combines challenger bank scalability with specialist credit discipline, offering best-in-class efficiency and resilient asset quality.
Meesho Ltd Pre-IPO Tearsheet
- Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
- ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
- The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.
NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?
- NovaBridge Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CITIC are the joint sponsors.
- In this note, we look at the company’s history and its core product, givastomig.
- We are of the view that there is no fundamental improvement in the company, since it changed its name and restructured its China business.
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