Daily Brief ECM: HONG KONG IPO WATCH: Ligent Technologies – Connecting AI Globally and more

• Ligent Technologies (9856 HK), a leading optical transceiver and chip maker serving the data center market, will IPO on September 22nd.  The company will raise HK$5.67 billion.
• The optical transceiver market is projected to grow at a 40.6% revenue CAGR from 2025–2030, driven by adoption of 800G/1.6T modules in AI data centers.
• Although the US is reportedly considering a ban on imports of new models of Chinese optical transceivers, expanding capacity for US-based transceiver companies would take years and significant capital.

• Central Mine Planning & Design Institute (CMPDI IN) raised about US$200m in its India IPO in Mar 2026. The lockup on its promoter, Coal India, is set to expire soon.
• CMPDI is a subsidiary of Coal India, providing consultancy and support services across the full range of coal-mineral exploration, mine planning and design, covering the entire lifecycle of mining operations.
• In this note, we will talk about the lockup dynamics and possible placement.

• Torrent Gas Limited (1726937D IN) (TGL) plans to raise around US$400m in its upcoming India IPO. The deal will be run by Axis, Citi and Kotak.
• TGL is an integrated city gas distribution company, connecting natural gas producers and suppliers to the end user of natural gas, including domestic households, commercial establishments, industrial consumers and vehicles.
• As per CRISIL, TGL is among the fastest-growing CGD companies, with gas sales rising from 1.38 MMSCMD in FY24 to 2.60 MMSCMD in FY26.

• New Iceland Arctic Acquisition Corp. is a newly organized blank check company formed to effect a business combination. It focuses on high growth operating companies in Iceland and the broader.
• Iceland has nearly 100% renewable energy generation and the highest GDP per capita among Nordic countries. An estimated $1 trillion in Arctic infrastructure investment is anticipated.
• As of June 30, 2026, there was substantial doubt about the ability to continue as a going concern, with an adjusted shareholders’ equity deficit of $(3,114,579).

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• NuvOx Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing oxygen therapeutic solutions for diseases where hypoxia plays a critical role.
• NanO2 is in clinical development for stroke, GBM, and ARDS, with orphan drug designation for GBM and sickle cell anemia.
• Total assets were $1,955 and cash was $332 as of June 30, 2026. Total liabilities were $32,106.

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• My base case valuation of Ligent Technologies is HKD45.6 per share, representing 38.3% higher than the IPO offer price.
• I used four comps including Zhongji InnoLight (3308 HK), Yangtze Optical Fibre and Cable (6869 HK), Cowell e (1415 HK), and Eoptolink Technology (300502 CH) to value Ligent Technologies.
• My base case valuation of HKD45.6 per share which is based on a P/E of 24.1x is at a 20% discount to the comps’ average P/E valuation in 2027.

• Valuation proved decisive: Orion180 priced 20 million shares at $12, $3 below range, but still opened below the IPO price.
• Demand was strong but price-sensitive: The deal was well oversubscribed, yet investor interest did not translate into a positive first-day trade.
• Bamboo faces a tougher test: Orion180’s weak debut could weigh on investor appetite for next week’s Bamboo Insurance IPO.

• Electra priced an upsized 23.33 million shares at $15.00, but opened flat and closed at $13.25, down 11.7% on persistent selling pressure.
• The more-than-four-times oversubscribed book failed to translate into aftermarket support, highlighting a disconnect between headline demand and committed demand.
• Electra’s earlier-stage development profile and distant clinical milestones may have contributed to limited investor patience despite a constructive recent biotech IPO backdrop.

• Dror Ortho-Design, Inc. is a medical device company developing ZSmile, an AI-based platform for discreet, less painful smile correction using a single smart aligner.
• ZSmile Platform received FDA 510(k) clearance in February 2026, targeting a $17 billion addressable market within the growing clear aligners sector.
• Auditor expressed substantial doubt about going concern; company reported $94,000 cash and $3.8 million working capital deficit as of June 30, 2026.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.