In today’s briefing:
- Horizon Robotics Placement – Another Opportunistic Raising
- Northern Star Placement: Secondary Sell Down by Gold Fields; Tight Discount
- Tekscend Photomask IPO – The Negatives – Market Share
- Microport Scientific Placement – Should Be Well-Flagged, Will Lift Overhang
- Tekscend Photomask (429A JP) IPO: The Bear Case
- Maplight Therapeutics (MPLT): Peeking at the IPO Prospectus of Biotech Treating CNS Diseases
- Navan Inc. (NAVN): Peeking at the IPO Prospectus of an AI-Powered Booking System
- Banma Network Tech Pre-IPO: Declining Revenue, Widening Losses
- Sunwoda Electronic A/H Listing: Small Player, Competitive Markets
Horizon Robotics Placement – Another Opportunistic Raising
- Horizon Robotics (9660 HK) raised around US$800m in its Oct’24 IPO and another US$600m via a placement in June’25. It’s back again to raise another US$834m via a top-up placement.
- Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
Northern Star Placement: Secondary Sell Down by Gold Fields; Tight Discount
- Northern Star Resources (NST AU) is looking to raise around US$725m in a secondary placement.
- The proceeds will be used to pay down Gold Fields.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Tekscend Photomask IPO – The Negatives – Market Share
- Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
- TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
- In this note, we talk about the not-so-positive aspects of the deal.
Microport Scientific Placement – Should Be Well-Flagged, Will Lift Overhang
- Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
- Otsuka had sold the majority of its stake earlier this year.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Tekscend Photomask (429A JP) IPO: The Bear Case
- Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
- In Tekscend Photomask (429A JP) IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
- The bear case rests on its worrisome revenue growth trends, weakening lead revenue indicators, cash burn, and large post-IPO share overhang.
Maplight Therapeutics (MPLT): Peeking at the IPO Prospectus of Biotech Treating CNS Diseases
- The company that describes itself as a biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system.
- Morgan Stanley, Jefferies, Leerink Partners, Stifel are the bookrunners on this IPO.
- Their lead product candidate, ML-007C-MA, is currently in a Phase II trial.
Navan Inc. (NAVN): Peeking at the IPO Prospectus of an AI-Powered Booking System
- The company that describes itself as an end-to-end, AI-powered software platform filed for an IPO on September 19th.
- Goldman Sachs, Citigroup, Jefferies, Mizuho, Morgan Stanley are the lead underwriters on the transaction.
- Their revenue grew 30% period-over-period from $254 million for the six months ended July 31, 2024 to $329 million for the six months ended July 31, 2025.
Banma Network Tech Pre-IPO: Declining Revenue, Widening Losses
- Banma Network Technology is looking to raise at least US$200m in its upcoming Hong Kong IPO.
- Banma has achieved growth in installation volumes and OEM partnerships. However, performance in its core segment has weakened, monetization metrics are declining, and the company remains loss making.
- In this note, we look at the company’s past performance.
Sunwoda Electronic A/H Listing: Small Player, Competitive Markets
- Sunwoda Electronic Co Ltd A (300207 CH) is looking to raise around US$400m in its upcoming H-share listing.
- It is a lithium-ion battery manufacturer. It covers a rich product matrix including consumer battery, EV battery and ESS.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
