In today’s briefing:
- Innogen (银诺医药) IPO Trading Update
- JSW Cement IPO Trading – Overall Demand Lags Recent Listings
- SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach
- Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator
Innogen (银诺医药) IPO Trading Update
- Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
- In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
- In this note, we provide an update for the IPO before trading debut.
JSW Cement IPO Trading – Overall Demand Lags Recent Listings
- JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
- JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach
- The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.
- Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.
- The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.
Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator
- Miami International Holdings (MIAX US) priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
- Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
- MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.
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