In today’s briefing:
- Innoscience Suzhou Tech Placement – Selling Ahead of Lockup Expiry, Relatively Small
- Capstone Copper Placement: Large to Digest; but Copper Stocks Are Catching Bids
- WeWork India IPO Trading – Muted Demand, Likely to Trade Weak
- Rubicon Research IPO – RHP Updates, Peer Comp and Thoughts on Valuation
- Canara Robeco AMC: Can a Laggard Get off the Block Now?
- Sirius (靖因) Pre-IPO: Credible SiRNA Products
- Maynilad Water Services IPO – Recent Updates, Peer Comparison and Thoughts on Valuation
- Alliance Laundry Holdings (ALH): Debt-Heavy Private Equity IPO Surprises with Strong Debut
- Aequs Ltd Pre-IPO Tearsheet
- Phoenix Education Partners (PXED): A Private-Equity Backed IPO Defying 2025 Trends with Strong Debut
Innoscience Suzhou Tech Placement – Selling Ahead of Lockup Expiry, Relatively Small
- InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement.
- Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Capstone Copper Placement: Large to Digest; but Copper Stocks Are Catching Bids
- Capstone Copper (CSC AU) is looking to raise around US$453m from a secondary placement.
- This is a large deal to digest, representing 63.6 days of the stock’s three month ADV, despite being 6.0% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
WeWork India IPO Trading – Muted Demand, Likely to Trade Weak
- WeWork India Management Ltd (1690124D IN) raised about US$338m in its India IPO.
- WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
- 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.
Rubicon Research IPO – RHP Updates, Peer Comp and Thoughts on Valuation
- Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
- RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&D intensity.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.
Canara Robeco AMC: Can a Laggard Get off the Block Now?
- Canara Robeco AMC (570515Z IN) a JV between Canara Bank (CBK IN) and Orix Corp (8591 JP) is the second oldest but the latest AMC to list in India
- A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)
- However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn’t leave room for material upside.
Sirius (靖因) Pre-IPO: Credible SiRNA Products
- Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.
- In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.
- We also look at the company’s pre-IPO investors and management team.
Maynilad Water Services IPO – Recent Updates, Peer Comparison and Thoughts on Valuation
- Maynilad Water Services (MYNLD PH) (MWS) is looking to raise around US$450m in its upcoming Philippines IPO.
- MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
- We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing
Alliance Laundry Holdings (ALH): Debt-Heavy Private Equity IPO Surprises with Strong Debut
- The shares priced at the high end of the range, $22.00, and opened at $24.50, marking an initial gain of 11.4% on first trade.
- The deal was north of 10-times oversubscribed and the underwriters had enough demand to message to investors an upsize of 10%.
- This steady performance, combined with strong book demand, positioned ALH as one of the few private equity-backed IPO success stories in 2025.
Aequs Ltd Pre-IPO Tearsheet
- Aequs Ltd is looking to raise about US$200m in its upcoming India IPO. The deal will be run by JM Financial, IIFL Capital and Kotak.
- Aequs Limited is a precision-engineering and manufacturing company that produces complex, high-tolerance components for global OEMs across the aerospace and consumer sectors.
- The company operates three integrated manufacturing ecosystems in India (the Belagavi, Hubballi, and Koppal clusters) each designed to deliver end-to-end production capabilities from design to assembly.
Phoenix Education Partners (PXED): A Private-Equity Backed IPO Defying 2025 Trends with Strong Debut
- The online education provider priced a full-size offering of 4.25 million shares at $32.00, the high end of its range, before opening at $38.00, a gain of 18.8%.
- The stock traded as high as $47.08 in its opening session before closing the day closer to where it opened, $38.15.
- Final deal color indicated that the offering was north of 10x oversubscribed, supported by heavy demand from long-only institutional investors.
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