In today’s briefing:
- [Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX
- Zhejiang Sanhua Intelligent Controls A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution
- Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now
- Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation
- Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed
- Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO
- Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit
- Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention
- Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation
[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX
- On Friday 6 June, Azoom (3496 JP) announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).
- That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month.
- The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.
Zhejiang Sanhua Intelligent Controls A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
- ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
- We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.
Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution
- The hold-up is based upon how Chime should be valued — either like a fintech darling or just another financial services company.
- The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024.
- According to our sources, the Chime order book is considered multiple-times oversubscribed.
Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now
- XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
- QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation
- Slide Insurance Holdings (SLDE US) will be the fourth insurance company to go public in the first half of 2025.
- The company is offering 20 million shares at $15-$17 equating to a $1.9b-$2.1b market cap.
- We anticipate there to be solid interest in this IPO based upon sector tailwinds. The company considers itself an “insurtech” which could create a different investor profile for this deal.
Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed
- The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow
- The transaction has anchor orders from established funds and a $20 million directed share program.
- At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.
Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO
- Ategrity Specialty Holdings (ASIC US) has elected to push pricing ahead by one-day due to the strength of the order book.
- According to our sources, the deal is multiple-times oversubscribed with quality conversions from 1-on-1 meetings.
- This IPO is being well-received. Insurance IPOs are not the type of deal that is “flashy” out of the gates but is one that is geared toward buy-and-hold investors.
Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit
- Primo Global (367A JP) is looking to raise up to $96m in its upcoming Japan IPO
- It specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention
- The sales growth of GLP-1s has entered a turning point. The actual market size of GLP-1s could be much lower-than-expected, which would affected the growth outlook of peptide CXOs.
- Medtide is not strong as expected in the peptide CXOs industry. There’s a “hidden problem” in terms of the market share ranking. We updated our forecast for the next three years.
- Considering geopolitical conflicts/intense competition, it’s difficult for Medtide to secure orders from industry leaders when the Company lacks competitiveness and are small in scale. Valuation should be lower than peers.
Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation
- The company will be offering 23.5mm shares at a $16-$18 range equating to a market cap of $4.8b-$5.35b.
- The deal is anticipated to price on Tuesday (6/17) for a Wednesday (6/18) debut on the Nasdaq.
- This company is backed by some of the strongest biotech-VC firms in the game. It is our opinion that this IPO is “likely” to be well-received.
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