In today’s briefing:
- [Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float
- Physicswallah IPO Trading – Decent Anchor but Low Demand
- TMC IPO Preview
- SBI Shinsei Bank Pre-IPO – The Positives – Has Been Growing Well Since SBI Group Took Control
- Alebund (礼邦生物) Pre-IPO: Core Product AP301 Phase 3 Update
- Deepway Technology Pre-IPO Tearsheet
- Triapex Lab Pre-IPO Tearsheet
- Pre-IPO WeiMai – The Pain Points Behind the Business Model
- Tenneco Clean Air India Ltd IPO Trading: Strong Insti Demand and Overall Sub Rate
[Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float
- Yesterday saw the announcement of a secondary offering structured like a delayed pricing ABO.
- 1.5mm shares which is 7.5% of shares out, 25% of Max Real World Float, and 9 days of ADV. There’s more cross-holdings to come out later at some point.
- Though it is not particularly expensive, Momentum is not this stock’s friend right now.
Physicswallah IPO Trading – Decent Anchor but Low Demand
- Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book.
- Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
TMC IPO Preview
- TMC is getting ready to complete its IPO in Korea in December 2025. The IPO price range is from 8,000 won to 9,300 won per share.
- TMC is one of the largest Korean producers of specialty industrial cables used for shipbuilding, marine, optical cables, and nuclear power.
- At the IPO price range, the expected market cap of the company is from 193 billion won to 224 billion won.
SBI Shinsei Bank Pre-IPO – The Positives – Has Been Growing Well Since SBI Group Took Control
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
- SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
- In this note, we talk about the positive aspects of the deal.
Alebund (礼邦生物) Pre-IPO: Core Product AP301 Phase 3 Update
- Alebund Pharmaceuticals, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and HTSC are the joint sponsors.
- In our previous note, we looked at the company’s history and its core product, AP301, and AP306, and its management.
- In this note, we look at the core product AP301’s pivotal Phase 3 data for AP301 presented in ASN2025.
Deepway Technology Pre-IPO Tearsheet
- Deepway Technology (DPWY HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMB.
- It positions itself as a global leader in new-energy heavy-duty trucks and intelligent road-freight solutions.
- Its mission is to use technological innovation to enable safer, more efficient, lower-cost, and environmentally sustainable freight movement worldwide.
Triapex Lab Pre-IPO Tearsheet
- Triapex Lab (1938177D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi and Haitong.
- It is a next-generation contract research organization (CRO) dedicated to empowering pharmaceutical enterprises and research institutions worldwide.
- Its approach centers on clinically significant disease areas, including cardiometabolic diseases, central nervous system (CNS) disorders, ophthalmology, autoimmune diseases, and oncology.
Pre-IPO WeiMai – The Pain Points Behind the Business Model
- Whether WeiMai’s business model can operate sustainably and effectively depends on whether it can establish long-term/stable relationship with hospitals/doctors, as they are the key stakeholders to attract/retain the downstream customers.
- However, the relationship between WeiMai and the hospital network may not be solid, thereby shaking the foundation of the entire business model. Gross margin level is unsatisfactory compared with peers.
- Post-Money valuation after Series D+ Financing was US$559 million. Due to the concerns on business model and the profitability, WeiMai’s valuation should be lower than Ping An Healthcare and Technology.
Tenneco Clean Air India Ltd IPO Trading: Strong Insti Demand and Overall Sub Rate
- Tenneco Clean Air India Ltd (1880671D IN) raised US$406m in its India IPO.
- TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
- 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.
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