In today’s briefing:
- [Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)
- Okuma Corp Placement: Strong Financial Performance in Recent Period
- ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount
- Meesho Ltd IPO Trading – Robust Overall Demand
- Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast
- AVATR Tech Pre-IPO Tearsheet
- Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release
- Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion
- CiDi Pre-IPO – PHIP Updates – 1H25 Highlighting The Need for Fresh Capital
- Pre-IPO Hangzhou Sciwind Biosciences – Thoughts About the Industry and The GLP-1 Pipeline
[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)
- Okuma Corp (6103 JP) today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders.
- That takes out about a third of them and not quite a quarter of the crossholders. There’s more to go. And the register remains “blocked”.
- It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.
Okuma Corp Placement: Strong Financial Performance in Recent Period
- Sumitomo Mitsui Trust Bank, MUFG and others are looking to sell around US$104m of Okuma Corp (6103 JP) stock.
- This is a slightly large deal to digest, representing 13.2 days of three month ADV and 6.4% of outstanding stock.
- In this note, we will talk about the placement and run the deal through our ECM framework.
ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount
- ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
- IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
Meesho Ltd IPO Trading – Robust Overall Demand
- Meesho (1546271D IN) raised around US$606m in its India IPO.
- Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast
- Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO.
- Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
AVATR Tech Pre-IPO Tearsheet
- AVATR Technology (1913753D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.
- AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
- AVATR has launched four mass-produced models which offer both pure electric (BEV) and range-extended powertrain (REEV) options. These models span a wide price range between RMB200,000 and RMB700,000.
Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release
- Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
- FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
- In this note, we will talk about the lockup dynamics and possible placement.
Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion
- Nephrocare Health IPO will open for subscription on December 10, 2025 and close on December 12, 2025. The IPO price band has been set at INR 438–460 per share.
- The issue consists of fresh issue aggregating INR3,534M and offer for sale of up to 11.25M equity shares. At the upper price band, the company aims to raise INR8,710M (~$97M).
- The company will use IPO proceeds for funding capex for opening 167 new dialysis clinics in India over FY26–28 and pre-payment, or scheduled repayment, of certain borrowings.
CiDi Pre-IPO – PHIP Updates – 1H25 Highlighting The Need for Fresh Capital
- CiDi Inc (CIDI HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
- In our previous note, we looked at the firm’s past performance. In this note, we talk about the updates from its recent filing.
Pre-IPO Hangzhou Sciwind Biosciences – Thoughts About the Industry and The GLP-1 Pipeline
- Competition in the entire GLP-1 market is constantly intensifying and evolving, which is expected to shift from the current focus solely on BMI indicators to a comprehensive patient-centered management model.
- XW003 faces the challenge of head-to-head trials with competing drugs. There could be uncertainties in future clinical trials of XW004, XW014. Commercialization is a tough task for Sciwind’s GLP-1 pipeline.
- The total peak sales of XW003, XW004 and XW014 could be RMB5-7 billion. Valuation of Sciwind could be lower than peers such as Innovent Biologics (1801 HK), Innogen (2591 HK).
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