In today’s briefing:
- Japan Post Bank US$4bn Deal Updates – Needs to Correct More. Discount Vs Deal Performance Analysis
- JX Advance Metals IPO: Priced Reasonably but The Timing Isn’t Great
- DN Solutions IPO Might Skip OC—A Unique Trading Opportunity
- Travel Food Services Pre-IPO – Flourishing Takeoff and Takeout Services
- Sigenergy Technology Pre-IPO Tearsheet
- MNTN, Inc. (MNTN) – Peeking at the IPO Prospectus of Performance Marketing Platform Software Company
- Nanshan Aluminium Pre-IPO: Largest SEA Producer but Most of Revenue Comes from Two Customers
- PMEA Solar Pre-IPO – Strong Revenue Growth Paired With Shrinking Efficiency And High Debt
- Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop
Japan Post Bank US$4bn Deal Updates – Needs to Correct More. Discount Vs Deal Performance Analysis
- Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
- JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
- We have looked at the deal dynamics in our previous notes. In this note, we talk about updates and look at discounts vs performance for past secondary deals.
JX Advance Metals IPO: Priced Reasonably but The Timing Isn’t Great
- JX Advance has announced the terms for its IPO and set the pricing at ¥810-820 per share, at a much lower pricing range than previously expected ¥862 per share.
- ENEOS is planning to offer 465.2m shares at the IPO raising around ¥377-381bn (US$2.5bn) at a market capitalisation and EV of ¥760bn and ¥857bn respectively.
- Our SOTP valuation suggests that JX Advanced Metals (5016 JP)’s shares are priced reasonably, however, given the negative sentiment over AI and tech stocks, we remain cautious.
DN Solutions IPO Might Skip OC—A Unique Trading Opportunity
- With cautious foreign interest, DN Solutions’ big IPO deal might skip the OC and go full local for bookbuilding, setting a new trend in Korean IPOs.
- If foreign anchor orders drop, local players gain more negotiating power, leading to aggressive bidding and potentially a way more conservative IPO price.
- Offshore funds passing investment review without an OC could grab more volume, benefiting from local-led down-pricing without lock-up restrictions.
Travel Food Services Pre-IPO – Flourishing Takeoff and Takeout Services
- Travel Food Services Ltd (1450229D IN) is looking to raise about US$238m in its upcoming India IPO.
- Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
- In this note, we talk about the company’s historical performance.
Sigenergy Technology Pre-IPO Tearsheet
- Sigenergy (SIG CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC and BNP Paribas.
- It provides renewable energy solutions, catering to 1) residential, 2) commercial, and 3) industrial applications.
- The group markets and sells to distributors and primarily serves the European market.
MNTN, Inc. (MNTN) – Peeking at the IPO Prospectus of Performance Marketing Platform Software Company
- Their Performance TV software platform allows marketers to combine the powerful storytelling format of TV advertising with the targeting, measurement and attribution capabilities of paid search and social advertising.
- They had revenue of $176.3 million and $225.6 million and net loss of $53.3 million and $32.9 million in 2023 and 2024, respectively.
- We anticipate this company to set terms (share size, price range) and debut in the second half of March
Nanshan Aluminium Pre-IPO: Largest SEA Producer but Most of Revenue Comes from Two Customers
- Nanshan Aluminium International Holdings (NAI HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
- It is a leading high-quality alumina manufacturer in Southeast Asia.
- In this note, we look at the firm’s past performance.
PMEA Solar Pre-IPO – Strong Revenue Growth Paired With Shrinking Efficiency And High Debt
- PMEA Solar Tech Solutions Limited (0991151D IN) (PSTSL) is planning to raise about US$116m through its upcoming India IPO.
- PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.
- The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.
Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop
- Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%.
- Kestra Medical Technologies (KMTS US) is the second medical device company to go public with success in 2025.
- The equity capital markets area is still under scrutiny as a whole following the lackluster debuts of the two large IPOs in 2025.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
