In today’s briefing:
- Kioxia’s (285A JP) $10bn US ADR: The Leak Is Unconfirmed, but the Logic Is Sound
- Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation
- Aequitas: NSE IPO – Digestible Valuation, Given Its Dominance
- Aequitas: Kanzhun Placement – Second Selldown in the Year by Tencent, Previous One Did Not Go Well
- Aequitas: Delton IPO Lockup – >US$300m of Lockup Expiry Coming
- Aequitas: Ligent IPO Pricing – Cheapest of Its Peers but AI Sentiment Not Holding Up
- Ligent Technologies (9856 HK) IPO: Low Expectations
- DTS IPO Preview
- Ligent Technologies IPO: Growth Optics and Valuation Seems Just About Right
- Holtec Nuclear Corp (HNUC): Nuclear Power IPO in Focus as AI Power Plays Face Pushback
Kioxia’s (285A JP) $10bn US ADR: The Leak Is Unconfirmed, but the Logic Is Sound
- Bloomberg’s $10bn Kioxia US ADR report is anonymously sourced with no filing or term sheet — a placed leak. The underlying transaction is real, CFO-guided, and realistically prices Q2 CY2027.
- Primary issuance dilutes 5.7%; a secondary clears c.28% of the register at no cost. Treasury stock covers only $5.3bn. Structure decides the trade, not size.
- BULLISH maintained, fair value ¥72,000 pre-split / ¥24,000 post-split on 12x FY2027E EPS ¥6,000; ¥90,000 ADR scenario at 15x requires confirmation, non-dilutive structure and index entry.
Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation
- Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
Aequitas: NSE IPO – Digestible Valuation, Given Its Dominance
- National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
- NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
- We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.
Aequitas: Kanzhun Placement – Second Selldown in the Year by Tencent, Previous One Did Not Go Well
- Tencent (700 HK) (via Image Frame Investment) aims to raise around US$287m via selling a part of its stake in Kanzhun (2076 HK).
- Kanzhun is a Nasdaq and Hong Kong-listed Chinese job listing portal. Kanzhun runs BOSS Zhipin APP.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
Aequitas: Delton IPO Lockup – >US$300m of Lockup Expiry Coming
- Delton Technology (1989 HK) raised US$$423m in its March 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 71.88/share.
- It is a leading manufacturer of customized printed circuit boards (PCBs) for high performance servers and other computing applications.
- In this note, we will talk about the lockup dynamics and possible placement.
Aequitas: Ligent IPO Pricing – Cheapest of Its Peers but AI Sentiment Not Holding Up
- Ligent Technologies (9856 HK) is looking to raise about US$723m in its upcoming Hong Kong IPO.
- It develops, manufactures and sells optical transceivers, optical chips and optical network terminals.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Ligent Technologies (9856 HK) IPO: Low Expectations
- Ligent Technologies (9856 HK)‘ IPO looks to raise HK$5.4bn at HK$32.96/share. This optical communication and connectivity product provider, however, does not stand out.
- It will benefit from the current AI investment trend, driving a 3-year EPS CAGR of 59.7%. With Hisense Group being its controlling shareholder, it can leverage on this relationship.
- Its 1H26 gross margin is low, hence difficult to justify a premium. Optimistically, it can trade on par with CIG Shanghai (6166 HK)‘s 10.7x FY27 PER, equalling HK$36.06.
DTS IPO Preview
- DTS is getting ready to complete its IPO in October 2026 in KOSDAQ. DTS designs and manufactures air-cooled heat exchangers used in power generation, LNG, and petrochemical plants.
- The IPO price range is from 17,000 won to 18,500 won per share. Based on this range, the expected market capitalization ranges from 252.6 billion to 274.9 billion won.
- DTS is a subsidiary of Dasan Networks (039560 KS). Dasan Networks’ 32% stake in DTS (post IPO) represents 84% of Dasan Networks’ market cap.
Ligent Technologies IPO: Growth Optics and Valuation Seems Just About Right
- Ligent Technologies launched Hongkong IPO to raise HK$ 5.7B. They are global optical communication, connectivity product provider that develops, manufactures and sells optical transceivers, optical chips and optical network terminals.
- Ligent Technologies intends to use the proceeds for research and development, expanding production capacity, business promotion, strategic investments and/or acquisition and for general corporate purpose.
- Ligent’s operational capabilities, technological prowess, reasonably strong product portfolio and global market presence, coupled with a more stable demand outlook does make this issue fundamentally worth for investors.
Holtec Nuclear Corp (HNUC): Nuclear Power IPO in Focus as AI Power Plays Face Pushback
- Palisades is the near-term catalyst, with the 800MW restart expected to provide a meaningful financial step-up once commercial operations resume.
- SMR-300 offers the transformational opportunity, positioning Holtec to participate in the global shift toward advanced nuclear power.
- A $24 billion backlog and established nuclear-services businesses provide recurring revenue and cash flow while Holtec funds its growth initiatives.
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