In today’s briefing:
- Liontown Resources Placement: Continued Cost Overruns and past Placements Didn’t Do Well
- Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
- Zijin Gold Pre-IPO: Spinoff to Cater to a Shiny Gold Market
- Amagi Media Labs Limited Pre-IPO Tearsheet
- Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests
- JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
- WhiteFiber, Inc. (WYFI): Hot Money Chases AI Hype in a Rare First-Day Upsized IPO Fizzle
- Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year
- Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product
- Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close
Liontown Resources Placement: Continued Cost Overruns and past Placements Didn’t Do Well
- Liontown Resources (LTR AU) is looking to raise around US$173m from a primary placement.
- The deal is a large one, representing 23.3 days of the stock’s three month ADV, and 13.0% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
- Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
- ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Zijin Gold Pre-IPO: Spinoff to Cater to a Shiny Gold Market
- Zijin Gold (2579355D HK) is looking to raise up to US$2.0bn in its upcoming Hong Kong IPO.
- It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
- In this note, we look at the firm’s past performance.
Amagi Media Labs Limited Pre-IPO Tearsheet
- Amagi Media Labs (1232899D IN) is looking to raise US$400mn in its upcoming India IPO. The deal will be run by Citigroup, Goldman Sachs, Kotak Mahindra Capital and IIFL Capital.
- Amagi Media Labs is a global media technology company that provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
- Its revenue is mostly driven by its Streaming Unification solutions, which have consistently been the largest contributor. In terms of geographical segmentation, the Americas have historically led AML’s revenue contribution.
Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests
- Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.
- In our previous note, we have examined the company’s core product, namely efsubaglutide alfa, updates in various filings, and our thoughts on valuation.
- In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.
JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
- JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
- It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
- JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation
WhiteFiber, Inc. (WYFI): Hot Money Chases AI Hype in a Rare First-Day Upsized IPO Fizzle
- Whitefiber (WYFI US) priced its upsized IPO of 9.38 million shares at $17.00 and opened Thursday at $25.00 for a robust 47.1% gain at first trade.
- The stock closed its opening session at $16.22 for a loss of 4.6% versus issue price.
- We believe long-only buyers and sector specialists could start to re-engage in the coming weeks once volatility subsides and the “hot money” clears out.
Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year
- The company priced a downsized 15.3 million share offering at $18.00, notably above its initial $15–$17 range in late January.
- After the biotech sector took a hit in April, Metsera shares rallied back to a high of $47.40 in mid-July, nearly tripling off the lows.
- Metsera’s trajectory will be determined by data. With two clinical trials underway and expectations rising, the year-end readout for MET-233i could meaningfully shift the valuation—up or down.
Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product
- Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.
- Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.
- I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.
Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close
- Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.
- The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.
- Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one.
💡 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
