In today’s briefing:
- Maynilad Water Services IPO Trading – Main Peer Has Corrected, Still at a Yield Discount
- Northsand IPO: High-Growth at a Discount to Peer
- Bharti Airtel Placement – Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year
- SemiFive IPO Valuation Analysis
- Physicswallah Pre-IPO – The Negatives – Underlying Growth Rate Remains Unclear
Maynilad Water Services IPO Trading – Main Peer Has Corrected, Still at a Yield Discount
- Maynilad Water Services (MWS) raised around US$520m in its Philippines IPO.
- MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
Northsand IPO: High-Growth at a Discount to Peer
- Northsand (446A JP) aims to raise around US$121m in its Japan IPO.
- Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
- In our previous note, we looked at its past performance. In this note, we will talk about valuations.
Bharti Airtel Placement – Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year
- Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
- There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
SemiFive IPO Valuation Analysis
- Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share.
- This is 76% higher than the high end of the IPO price range (24,000 won per share). Given the excellent upside, we have a Positive View of this IPO.
- SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. Founded in 2019, SemiFive is a SoC platform company specializing in AI inference and high-performance computing (HPC) chip design.
Physicswallah Pre-IPO – The Negatives – Underlying Growth Rate Remains Unclear
- Physicswallah Is looking to raise about US$434m in its upcoming India IPO.
- 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.
- In this note, we talk about the not-so-positive aspects of the deal.
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