In today’s briefing:
- Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once
- Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year
- Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain
- MIXUE IPO Lockup – US$480m Cornerstone Lockup Release
- FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform
- Nota IPO Valuation Analysis
Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once
- Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
- MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year
- InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
- He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain
- The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.
- They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.
- Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.
MIXUE IPO Lockup – US$480m Cornerstone Lockup Release
- Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
- MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
- In this note, we will talk about the lockup dynamics and possible placement.
FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform
- The company with proprietary technology that powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets filed for an IPO on August 18th.
- For the six months ended June 30, 2025 and 2024, they generated net revenue of $191 million and $156 million, respectively.
- They are a first mover in what some analyst see as an industry that could be transformed by the blockchain.
Nota IPO Valuation Analysis
- Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
- Nota’s technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
- We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026.
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