In today’s briefing:
- National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation
- Kasumigaseki Hotel REIT IPO: Lags in Size but Priced at a Discount
- Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk
- WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus
- Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying
National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation
- NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
- It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
- In this note, we undertake a peer comparison and talk about valuations.
Kasumigaseki Hotel REIT IPO: Lags in Size but Priced at a Discount
- Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$192m in its upcoming Japan IPO.
- It is a REIT with hotel assets sponsored by affiliated developer, Kasumigaseki Capital (3498 JP).
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk
- Company operates home grown CCTV brand ‘CP PLUS’. Also the sole distributor for Zhejiang Dahua Technology A (002236 CH) in India. Dahua is also its primary components supplier.
- Expect 15-25% revenue growth vs 16% for industry with operating margins gradually improving to 10% translating to FY26E earnings range of 20-24.
- Company is raising 1,300cr (500cr fresh and 800cr OFS) at implied multiple of ~30x in line with valuation paid by Dixon Technologies India Ltd (DIXON IN) for its 6.5% stake.
WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus
- WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
- They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.
- They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of 28.7% to 42.3%, respectively.
Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying
- China-Based vaccine biopharmaceutical company Ab&B is looking to raise at least US$100 million via a Hong Kong listing. The joint book runners are CITIC and CMBI.
- In our previous insight, we looked at the story that the company is trying to sell and the influenza vaccine market.
- In this insight, we look at the latest updates in its PHIP filing.
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