In today’s briefing:
- Nissan Motor Placement – Discount Is Enticing but Track Record and Momentum Aren’t Great
- Aux Electric IPO (2580 HK): Valuation Insights
- Ganfeng Lithium Group Co Placement – Past Deals Record Isn’t Great but Deal Is Small
- Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform
- Aux Electric IPO: Smallest Player but Superior Growth and Margins
- Shuangdeng Group IPO Trading: Strong Retail and Insti Demand
- AUX Electric IPO: Low-Price AC Strategy Drives Top Line Growth; Limited Upside to Margins
- Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor
- Legence Corp. (LGN): Peeking at the IPO Prosepctus of Blackstone Backed Engineering Firm
- Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck
Nissan Motor Placement – Discount Is Enticing but Track Record and Momentum Aren’t Great
- Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP).
- The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Aux Electric IPO (2580 HK): Valuation Insights
- Aux Electric (2580 HK) is the fifth-largest air conditioner provider globally as measured by volume. It has launched an HKEx IPO to raise up to US$462 million.
- I discussed the investment case in Aux Electric IPO: The Investment Case.
- In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.
Ganfeng Lithium Group Co Placement – Past Deals Record Isn’t Great but Deal Is Small
- Ganfeng Lithium (1772 HK) is looking to raise upto US$152m via a primary placement of 40m shares. There is also a concurrent CB offering for ~HKD1.3bn along with the placement.
- The company intends to use the proceeds towards repayment of loans, capacity expansion and construction, replenishment of working capital and other general corporate purposes.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform
- The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.
- As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.
- Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.
Aux Electric IPO: Smallest Player but Superior Growth and Margins
- Aux Electric (2580 HK) is looking to raise up to US$460m in its upcoming Hong Kong IPO.
- It is one of the global top five air conditioner providers, with capabilities covering the design, R&D, production, sales and related services of household and central air conditioners.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Shuangdeng Group IPO Trading: Strong Retail and Insti Demand
- Shuangdeng Group Co Ltd (JISHUZ CH) raised around US$109m in its Hong Kong IPO.
- It is a global leader in the energy storage business.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
AUX Electric IPO: Low-Price AC Strategy Drives Top Line Growth; Limited Upside to Margins
- AUX Electric is one of the top 5 air conditioner providers globally whose low-price strategy has helped expand its top line and market share in a short span of time.
- Aux Electric (2580 HK) has filed for an IPO on HKEx and plans to raise proceeds of around US$460m through the issuance of 207m shares.
- AUX’s low-price strategy and higher share of ODM brands have led to margins that are lower than domestic AC peers Gree Electric Appliances (000651 CH) and Midea Group (300 HK) .
Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor
- Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
- Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Legence Corp. (LGN): Peeking at the IPO Prosepctus of Blackstone Backed Engineering Firm
- Private equity giant Blackstone is bringing a system services company public in September.
- Revenue increased $78.1 million, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
- As of June 30, 2025, they had $2.8 billion of backlog and awarded contracts, representing an increase of 29% over the same date last year.
Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck
- Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
- The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
- With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.
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