In today’s briefing:
- NSDL Vs CDSL: A Bottom-Up Comparison
- China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement
- Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company
- WhiteFiber, Inc. (WYFI): Peeking at the IPO Prospectus of an AI Infrastructure Solutions Company
NSDL Vs CDSL: A Bottom-Up Comparison
- NSDL has been gearing up for its IPO and is very likely to hit the markets shortly within the SEBI stipulated deadline of 31st July.
- NSDL historically had the upper hand over CDSL as institutional clients led to strong outperformance. But the booming retail investment landscape since 2021 has turned the tables on the leader.
- Given that the trend of retail participation inching is expected to continue, NSDL needs to rejuvenate its approach to plough back market share. Payments banking business cant offset the impact.
China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement
- WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.
- Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.
- United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.
Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company
- Their operational launch vehicle, Alpha, is the first and only U.S.-based orbital rocket in the 1,000 kilograms class to successfully reach orbit, with four launches completed successfully.
- They had revenue of $55.23 million and $60.79 million and net loss of $135.46 million and $231.13 million in 2023 and 2024, respectively.
- The company is targeting a potential IPO in the second half of July or early August with peers and the sector outperforming in the short term.
WhiteFiber, Inc. (WYFI): Peeking at the IPO Prospectus of an AI Infrastructure Solutions Company
- Bit Digital’s division of high performance computing (HPCs) is going public with B. Riley and Needham leading the IPO.
- They had revenue of $8.17 million and $16.77 million and net income of $826.5 thousand and $1.43 million in the first quarter or 2024 and 2025, respectively.
- A comp to this IPO, CoreWeave (CRWV US), saw its company highly scrutinized in the pre-IPO process only to see the stock outperform once going public.
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