Daily Brief ECM: NSE IPO: RHP Updates; It’s Not Running Away and more

• In this insight we discuss about updates from National Stock Exchange (NSEIN IN)’s RHP.
• We discuss in detail various operational parameters and market share in key areas.
• Finally, we discuss why NSE stock is not running away.

• Oliver Corporation (619A JP) raised US$142m in its Japan IPO.
• Established in 1967, Oliver Corporation was initially a furniture manufacturing company known as Fuji Steel and sold steel furniture. 
• In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

• National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.
• In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.
• Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.

• National Stock Exchange (NSEIN IN), India’s largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.
• I previously discussed the IPO in National Stock Exchange of India IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.

• Hunan Junxin Environmental Protection (HJXEP HK) , a waste treatment company, aims to raise around US$400m in its H-share listing.
• Hunan Junxin Environmental Protection (HJEP) operates in the solid waste treatment and green energy sectors, specializing in integrated waste treatment and resource utilization projects.
• In this note, we look at the firm’s PHIP updates and valuation.

• ✓ IPO Prophet Rating: 7.68/10 🏦 Deal Quality & Underwriters: 8.25/10 Electra Therapeutics is a late clinical-stage biotechnology company developing precision medicines that selectively deplete disease-driving immune cells through the signal regulatory protein family.
• Its lead candidate, ipsoprubart, is a first-in-class pan-SIRP antibody designed to target pathological myeloid and T cells while preserving unaffected immune populations.
• Ipsoprubart is being evaluated as a frontline treatment for secondary hemophagocytic lymphohistiocytosis, a severe hyperinflammatory condition with high mortality and limited treatment options.

• RoboTechnik Intelligent Technology (RBTK HK) , aims to raise up to US$1bn in its H-share listing.
• It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
• In this note, we look at its PHIP updates, peer comparison and valuation.

• Electra Therapeutics, Inc. (ETRA) is preparing to sell approximately 21.67 million shares of common stock on the Nasdaq Global Select Market at an expected price of $14.00 to $16.00 per share.
• At the $15.00 midpoint, the offering would raise approximately $325.0 million and value the clinical-stage biotechnology company at roughly $916.5 million.
• Jefferies, TD Cowen, Evercore ISI and Cantor are serving as joint book-running managers. The shares are expected to begin trading on Friday, September 18, 2026.

• Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing.
• Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
• We have looked at the company’s past performance in our earlier note. In this note, we will undertake a peer comparison.

• Hai Robotics Innovation Group is a global leader in warehouse automation, specializing in ACR solutions for picking, aiming for flexible, fully autonomous operations in warehouses and factories.
• Hai Robotics was the world’s largest ACR solution provider in 2025, with a footprint in over 40 countries and regions globally.
• Revenue increased from RMB807,007 thousand in 2023 to RMB2,016,936 thousand in 2025, with gross profit margin reaching 34.4% by June 30, 2026.

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