In today’s briefing:
- Oura (OURA) IPO: Three Numbers Investors Should Watch
- U.S. IPO & Equity Capital Markets Brief 9/21/2026
- Accelevation Holdings (ACCV): Another AI Infrastructure Company Sets Terms, Seeking $5b+ Valuation
- Aequitas: Direct Drive Tech IPO – Expensive Robotics Play, Priced To Perfection
- Bamboo Insurance Services (BMB): IPO Postponed Due to Market Conditions
- IPO Rating: ADARx Pharmaceuticals Inc.
- Aequitas: XReal Pre-IPO – Fast Growing Market; Still Burning Cash
- Pre-IPO Shenzhen Camsense Technologies (PHIP Updates) – Some Points Worth the Attention
- Shenzhen Kinwong Electronic IPO: Diversified Circuitry Coming Into Play
- ADARx Pharmaceuticals (ADRX) Seeks $350 Million IPO as AbbVie Deepens Its Bet on siRNA Pipeline
Oura (OURA) IPO: Three Numbers Investors Should Watch
- Oura, Inc. plans to sell 50.0 million shares at an expected price of $40.00 to $44.00 per share and list on the Nasdaq Global Select Market under the ticker OURA.
- At the $42.00 midpoint, the offering would raise approximately $2.10 billion and value the company at approximately $13.48 billion.
- Goldman Sachs, Morgan Stanley and J.P. Morgan are leading the offering.
U.S. IPO & Equity Capital Markets Brief 9/21/2026
- Period: September 21-25, 2026. Two qualifying IPOs are scheduled to trade this week.
- Bamboo and ADARx represent approximately $1.015 billion at midpoint; Oura is scheduled to trade September 30.
- Bamboo Insurance is expected to price September 22 and trade September 23.
Accelevation Holdings (ACCV): Another AI Infrastructure Company Sets Terms, Seeking $5b+ Valuation
- Accelevation targets a $4.5-$5.4 billion valuation, offering investors exposure to the rapidly expanding AI and data center infrastructure buildout.
- Revenue surged 176% in 1H26, while $1.1 billion of backlog and a 2.5x book-to-bill provide significant forward revenue visibility.
- Olympus Partners is selling 21.4 million shares, making the IPO primarily a secondary offering, while proceeds will repay approximately $180 million of debt.
Aequitas: Direct Drive Tech IPO – Expensive Robotics Play, Priced To Perfection
- Direct Drive Tech (DDT HK) is looking to raise around US$138m in its upcoming Hong Kong IPO.
- Direct Drive Tech Limited (DDT) is a China-based robotics technology company that specializes in direct drive technology as its core capability.
- In this note, we talk about the company’s past performance and valuations.
Bamboo Insurance Services (BMB): IPO Postponed Due to Market Conditions
- Bamboo has postponed its IPO, citing market conditions, after initially targeting 35 million shares at $18-$20 and a valuation of up to $3.1 billion.
- The delay highlights valuation sensitivity across the insurance sector following Orion180’s $12 pricing, $3 below its range, and first-day opening below the IPO price.
- Bamboo’s strong growth and profitability remain intact, but its secondary-only structure and $548 million debt load add complexity as investors assess valuation.
IPO Rating: ADARx Pharmaceuticals Inc.
- ADARx Pharmaceuticals presents a high-quality, late-stage biotechnology offering supported by a diversified siRNA platform, a Phase 3 lead program, approximately $427 million of existing cash and investments, and substantial strategic validation from AbbVie.
- The transaction is being led by J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital, providing a strong healthcare-focused underwriting syndicate with broad institutional distribution.
- AbbVie’s planned investment of up to $100 million in a concurrent private placement adds credibility to both the platform and valuation.
Aequitas: XReal Pre-IPO – Fast Growing Market; Still Burning Cash
- XREAL Ltd (XREAL HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
- It operates a leading global augmented reality (AR) eyewear company.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Pre-IPO Shenzhen Camsense Technologies (PHIP Updates) – Some Points Worth the Attention
- Camsense is fundamentally a provider of spatial sensing solutions for the intelligent robot field. Its core focus is to offer “eyes” for intelligent devices such as vacuum cleaners
- Downward trend in prices is driven by strong bargaining power of downstream customers.When they squeeze profits upward to upstream suppliers to compete for terminal market share, Camsense has little countermeasures
- As a consumer-grade LiDAR supplier with relatively weak profitability and narrow application scope, reasonable P/S should be lower than peers. Comfortable range could be 2.5-3.5x P/S, based on 2026 forecast.
Shenzhen Kinwong Electronic IPO: Diversified Circuitry Coming Into Play
- Kinwong Electronic launched IPO to raise HK$ 5.1B. Company is a PCB manufacturer providing connectivity infrastructure for global customers in automotive electronics, telecommunication & data, smart devices, industrial control etc.
- Kinwong Electronic intends to use the proceeds for research and development, expanding production capacity, repay borrowings, working caital and general corporate purpose.
- Given the overall industry dynamics and company’s focus on cost optimization, price competitiveness and high margin products we can expect a sustained incremental demand scenario in near to medium term.
ADARx Pharmaceuticals (ADRX) Seeks $350 Million IPO as AbbVie Deepens Its Bet on siRNA Pipeline
- ADARx Pharmaceuticals, Inc. (ADRX) is preparing to sell 21.875 million shares of common stock on the Nasdaq Global Select Market at an expected price of $15.00 to $17.00 per share.
- At the $16.00 midpoint, the offering would raise $350.0 million and value the company at approximately $1.64 billion.
- J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital are serving as underwriters.
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