In today’s briefing:
- PayTM Block – US$434m Clean-Up by Antfin
- Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ
- SICC A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation
- WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest
- Miami International Holdings (MIAX): Financial Exchange Operator Sets Terms Seeking $1.7b Valuation
- Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO
- HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case
- National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop
- HKEx Consultation Paper (Conclusion) – What Matters for ECM Investors
PayTM Block – US$434m Clean-Up by Antfin
- Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
- Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ
- There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks.
- All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.
- The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.
SICC A/H Listing – PHIP Updates and Thoughts on A/H Premium
- SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing.
- In terms of market share, as per Frost & Sullivan, based on 2024 sales, its market share was at 16.7%.
- In this note, we look at the PHIP updates and talk about the likely A/H premium.
Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation
- Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13).
- BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering.
- A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand.
WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest
- WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
- Insiders are buying in this offering which adds to the bullish thesis.
- They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025.
Miami International Holdings (MIAX): Financial Exchange Operator Sets Terms Seeking $1.7b Valuation
- Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
- Wellington has indicated an interest in purchasing up to $40 million in shares of common stock in this offering at the initial public offering price.
- Miami International is scheduled to price on August 13th for a Thursday, August 14th debut.
Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO
- The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
- According to our sources, the deal is being classified as multiple-times oversubscribed.
- FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive.
HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case
- HeartFlow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion.
- According to guidance the deal is being classified as oversubscribed with early long-only and healthcare dedicated conversions.
- Combine durable revenues, strong underwriting and backers with a tailwind from a healthcare segment with a touch of AI, it is our opinion that this IPO will be well-received.
National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop
- National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its 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.
- We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.
HKEx Consultation Paper (Conclusion) – What Matters for ECM Investors
- The SEHk recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.
- In this note, we summarize the conclusion by HKEx and the rules to be implemented.
- We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.
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