In today’s briefing:
- Pine Labs IPO – RHP Updates and Thoughts on Valuation
- [456A JP] Human Made IPO a Testament to Japan’s Creative Muscle
- CMTX IPO Book Building Results Analysis
- Alebund (礼邦生物) Pre-IPO Quick Take: A Niche Renal Specialist
- WT Micro GDR Early Look – Not a Small One to Digest but Last Offering Did Well
- BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts
- Evommune (EVMN) Jumps 26% on First Day, Capping Well-Received Biotech IPO
- Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent
Pine Labs IPO – RHP Updates and Thoughts on Valuation
- Pine Labs is now looking to raise up to US$450m in its upcoming India IPO.
- Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
- We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.
[456A JP] Human Made IPO a Testament to Japan’s Creative Muscle
- A Bathing Ape was a major success in the eyes of customers, but behind the scenes, founder Nigo became a victim of this very success.
- Human Made is a different story, structured to give the designer full rein creatively but with experts in operations and marketing making the whole project more sustainable.
- Sales have risen 10-fold since 2020 and the brand will IPO this month, representative of the huge potential for Japan’s creative talent.
CMTX IPO Book Building Results Analysis
- CMTX finalized its IPO price at 60,500, the high end of the IPO price range. The book building process saw participation from 2,423 institutions. Demand ratio was 756.19 to 1.
- Our base case valuation of CMTX is implied market cap of 1.0 trillion won or 106,847 won per share (65% higher than the IPO price).
- Given the excellent upside, we have a Positive View of this IPO. The 71.8% shares that are under lock-up periods is high and this suggests a very bullish sign.
Alebund (礼邦生物) Pre-IPO Quick Take: A Niche Renal Specialist
- Alebund Pharmaceuticals, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and HTSC are the joint sponsors.
- In this note, we look at the company’s history and its core product, AP301, and AP306.
- We are of the view that the company is worth following.
WT Micro GDR Early Look – Not a Small One to Digest but Last Offering Did Well
- WT Microelectronics (3036 TT) is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to raise another US$350m via convertible bonds.
- In mid Oct 2025, WT Micro announced its board’s resolution to issue between 65-90m common shares via a GDR offering.
- Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.
BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts
- BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.
- The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand
- Backed by top-tier investors and partnerships with Johnson & Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.
Evommune (EVMN) Jumps 26% on First Day, Capping Well-Received Biotech IPO
- Evommune (EVMN) priced at $16.00 and opened at $17.25, closing its debut session above issue, outperforming expectations with steady aftermarket support.
- The IPO was led by long-only and healthcare-dedicated investors, signaling conviction in the company’s focused dermatology pipeline.
- Backing from RA Capital and a strong Phase 2 data set for EVO756 reinforce credibility and set the stage for continued positive momentum.
Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent
- Grupo Aeroméxico priced at $19.00 and closed at $20.35 (+7.1%), marking a solid first-day gain amid strong institutional demand.
- IPO reportedly 10x oversubscribed, driven by long-only and international accounts, signaling strong conviction in Aeroméxico’s turnaround and balance sheet discipline.
- With Apollo and Delta as backers, improving margins, and regional airline momentum, Aeroméxico’s IPO positions it for sustained flight in a recovering market.
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