In today’s briefing:
- SemiFive IPO Bookbuilding Results Analysis
- OneRobotics (Shenzhen) Co Tearsheet
- Medline Inc. (MDLN): Blockbuster Debut Caps 2025 With a Statement Win
- Andersen Group Inc. (ANDG): Professional Services Platform Delivers Strong IPO Debut
- ICICI Pru AMC IPO Trading – Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes
- Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term
- Pre-IPO Tanboer Group – Low Profit Margin Is a Pain Poin
SemiFive IPO Bookbuilding Results Analysis
- SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range.
- A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign.
- Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.
OneRobotics (Shenzhen) Co Tearsheet
- OneRobotics (Shenzhen) Co (ONE HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai Junan and Huatai.
- OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
- The company covers the full industry chain from R&D and production to sales, and aims to expand the application of embedded AI across a wide range of home living scenarios.
Medline Inc. (MDLN): Blockbuster Debut Caps 2025 With a Statement Win
- Medline delivered a blockbuster debut, surging over 40% from issue to close, marking the largest and strongest IPO performance of 2025.
- An upsized, heavily oversubscribed offering and powerful aftermarket trading signal deep institutional conviction and durable demand.
- The deal positions Medline as a flagship IPO and a momentum-setting springboard for investor confidence heading into 2026.
Andersen Group Inc. (ANDG): Professional Services Platform Delivers Strong IPO Debut
- Andersen priced at the high end and delivered a powerful first-day performance, signaling strong institutional demand despite recent IPO market skepticism.
- Shares climbed steadily throughout the session, reflecting high-quality long-only participation and confidence in Andersen’s growth and margin profile.
- Near-Term upside may moderate as investors take profits into year-end, but fundamentals support continued longer-term interest.
ICICI Pru AMC IPO Trading – Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes
- ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
- IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term
- Shenzhen Mindray Bio-Medical Electronics (300760 CH) filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.
- Mindray intends to use the proceeds for funding global R&D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.
- The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.
Pre-IPO Tanboer Group – Low Profit Margin Is a Pain Poin
- Tanboer has rapidly expanded through a model of “affordable products + online marketing-driven”, but it lacks core technological barriers and is highly dependent on marketing and channels.
- Under the heavy marketing strategy, Tanboer’s inventory backlog problem has become prominent, with inventory turnover days significantly higher than peers. So, Tanboer’s marketing strategy is not as effective as expected.
- The large dividend payout on the eve of IPO has sparked controversy. Due to lower market share/profit margin, weakness in high-end market, valuation of Tanboer would be lower than peers.
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