In today’s briefing:
- Shadowfax Technologies Pre-IPO Tearsheet
- Lingong Heavy Machinery Pre-IPO Tearsheet
- SAEL Industries Ltd Pre-IPO Tearsheet
- Capillary Technologies India IPO- Forensic Analysis
- ABL Bio: Equity Investment of 22 Billion Won from Eli Lilly
Shadowfax Technologies Pre-IPO Tearsheet
- Shadowfax Technologies (1310315D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by Morgan Stanley, ICICI and JM Financial.
- Shadowfax Technologies is a new-age, technology-led third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India.
- The company provides a comprehensive suite of logistics services organised across express, hyperlocal, and other logistics segments.
Lingong Heavy Machinery Pre-IPO Tearsheet
- Lingong Heavy Machinery (1887132D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and Industrial Securities International.
- LHM is a provider of mining equipment, aerial work platforms, and material handling machinery.
- The company focuses on the full value chain, from R&D and design to manufacturing, sales, and service, offering intelligent, efficient, and green engineering solutions.
SAEL Industries Ltd Pre-IPO Tearsheet
- SAEL Industries Ltd (2600245D IN) (SIL) is looking to raise about US$516m in its upcoming India IPO. The deal will be run by Ambit, ICICI, Kotak and JM Fin.
- SIL is a vertically integrated renewable energy independent power producer in India having capabilities for solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
- According to CRISIL, SIL was among the top five Indian vertically-integrated renewable energy independent power producers, with in-house solar module manufacturing, based on operational capacity as of June 30, 2025.
Capillary Technologies India IPO- Forensic Analysis
- Capillary Technologies India Ltd (CTIL) (0611334D IN) IPO has opened for subscription. It consists of fresh issue worth INR 3.45 bn along with OFS worth INR 5.33 bn.
- Capillary is one of the rare SaaS companies having full stack offerings in customer loyalty and engagement solutions. It has a global presence and actively expanding to US and Europe.
- While KPIs look good and company has turned around into profits, there are concerns with cash generation, overall consolidation process, increasing provision on receivables along with few governance issues.
ABL Bio: Equity Investment of 22 Billion Won from Eli Lilly
- On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly & Co (LLY US) worth 22 billion won (US$15 million).
- ABL Bio will issue 175,079 new shares at 125,900 won per share (27% lower than current price). Despite the high valuation multiples, we maintain a Positive view on ABL Bio.
- Its recent major technology agreement with Eli Lilly serves as strong validation from a leading global pharmaceutical company, confirming the significant market potential of ABL’s unique platform technology.
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