In today’s briefing:
- SICC A/H Listing – Needs a Very Deep Discount
- Bluestone Jewellery IPO – Moving from Online to Offline. Thoughts on Valuation
- Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency
- Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck
- Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO
- SKC: Plans to Issue EB Worth 125 Billion Won
- Infinity Natural Resources (INR) Six Month Summary: Energy Sector Weakness Weighs on Stock Post-IPO
- Hexaware Technologies IPO Lockup Expiry – US$2.89bn Lockup Release with Carlyle in the Money
SICC A/H Listing – Needs a Very Deep Discount
- SICC (688234 CH) , a manufacturer of high-quality SiC substrates, aims to raise up to US$260m 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%.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
Bluestone Jewellery IPO – Moving from Online to Offline. Thoughts on Valuation
- Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO.
- BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
- We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.
Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency
- Tuas Ltd (TUA AU) is looking to raise around US$239m in its fully underwritten Australian placement.
- The company will use the proceeds to partially fund the acquisition of Singaporean digital network operator M1.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck
- The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
- Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
- The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.
Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO
- Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
- In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.
- As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.
SKC: Plans to Issue EB Worth 125 Billion Won
- On 11 August, SKC Co Ltd (011790 KS) announced that it will issue exchangeable bonds (EB) worth 125 billion won.
- The exchange price is 114,714 won, which is a 14% premium to the reference stock price calculated based on the market price.
- We are Negative on SKC’s EB issue of 125 billion won which is likely to put a negative sentiment on its share price.
Infinity Natural Resources (INR) Six Month Summary: Energy Sector Weakness Weighs on Stock Post-IPO
- Infinity Natural Resources (INR US) came to market on January 31st pricing 13.25 million shares at $20.00 and opening at $22.16 for an 11.3% first-trade gain.
- After peaking early in its first week, INR has experienced steady downward pressure. July was particularly brutal, with the stock declining 18%—its worst monthly performance since listing.
- Infinity Natural Resources managed weakness from a broken IPO from its sector, Venture Global (VG). Six months later the sector winds have not calmed down.
Hexaware Technologies IPO Lockup Expiry – US$2.89bn Lockup Release with Carlyle in the Money
- Hexaware Technologies (HEXW IN) raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.
- Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
- In this note, we will talk about the lockup dynamics and possible placement.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
