In today’s briefing:
- Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer
- IFBH Ltd Pre- IPO – Growth Driven by Coconut Water Products Amid High Concentration Risks
- Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)
- Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance
- Lens Technology H-Share Listing: First Look
- Ategrity Specialty Holdings (ASIC): Specialty Insurer the Next to Debut, Sets Terms for IPO
- Wuxi Lead Intelligent Equipment A/H Listing – Market Leader but Has Been Facing Industry Headwinds
- Pre-IPO Muyuan Foods – The Hog King in China Has Greater Potential and Resilience
Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer
- They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
- For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
- The strong performance of peers could provide a potential tailwind for this IPO.
IFBH Ltd Pre- IPO – Growth Driven by Coconut Water Products Amid High Concentration Risks
- IFBH (IFBH HK) is looking to raise at least US$100m in its upcoming HK IPO.
- IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
- In this note, we talk about the company’s historical performance.
Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)
- Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).
- We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins.
- Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown.
Primo Global Holdings: A Bridal Business with Long Presence, Short on Performance
- Primo Global (367A JP) will debut on the Tokyo Stock Exchange’s Standard Market on June 24, offering 6.5m shares, with pricing set after the June 9–13 book-building period.
- Despite decades in operation, Primo has shown slow domestic growth and limited international traction, raising doubts about its ability to scale meaningfully in the bridal jewelry market.
- With net debt at 50% of assets and over half its balance sheet in goodwill and intangibles, Primo faces material financial risk, especially in a rising interest rate environment.
Lens Technology H-Share Listing: First Look
- Shenzhen-Listed iPhone glass supplier Lens Technology (300433 CH) has filed for a listing on HKEx and plans to raise proceeds of around US$1-1.5bn.
- The company is heavily reliant on smartphones (mainly iPhones) however has diversified into other verticals. While this has helped grow revenues, margins have continued to decline.
- Though some exemptions have been given, the potential for further US reciprocal tariffs could increase costs and disrupt supply chains impacting Lens.
Ategrity Specialty Holdings (ASIC): Specialty Insurer the Next to Debut, Sets Terms for IPO
- Ategrity Specialty Holdings will be offering 6.67 million shares at a $14-$16 range equating to a $659m-$753m valuation.
- For the three months ended March 31, 2025, they wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3%.
- The underwriters have reserved for sale, at the initial public offering price, up to 7% of the shares offered.
Wuxi Lead Intelligent Equipment A/H Listing – Market Leader but Has Been Facing Industry Headwinds
- Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing.
- WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Pre-IPO Muyuan Foods – The Hog King in China Has Greater Potential and Resilience
- With a “fully self-breeding, fully chain, intelligent” business model, the core competitiveness of MUYUAN is its leading cost control capability in the industry. So, MUYUAN’s profitability is higher than peers.
- Hog prices may remain at RMB14-16/kg in 2025, and increase to RMB16-18/kg in 2026-2027. MUYUAN may sell 72 million/77 million/over 80 million heads of hogs in 2025, 2026, 2027, respectively.
- MUYUAN is expected to be significantly affected by price fluctuations of hogs. Looking forward, the increase in hog prices is a major trend.Valuation of MUYUAN should be higher than peers.
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