In today’s briefing:
- SM Investments Placement: Large Deal to Digest
- Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO
- Ascentage Pharma (6855.HK) Placement – Thoughts on The Placing Price and the Outlook
- Carlsmed, Inc. (CARL): MedTech Targeting the Spine Sets Terms for IPO
- Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility
- Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet
SM Investments Placement: Large Deal to Digest
- An undisclosed seller is looking to raise US$142m via selling some/all of their stake in SM Investments (SM PM).
- The deal is a large one to digest, representing 33.1 days of the stock’s three month ADV, and 0.7% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO
- Accelerant Holdings is offering 28.947mm shares at $18.00-$20.00 equating to a market cap of $4.0b-$4.4b and is scheduled to debut on July 24th.
- As of June 30, 2025 they have 248 Members as compared to 186 Members as of June 30, 2024 (and 232 Members as of March 31, 2025).
- Given the positive tailwind from recent insurance-related IPOs as well as the strong metrics released in the company’s “flash numbers”, we believe this company could potentially be “well-received”.
Ascentage Pharma (6855.HK) Placement – Thoughts on The Placing Price and the Outlook
- Our forecast is sales of olverembatinib in 2025 could reach RMB500mn. APG-2575 is better than Sonrotoclax in ORR/safety profile, but global commercialization success is not simply determined by clinical data.
- Placing price of HK$68.6/share has priced in the successful licensing deal of APG-2575 to some extent, which however is not a done deal. US$1.5-2.375bn is a more reasonable valuation range.
- The big rally in biotech sector is not based on fundamental inflection point. The driving mentality behind the valuation bubble this time has a more obvious nature of “short-term gambling”.
Carlsmed, Inc. (CARL): MedTech Targeting the Spine Sets Terms for IPO
- Carlsmed is offering 6.7mm shares at $14.00-$16.00 equating to a market cap of $371m-$424m and is scheduled to debut on July 23rd
- B Capital Group and U.S. Venture Partners have indicated an interest in purchasing up to approximately $20 million and $11 million, respectively.
- MedTech companies like CarlsMed are easy to digest for IPO investors as the company typically sees sales in a strong trajectory going into the IPO.
Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility
- Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
- MF is a leading pork company with over 30 years of expertise in the hog farming industry.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet
- Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, IIFL, Jefferies, Kotak.
- EPPL is an integrated solar PV module and cell manufacturer offering advanced technologies like TOPCon and Mono PERC.
- According to the CRISIL Report, as on Mar 25, EPPL was the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturer in India by production capacity.
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