In today’s briefing:
- Tekscend Photomask IPO: Market Leader with Strong Prospects Ahead
- LG Electronics India IPO- Strained in Legal Heat
- Aimedbio IPO Preview
- Semi-Tech Group Pre-IPO Tearsheet
- Verisure: Justified Small IPO Premium to Peers Reflects Quality and Growth Profile
- FineToday Pre-IPO – Refiling Updates
- Canara Robeco AMC Ltd Pre-IPO: Strong Topline Growth & Expanding Margins
Tekscend Photomask IPO: Market Leader with Strong Prospects Ahead
- Established in 2022, Tekscend Photomask (429A JP) (previously Toppan Photomask) is the world’s leading semiconductor photomask supplier, holding a global market share of 38.9%.
- Tekscend provides a diverse portfolio of high-precision photomasks for semiconductors, displays, MEMS, and R&D, including cutting-edge EUV masks, leveraging its expertise in microfabrication.
- The company is planning for a listing on TSE on 16th October and plans to raise proceeds of around US$800m through a combination of existing and new share issues.
LG Electronics India IPO- Strained in Legal Heat
- LG Electronics India (123D IN) much awaited INR 116.1 bn IPO is set to open for subscription this week. It’s a complete OFS by the Korean Parent.
- While LG is the market leader, there are huge litigation liabilities ~74% of net-worth which could pose a serious threat to the financials, with particular attention to AMP spends proceedings.
- We also find it disturbing to note that the parent has taken out 175% of the free cash flows in FY23 and FY24 as interim dividends.
Aimedbio IPO Preview
- Aimedbio is getting ready to complete its IPO in KOSDAQ in November 2025. The IPO price range is from 9,000 won to 11,000 won per share.
- According to the bankers’ IPO price range, the expected market cap after the IPO is from 599 billion won to 732 billion won.
- Aimedbio has advanced multiple antibody-drug conjugates (ADC) candidates into preclinical and early clinical stages.
Semi-Tech Group Pre-IPO Tearsheet
- Semi-Tech Group (1890554D CH) is looking to raise at least US$200m in its upcoming Hong Kong IPO. The deal will be run by Deutsche Bank, CICC and Guotai.
- It is a leading provider of intelligent industrial software solutions in China.
- With strong commercialization capabilities, ST is one of the few China-based advanced-industry intelligent manufacturing software companies to achieve profitability.
Verisure: Justified Small IPO Premium to Peers Reflects Quality and Growth Profile
- Verisure offers a resilient, recurring-revenue model with strong growth visibility and leading share in Europe’s underpenetrated home security market.
- IPO valuation implies a small, justified premium to security peers, reflecting superior margins, scalability, and customer stickiness.
- Despite high leverage, Verisure’s predictable cash flow and market leadership support solid post-IPO trading potential.
FineToday Pre-IPO – Refiling Updates
- FineToday Holdings (420A JP) (FT) is planning to raise around US$280m via selling a mix of primary and secondary shares.
- FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
- In our previous note, we had looked at its past performance. In this note, we will talk about the updates from its most recent filings.
Canara Robeco AMC Ltd Pre-IPO: Strong Topline Growth & Expanding Margins
- Canara Robeco AMC (570515Z IN) is looking to raise US$150m in its upcoming India IPO.
- Canara Robeco has registered a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. Profitability margins have also expanded steadily in the same period.
- In this note, we look at the company’s past performance.
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